Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.23.3
Fair Value Measurement (Tables)
9 Months Ended
Oct. 01, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis The following table details the fair value measurements of assets and liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of October 1, 2023 and January 1, 2023 (in thousands).
Fair Value Measurement using
Level 1 Level 2 Level 3 Total
Fair Value
As of October 1, 2023
Assets:
Cash equivalents:
Money Market Funds $ 29,259  $ —  $ —  $ 29,259 
Short-term investments:
U.S. Treasuries —  100,522  —  100,522 
Liabilities:
Private Placement Warrants $ —  $ —  $ 44,940  $ 44,940 
As of January 1, 2023
Assets:
Cash equivalents:
Money Market Funds $ 319,946  $ —  $ —  $ 319,946 
Liabilities:    
Private Placement Warrants $ —  $ —  $ 49,080  $ 49,080 
Schedule of Cash Equivalents and Short-term Investments
The following is a summary of cash equivalents and short-term investments (in thousands).
Reported as
Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash Equivalents Short-term Investments
As of October 1, 2023
Money Market Funds $ 29,259  $ —  $ —  $ 29,259  $ 29,259  $ — 
U.S. Treasuries 100,535  (15) 100,522  —  100,522 
Total $ 129,794  $ $ (15) $ 129,781  $ 29,259  $ 100,522 
As of January 1, 2023
Money Market Funds $ 319,946  $ —  $ —  $ 319,946  $ 319,946  $ — 
Schedule of Changes in Fair Value for Level 3 The following tables summarize the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands).
Private Placement Warrants
Fair value as of January 1, 2023
$ 49,080 
Change in fair value (4,140)
Fair value as of October 1, 2023
$ 44,940 
Private Placement Warrants
Fair value as of January 2, 2022
$ 124,260 
Change in fair value (44,040)
Fair value as of October 2, 2022
$ 80,220 
Schedule of Key Assumptions used for determining Fair Value of Private Placement Warrants
The following table summarizes the key assumptions used for determining the fair value of the Private Placement warrants.
Private Placement Warrants Outstanding as of October 1, 2023 Private Placement Warrants Outstanding as of January 1, 2023
Expected term (in years) 2.8 3.5
Expected volatility 90.0% 92.5%
Risk-free interest rate 4.8% 4.2%
Expected dividend rate 0.0% 0.0%