Archer Aviation (ACHR) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39668
Entity Registrant Name	Archer Aviation Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2730902
Entity Address, Address Line One	190 West Tasman Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	650
Local Phone Number	272-3233
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001824502
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	ACHR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		184,792,680
Warrants
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
Trading Symbol	ACHR WS
Security Exchange Name	NYSE
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		62,654,781

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 299.2	$ 69.4
Restricted cash	7.2	2.9
Short-term investments	150.7	461.8
Prepaid expenses	6.7	9.8
Other current assets	2.1	1.6
Total current assets	465.9	545.5
Property and equipment, net	24.7	11.5
Intangible assets, net	0.4	0.4
Right-of-use assets	10.7	11.9
Other long-term assets	4.2	4.5
Total assets	505.9	573.8
Current liabilities
Accounts payable	6.4	3.6
Current portion of lease liabilities	3.1	3.7
Current portion of notes payable	7	9.3
Accrued expenses and other current liabilities	47.5	36.7
Total current liabilities	64	53.3
Lease liabilities, net of current portion	8.8	9.2
Warrant liabilities	12	7
Other long-term liabilities	11	11
Total liabilities	95.8	80.5
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Additional paid-in capital	1,214.2	1,185
Accumulated deficit	(804)	(690.9)
Accumulated other comprehensive loss	(0.1)	(0.8)
Total stockholders’ equity	410.1	493.3
Total liabilities and stockholders’ equity	505.9	573.8
Common Class A
Stockholders’ equity
Common stock	0	0
Common Class B
Stockholders’ equity
Common stock	$ 0	$ 0

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	700,000,000	700,000,000
Common stock, issued (in shares)	181,872,410	177,900,738
Common stock, outstanding (in shares)	181,872,410	177,900,738
Common Class B
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	61,721,387	63,738,197
Common stock, outstanding (in shares)	61,721,387	63,738,197

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses
Research and development	$ 65,800,000	$ 27,500,000
General and administrative	44,100,000	37,800,000
Other warrant expense	2,100,000	0
Total operating expenses	112,000,000	65,300,000
Loss from operations	(112,000,000)	(65,300,000)
Other (expense) income, net	(2,700,000)	6,500,000
Interest income (expense), net	1,600,000	(400,000)
Loss before income taxes	(113,100,000)	(59,200,000)
Net loss	$ (113,100,000)	$ (59,200,000)
Net loss per share, basic (in dollars per share)	$ (0.46)	$ (0.25)
Net loss per share, diluted (in dollars per share)	$ (0.46)	$ (0.25)
Weighted-average shares outstanding, basic (in shares)	247,274,541	239,802,805
Weighted-average shares outstanding, diluted (in shares)	247,274,541	239,802,805

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (113.1)	$ (59.2)
Other comprehensive loss:
Unrealized gain on available-for-sale securities, net of tax	0.7	0
Comprehensive loss	$ (112.4)	$ (59.2)

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Stockholders’ Equity - USD ($) $ in Millions	Total	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Common Class A Common Stock	Common Class B Common Stock
Beginning balance (in shares) at Dec. 31, 2021					162,789,591	74,937,945
Beginning balance at Dec. 31, 2021	$ 698.9	$ 1,072.5	$ (373.6)	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock to Class A common stock (in shares)					1,757,980	(1,757,980)
Conversion of Class B common stock to Class A common stock	0
Issuance of restricted stock units and restricted stock expense (in shares)					300,014
Issuance of restricted stock units and restricted stock expense	16	16
Exercise of stock options (in shares)					353,640	399,621
Exercise of stock options	0.1	0.1
Issuance of warrants and warrant expense	1.2	1.2
Stock-based compensation	6.7	6.7
Net loss	(59.2)		(59.2)
Other comprehensive income	0
Ending balance (in shares) at Mar. 31, 2022					165,201,225	73,579,586
Ending balance at Mar. 31, 2022	663.7	1,096.5	(432.8)	0	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2022					177,900,738	63,738,197
Beginning balance at Dec. 31, 2022	493.3	1,185	(690.9)	(0.8)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B common stock to Class A common stock (in shares)					2,250,000	(2,250,000)
Conversion of Class B common stock to Class A common stock	0
Issuance of restricted stock units and restricted stock expense (in shares)					2,191,898
Issuance of restricted stock units and restricted stock expense	$ 18.8	18.8
Exercise of stock options (in shares)	549,306				316,116	233,190
Exercise of stock options	$ 0.1	0.1
Issuance of warrants and warrant expense	6.3	6.3
Common stock withheld related to net share settlement of equity awards (in shares)					(786,342)
Common stock withheld related to net share settlement of equity awards	(2.3)	(2.3)
Stock-based compensation	6.3	6.3
Net loss	(113.1)		(113.1)
Other comprehensive income	0.7			0.7
Ending balance (in shares) at Mar. 31, 2023					181,872,410	61,721,387
Ending balance at Mar. 31, 2023	$ 410.1	$ 1,214.2	$ (804)	$ (0.1)	$ 0	$ 0

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (113,100,000)	$ (59,200,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and other	1,000,000	600,000
Debt discount and issuance cost amortization	200,000	200,000
Stock-based compensation	25,700,000	24,500,000
Change in fair value of warrant liabilities and other warrant costs	5,000,000	(6,600,000)
Non-cash lease expense	1,400,000	900,000
Research and development warrant expense	4,200,000	1,200,000
Other warrant expense	2,100,000	0
Interest income on short-term investments	(200,000)	0
Accretion and amortization income of short-term investments	(2,000,000)	0
Changes in operating assets and liabilities:
Prepaid expenses	3,000,000	(1,700,000)
Other current assets	(300,000)	(100,000)
Other long-term assets	(600,000)	600,000
Accounts payable	2,500,000	(1,600,000)
Accrued expenses and other current liabilities	8,900,000	5,300,000
Operating lease right-of-use assets and lease liabilities, net	(1,200,000)	(900,000)
Other long-term liabilities	(300,000)	0
Net cash used in operating activities	(63,700,000)	(36,800,000)
Cash flows from investing activities
Proceeds from maturities of short-term investments	314,000,000	0
Purchase of property and equipment	(11,400,000)	(600,000)
Net cash provided by (used in) investing activities	302,600,000	(600,000)
Cash flows from financing activities
Repayment of long-term debt	(2,500,000)	(2,500,000)
Payments for taxes related to net share settlement of equity awards	(2,300,000)	0
Proceeds from exercise of stock options	0	100,000
Net cash used in financing activities	(4,800,000)	(2,400,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash	234,100,000	(39,800,000)
Cash, cash equivalents, and restricted cash, beginning of period	72,300,000	746,900,000
Cash, cash equivalents, and restricted cash, end of period	306,400,000	707,100,000
Supplemental Cash Flow Information:
Cash paid for interest	300,000	300,000
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 5,800,000	$ 100,000

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business Organization and Nature of Business Archer Aviation Inc. (the “Company,” “we,” “us” or “our”), a Delaware corporation, with its headquarters located in San Jose, California, is an aerospace company. The Company is designing and developing electric vertical takeoff and landing (“eVTOL”) aircraft for use in urban air mobility (“UAM”) networks. The Company’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. The Company’s Planned Lines of Business Upon receipt of all necessary Federal Aviation Administration (“FAA”) certifications and any other government approvals necessary for the Company to manufacture and operate its aircraft, the Company intends to operate two complementary lines of business. The Company’s core focus is direct-to-consumer offerings (“Archer UAM”) with its secondary focus being business-to-business offerings (“Archer Direct”). Archer UAM The Company plans to operate its own UAM ecosystem initially in select major U.S. cities. The Company’s UAM ecosystem will operate using its eVTOL aircraft, which is currently in development. Archer Direct

Liquidity and Going Concern

Liquidity and Going Concern	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Going Concern	Liquidity and Going Concern Since the Company’s formation, the Company has devoted substantial effort and capital resources to the design and development of its planned eVTOL aircraft and UAM network. Funding of these activities has primarily been through the net proceeds received from the issuance of related and third-party debt (Note 6), and the sale of preferred and common stock to related and third parties (Note 8). Through March 31, 2023, the Company has incurred cumulative losses from operations, negative cash flows from operating activities, and has an accumulated deficit of $804.0 million. As of March 31, 2023, the Company had cash and cash equivalents of $299.2 million and short-term investments in marketable securities of $150.7 million, which management believes will be sufficient to fund the Company’s current operating plan for at least the next 12 months from the date these consolidated condensed financial statements were issued. There can be no assurance that the Company will be successful in achieving its business plans, that the Company’s current capital will be sufficient to support its ongoing business plans, or that any additional financing will be available in a timely manner or on acceptable terms, if at all. If the Company’s business plans require it to raise additional capital, but the Company is unable to do so, it may be required to alter, or scale back its aircraft design, development and certification programs, as well as its manufacturing capabilities, or be unable to fund capital expenditures. Any such events would have a material adverse effect on the Company’s financial position, results of operations, cash flows, and ability to achieve the Company’s intended business plans.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of financial position, results of operations, and cash flows for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited consolidated condensed financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2022 set forth in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023. The December 31, 2022 consolidated condensed balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The Company has provided a discussion of significant accounting policies, estimates, and judgments in the Company’s audited consolidated financial statements. There have been no changes to the Company’s significant accounting policies since December 31, 2022 which are expected to have a material impact on the Company’s financial position, results of operations, or cash flows. Cash, Cash Equivalents, and Restricted Cash Cash consists of cash on deposit with financial institutions. Cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. As of March 31, 2023 and December 31, 2022, the Company’s cash and cash equivalents included money market funds of $181.7 million and $4.4 million, respectively. Restricted cash consists primarily of cash held as security for the Company’s standby letters of credit. Refer to Note 7 - Commitments and Contingencies for further details. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated condensed balance sheets that sum to amounts reported on the statements of cash flows: March 31, December 31, Cash and cash equivalents $ 299.2 $ 69.4 Restricted cash 7.2 2.9 Total cash, cash equivalents, and restricted cash $ 306.4 $ 72.3 Short-Term Investments The Company has short-term investments in marketable securities with original maturities of less than one year, including U.S. Treasury securities, corporate debt securities and commercial paper. The Company classifies its marketable securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. These marketable securities are carried at fair value, and unrealized gains and losses are recorded in other comprehensive loss in the consolidated condensed statements of comprehensive loss, which is reflected as a component of stockholders’ equity. These marketable securities are assessed as to whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely the securities will be sold before the recovery of their cost basis. Realized gains and losses from the sale of marketable securities and from declines in value deemed to be other than temporary are determined based on the specific identification method and recognized in other income, net in the consolidated condensed statements of operations. Fair Value Measurements The Company applies the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, which defines a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurements. The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying amounts of the Company’s cash, accounts payable, accrued compensation, and accrued liabilities approximate fair value due to the short-term nature of these instruments. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions): As of March 31, 2023 Description Level 1 Level 2 Level 3 Total Assets: Cash Equivalents: Money market funds $ 181.7 $ — $ — $ 181.7 Short-Term Investments: U.S. Treasury securities $ 108.8 $ — $ — $ 108.8 Commercial paper $ — $ 41.9 $ — $ 41.9 Liabilities: Warrant Liability – Public Warrants $ 7.4 $ — $ — $ 7.4 Warrant Liability – Private Placement Warrants $ — $ — $ 4.6 $ 4.6 As of December 31, 2022 Description Level 1 Level 2 Level 3 Total Assets: Cash Equivalents: Money market funds $ 4.4 $ — $ — $ 4.4 Short-Term Investments: U.S. Treasury securities $ 316.6 $ — $ — $ 316.6 Corporate debt securities $ — $ 20.1 $ — $ 20.1 Commercial paper $ — $ 125.1 $ — $ 125.1 Liabilities: Warrant Liability – Public Warrants $ 4.5 $ — $ — $ 4.5 Warrant Liability – Private Placement Warrants $ — $ — $ 2.5 $ 2.5 Cash Equivalents The Company’s cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. The Company classifies its money market funds as Level 1, because they are valued based on quoted market prices in active markets. Short-Term Investments The Company’s short-term investments consist of high quality, investment grade marketable securities and are classified as available-for-sale. The Company classifies its investments in U.S. Treasury securities as Level 1, because they are valued using quoted market prices in active markets. The Company classifies its investments in corporate debt securities and commercial paper as Level 2, because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The following table presents a summary of the Company’s cash equivalents and short-term investments as of March 31, 2023 and December 31, 2022 (in millions) : As of March 31, 2023 Description Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash Equivalents: Money market funds $ 181.7 $ — $ — $ 181.7 Short-Term Investments: U.S. Treasury securities 108.9 — (0.1) 108.8 Commercial paper 41.9 — — 41.9 Total $ 332.5 $ — $ (0.1) $ 332.4 As of December 31, 2022 Description Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash Equivalents: Money market funds $ 4.4 $ — $ — $ 4.4 Short-Term Investments: U.S. Treasury securities 317.4 — (0.8) 316.6 Corporate debt securities 20.1 — — 20.1 Commercial paper 125.1 — — 125.1 Total $ 467.0 $ — $ (0.8) $ 466.2 The unrealized losses related to the Company’s short-term investments were primarily due to changes in interest rates and not due to increased credit risk or other valuation concerns. During the three months ended March 31, 2023, the Company had no other-than-temporary impairments. Public Warrants The measurement of the public warrants as of March 31, 2023 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker “ACHR WS.” The quoted price of the public warrants was $0.43 per warrant as of March 31, 2023. Private Placement Warrants The Company utilizes a Monte Carlo simulation model for the private placement warrants at each reporting period, with changes in fair value recognized in the consolidated condensed statements of operations. The estimated fair value of the private placement warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model and Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield. The key inputs into the Monte Carlo simulation model for the private placement warrants are as follows: Input March 31, December 31, Stock price $ 2.86 $ 1.87 Strike price $ 11.50 $ 11.50 Dividend yield 0.00 % 0.00 % Term (in years) 3.46 3.71 Volatility 71.2 % 75.0 % Risk-free rate 3.76 % 4.14 % The following table presents the change in fair value of the Company’s Level 3 private placement warrants during the three months ended March 31, 2023 (in millions): Balance as of December 31, 2022 $ 2.5 Change in fair value 2.1 Balance as of March 31, 2023 $ 4.6 In connection with changes in the fair value of the Company’s public and private placement warrants, the Company recognized a loss of $5.0 million within other (expense) income, net in the consolidated condensed statement of operations during the three months ended March 31, 2023. Refer to Note 12 - Liability Classified Warrants for additional information about the public and private placement warrants. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Certain financial instruments, including debt, are not measured at fair value on a recurring basis in the consolidated condensed balance sheets. The fair value of debt as of March 31, 2023 approximates its carrying value (Level 2). Refer to Note 6 - Notes Payable for additional information. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Certain assets and liabilities are subject to measurement at fair value on a non-recurring basis if there are indicators of impairment or if they are deemed to be impaired as a result of an impairment review. Intangible Assets, Net Intangible assets consist solely of domain names and are recorded at cost, net of accumulated amortization, and if applicable, impairment charges. Amortization of domain names is provided over a 15-year estimated useful life on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company has analyzed a variety of factors in light of the known impact to date of the ongoing COVID-19 pandemic on the Company’s business to determine if any circumstance could trigger an impairment loss, and, at this time and based on the information presently known, do not believe that it is more likely than not that an impairment loss has been incurred. As of each of March 31, 2023 and December 31, 2022, the net carrying amounts for domain names were $0.4 million recorded in the Company’s consolidated condensed balance sheets. Cloud Computing Arrangements The Company capitalizes certain implementation costs incurred in the application development stage of projects related to its cloud computing arrangements that are service contracts. Capitalized implementation costs are recognized in other long-term assets in the consolidated condensed balance sheets and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. As of each of March 31, 2023 and December 31, 2022, the net carrying amounts of the Company’s capitalized cloud computing implementation costs were $3.7 million. Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding. For all periods presented, the calculation of basic net loss per share excludes shares issued upon the early exercise of stock options where the vesting conditions have not been satisfied. Because the Company reported net losses for all periods presented, diluted loss per share is the same as basic loss per share. Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in basic net loss per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in diluted net loss per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period. Because the Company reported net losses for all periods presented, all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share. The diluted net loss per common share was the same for Class A and Class B common shares because they are entitled to the same liquidation and dividend rights. The following table presents the number of antidilutive shares excluded from the calculation of diluted net loss per share: Three Months Ended March 31, 2023 2022 Options to purchase common stock 4,722,137 8,604,636 Unvested restricted stock units 44,265,187 38,662,368 Warrants 43,347,301 32,268,677 Shares issuable under the Employee Stock Purchase Plan (Note 9) 641,727 — Total 92,976,352 79,535,681 Comprehensive Loss Comprehensive loss includes all changes in equity during a period from nonowner sources. The Company’s comprehensive loss consists of its net loss and its unrealized gains or losses on available-for-sale securities. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The ASU simplifies the accounting for convertible instruments by removing certain separation models in ASC 470-20, Debt—Debt with Conversion and Other Options , for convertible instruments. The ASU updates the guidance on certain embedded conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging , or that do not result in substantial premiums accounted for as paid-in capital, such that those features are no longer required to be separated from the host contract. The convertible debt instruments will be accounted for as a single liability measured at amortized cost. Further, the ASU made amendments to the EPS guidance in Topic 260, Earnings Per Share , for convertible instruments, the most significant impact of which is requiring the use of the if-converted method for diluted EPS calculation, and no longer allowing the net share settlement method. The ASU also made revisions to Topic 815-40, which provides guidance on how an entity must determine whether a contract qualifies for a scope exception from derivative accounting. The amendments to Topic 815-40 change the scope of contracts that are recognized as assets or liabilities. The ASU is effective for public business entities, excluding smaller reporting companies, for interim and annual periods beginning after December 15, 2021, with early adoption permitted. For all other entities, the amendments are effective for interim and annual periods beginning after December 15, 2023. Adoption of the ASU can either be on a modified retrospective or full retrospective basis. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements and related disclosures. No other recently issued accounting pronouncements had or are expected to have a material impact on the Company’s financial statements.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net, consisted of the following (in millions): March 31, December 31, Furniture, fixtures, and equipment $ 1.9 $ 1.5 Computer hardware 4.8 4.5 Computer software 0.7 0.7 Website design 0.8 0.7 Leasehold improvements 3.2 2.9 Construction in progress 17.8 4.8 Total property and equipment 29.2 15.1 Less: Accumulated depreciation (4.5) (3.6) Total property and equipment, net $ 24.7 $ 11.5 Construction in progress includes costs incurred for leasehold improvements and other assets that have not yet been placed in service. The following table presents depreciation expense included in each respective expense category in the consolidated condensed statements of operations (in millions): Three Months Ended March 31, 2023 2022 Research and development $ 0.7 $ 0.4 General and administrative 0.2 0.2 Total depreciation expense $ 0.9 $ 0.6

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in millions): March 31, December 31, Accrued professional fees $ 28.0 $ 17.2 Accrued employee costs 7.6 7.8 Accrued parts and materials 4.0 5.2 Taxes payable 0.3 0.3 Accrued capital expenditures 5.3 2.9 Accrued cloud computing implementation costs 1.3 2.0 Accrued marketing fees — 0.2 Other current liabilities 1.0 1.1 Total $ 47.5 $ 36.7

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Long-term notes payable consisted of the following (in millions): March 31, December 31, Silicon Valley Bank (“SVB”) Term Loans $ 7.5 $ 10.0 Term Loans unamortized discount and loan issuance costs (0.5) (0.7) Total debt, net of discount and loan issuance costs 7.0 9.3 Less current portion, net of discount and loan issuance costs (7.0) (9.3) Total long-term notes payable, net of discount and loan issuance costs $ — $ — SVB Loan On July 9, 2021, the Company, as the borrower, entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with SVB and SVB Innovation Credit Fund VIII, L.P. (“SVB Innovation”) as the lenders, and SVB as the collateral agent. The total principal amount of the loans is $20.0 million (the “Term Loans”), and all obligations due under the Term Loans are collateralized by all of the Company’s right, title, and interest in and to its specified personal property in favor of the collateral agent. The Term Loans include events of default and covenant provisions, whereby accelerated repayment may result if the Company were to default. On January 1, 2022, the Company began repaying the Term Loans, which are payable in 24 equal monthly installments, including principal and interest. The interest rate on the loans is a floating rate per annum equal to the greater of (i) 8.5% and (ii) the Prime Rate plus the Prime Rate Margin (each as defined in the Loan and Security Agreement), which increases by 2% per annum upon the occurrence of an event of default. For the three months ended March 31, 2023 and 2022, the Company recognized interest expense of $0.3 million and $0.4 million, respectively. Additionally, in conjunction with the issuance of the Term Loans, the Company issued 366,140 warrants to SVB and 366,140 warrants to SVB Innovation, totaling 732,280 warrants. The Company issued the warrants to the lenders as consideration for entering into the Term Loans, representing a loan issuance fee. Each warrant provides SVB and SVB Innovation with the right to purchase one share of the Company’s Class A common stock. The Company recorded the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. This liability is subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized as a gain or loss in the Company’s consolidated condensed statements of operations. The initial offsetting entry to the warrant liability was a debt discount recorded to reflect the loan issuance fee. See Note 12 - Liability Classified Warrants for further details. Effective March 27, 2023, the Term Loans and warrants were assigned to and assumed by First-Citizens Bank & Trust Company on the original terms and conditions of the financial instruments. Upon the closing of the business combination between the Company, Atlas Crest Investment Corp. (“Atlas”) and Artemis Acquisition Sub Inc. (the “Business Combination”) on September 16, 2021 (the “Closing Date”), the SVB warrants became public warrants. The subsequent measurement of the SVB warrants as of March 31, 2023 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker “ACHR WS.” The quoted price of the public warrants was $0.43 as of March 31, 2023. During each of the three months ended March 31, 2023 and 2022, the Company recognized interest expense of $0.2 million related to the amortization of the discount and issuance costs. The unamortized balance of the discount and issuance costs was $0.5 million as of March 31, 2023. The future scheduled principal maturities of notes payable as of March 31, 2023 are as follows (in millions): Remaining 2023 $ 7.5 $ 7.5

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company leases office, lab, hangar, and storage facilities under various operating lease agreements with lease periods exp iring between 2023 and 2030 and g enerally containing periodic rent increases and various renewal and termination options. The Company’s lease costs were as follows (in millions): Three Months Ended March 31, 2023 2022 Operating lease cost $ 1.8 $ 1.1 The Company’s weighted-average remaining lease term and discount rate as of March 31, 2023 and 2022 were as follows: 2023 2022 Weighted-average remaining lease term (in months) 48 43 Weighted-average discount rate 13.94 % 11.36 % The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of March 31, 2023 were as follows (in millions): Remaining 2023 $ 3.3 2024 5.3 2025 4.9 2026 4.5 2027 2.1 Thereafter 6.7 Total future lease payments 26.8 Less: leasehold improvement allowance (6.0) Total net future lease payments 20.8 Less: imputed interest (8.9) Present value of future lease payments $ 11.9 Supplemental cash flow information and non-cash activities related to right-of-use assets and lease liabilities were as follows (in millions): Three Months Ended March 31, 2023 2022 Operating cash outflows from operating leases $ 1.6 $ 0.9 Operating lease liabilities from obtaining right-of-use assets $ 0.1 $ 8.6 Finance Lease In February 2023, the Company entered into a lease arrangement with the Newton County Industrial Development Authority (the “Authority”) for the Company’s manufacturing facilities to be constructed in Covington, Georgia. In connection with the lease arrangement, the Authority issued a taxable revenue bond (the “Bond”), which was acquired by the Company. The arrangement is structured so that the Company’s lease payments to the Authority equal and offset the Authority’s bond payments to the Company. Accordingly, the Company offsets the finance lease obligation and the Bond on its consolidated condensed balance sheets. Letters of Credit On February 28, 2023, in conjunction with a project agreement the Company entered into with the City of Covington and the Authority for the Company’s manufacturing facilities to be constructed in Covington, Georgia, the Company entered into a standby letter of credit in the amount of $3.5 million in favor of the City of Covington, to guarantee certain performance obligations. The standby letter of credit expires on March 31, 2035. As of March 31, 2023, the Company had standby letters of credit in the aggregate outstanding amount of $6.2 million, secured with restricted cash. Litigation During the ordinary course of the business, the Company may be subject to legal proceedings, various claims, and litigation. Such proceedings can be costly, time consuming, and unpredictable, and therefore, no assurance can be given that the final outcome of such proceedings will not materially impact financial condition or results of operations. Wisk Litigation On April 6, 2021, Wisk Aero LLC (“Wisk”) brought a lawsuit against the Company in the United States District Court for the Northern District of California (the “District Court”) alleging misappropriation of trade secrets and patent infringement. The Company has filed certain counterclaims for defamation, tortious interference and unfair competition. On May 19, 2021, Wisk filed a motion for preliminary injunction and expedited discovery. On June 23, 2021, the Company filed an opposition to the motion for preliminary injunction. On July 22, 2021, the District Court denied Wisk’s motion for preliminary injunction. On August 20, 2021, Wisk filed a notice of appeal of the District Court’s denial of the motion for preliminary injunction. On September 30, 2021, Wisk withdrew its notice of appeal of the District Court’s denial of the motion for preliminary injunction. On January 19, 2022, the Company filed a motion for judgment on the pleadings to dismiss two of Wisk’s asserted patents as invalid, which the District Court granted on April 19, 2022. The District Court separately ordered Wisk to narrow its trade secret case to 10 of the 52 alleged trade secrets and its patent case to eight claims across all patents that remain in the case. Wisk has now narrowed its claims as ordered. The deadline for filing motions for summary judgment and motions to exclude expert evidence was on March 19, 2023, and both parties have filed motions for the court’s consideration. The District Court is scheduled to hear oral arguments on those motions on May 12, 2023. A trial on Wisk’s claims and the Company’s counterclaims is currently scheduled to begin on August 14, 2023. On April 6, 2022, the Company brought a lawsuit against The Boeing Company (“Boeing”) in the Superior Court of California, County of Santa Clara (the “Superior Court”), asserting substantially the same claims set forth in the Company’s counterclaims against Wisk. On April 11, 2022, the Superior Court issued an order staying discovery and the responsive pleading deadline until after the case management conference set for August 2022. On September 6, 2022, the Superior Court entered an order approving the parties’ joint stipulation to stay the Company’s lawsuit against Boeing pending the resolution of the lawsuit between Wisk and the Company in the District Court. The Company continues to strongly believe Wisk’s lawsuit is without merit. The Company will continue to vigorously defend itself against Wisk’s claims and pursue the Company’s counterclaims against Wisk and its claims against Boeing. Because the Company cannot yet predict the outcome of these proceedings or their potential impact on the Company and its business, the Company has concluded that a potential loss amount or a potential range of loss is not probable or reasonably estimable under ASC 450, Contingencies, and therefore has not accrued any amounts related to the award of damages or settlement of this matter with Wisk. Therefore, a negative result in these proceedings could have a material adverse effect on the Company’s financial position, liquidity, operations, and cash flows.

Preferred and Common Stock

Preferred and Common Stock	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Preferred and Common Stock	Preferred and Common Stock Preferred Stock As of March 31, 2023, no shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. Class A and Class B Common Stock Except for voting rights and conversion rights, or as otherwise required by applicable law, the shares of the Company’s Class A common stock and Class B common stock have the same powers, preferences, and rights and rank equally, share ratable and are identical in all respects as to all matters. The rights, privileges, and preferences are as follows: Voting Holders of the Company’s Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, and holders of Class B common stock are entitled to ten votes per share on all matters to be voted upon by the stockholders. The holders of Class A common stock and Class B common stock will generally vote together as a single class on all matters submitted to a vote of the stockholders, unless otherwise required by Delaware law or the Company’s amended and restated certificate of incorporation. Dividends Holders of Class A common stock and Class B common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s board of directors in its discretion out of funds legally available therefor. No dividends on common stock have been declared by the Company’s board of directors through March 31, 2023, and the Company does not expect to pay dividends in the foreseeable future. Preemptive Rights Stockholders have no preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to Class A common stock and Class B common stock. Conversion Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will automatically convert into one share of Class A common stock upon transfer to a non-authorized holder. In addition, Class B common stock is subject to “sunset” provisions, under which all shares of Class B common stock will automatically convert into an equal number of shares of Class A common stock upon the earliest to occur of (i) the ten-year anniversary of the closing of the Business Combination, (ii) the date specified by the holders of two-thirds of the then outstanding Class B common stock, voting as a separate class, and (iii) when the number of Class B common stock represents less than 10% of the aggregate number of Class A common stock and Class B common stock then outstanding. In addition, each share of Class B common stock will automatically convert into an equal number of Class A common stock upon the earliest to occur of (a) in the case of a founder of the Company, the date that is nine months following the death or incapacity of such founder, and, in the case of any other holder, the date of the death or incapacity of such holder, (b) in the case of a founder of the Company, the date that is 12 months following the date that such founder ceases to provide services to the Company and its subsidiaries as an executive officer, employee or director of the Company, and, in the case of any other holder, immediately at the occurrence of any such event, and (c) in the case of a founder of the Company or any other holder, at least 80% (subject to customary capitalization adjustments) of the Class B common stock held by such founder or holder (on a fully as converted/as exercised basis) as of immediately following the closing of the Business Combination having been transferred (subject to exceptions for certain permitted transfers). During the three months ended March 31, 2023 and 2022, 2,250,000 and 1,757,980 shares of Class B common stock were converted into Class A common stock, respectively. Liquidation In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock will be entitled to receive an equal amount per share of all of the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of any preferred stock have been satisfied.

Stock-Based Compensation_

Stock-Based Compensation​	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation​	Stock-Based Compensation Amended and Restated 2021 Plan In August 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which was approved by the stockholders of the Company in September 2021 and became effective immediately upon the closing of the Business Combination. In April 2022, the Company amended and restated the 2021 Plan (the “Amended and Restated 2021 Plan”), which was approved by the stockholders of the Company in June 2022. The aggregate number of shares of Class A common stock that may be issued under the plan increased to 34,175,708. In addition, the number of shares of Class A common stock reserved for issuance under the Amended and Restated 2021 Plan will automatically increase on January 1st of each year following this amendment, starting on January 1, 2023 and ending on (and including) January 1, 2031, in an amount equal to the lesser of (1) 5.0% of the total number of shares of Class A and Class B common stock outstanding on December 31 of the preceding year, or (2) a lesser number of shares of Class A common stock determined by the board of directors prior to the date of the increase. In accordance therewith, the number of shares of Class A common stock reserved for issuance under the Amended and Restated 2021 Plan increased by 12,292,155 shares on January 1, 2023. The Amended and Restated 2021 Plan provides for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and other awards to employees, directors, and non-employees. In connection with the adoption of the 2021 Plan, the Company ceased issuing awards under its 2019 Equity Incentive Plan (the “2019 Plan”). Following the closing of the Business Combination, the Company assumed the outstanding stock options under the 2019 Plan and converted such stock options into options to purchase the Company’s common stock. Such stock options will continue to be governed by the terms of the 2019 Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire. Employee Stock Purchase Plan In August 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately upon the closing of the Business Combination. The ESPP permits eligible employees to purchase shares of Class A common stock at a price equal to 85% of the lower of the fair market value of Class A common stock on the first day of an offering or on the date of purchase. Additionally, the number of shares of Class A common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by the lesser of (i) 1.0% of the total number of shares of Class A common stock outstanding on December 31 of the preceding year; (ii) 9,938,118 shares of Class A common stock; or (iii) a lesser number of shares of Class A common stock determined by the board of directors prior to the date of the increase. In accordance therewith, the number of shares of Class A common stock reserved for issuance under the ESPP increased by 1,809,383 on January 1, 2023, and the maximum number of shares available for issuance under the ESPP was 8,406,337 as of March 31, 2023. The Company currently offers six-month offering periods, and at the end of each offering period, which occurs every six months on May 31 and November 30, employees can elect to purchase shares of the Company’s Class A common stock with contributions of up to 15% of their base pay, accumulated via payroll deductions, subject to certain limitations. The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of each award granted under the ESPP. The following table sets forth the key assumptions and fair value results for each award granted in the Company’s first offering period under the ESPP, which started on December 1, 2022: December 1, 2022 Stock price $ 2.58 Risk-free interest rate 4.65 % Term (in years) 0.50 Volatility 87.00 % Dividend yield 0.00 % Grant date fair value per share $ 1.00 During the three months ended March 31, 2023, the Company recognized stock-based compensation expense of $0.3 million for the ESPP. As of March 31, 2023, the total remaining stock-based compensation expense was $0.2 million for the ESPP, which is expected to be recognized over the current six-month offering period until May 31, 2023. Annual Equity Awards Subject to the achievement of certain performance goals established by the Company from time to time, the Company’s employees are eligible to receive an annual incentive bonus that will entitle them to an annual grant of a number of restricted stock units (“RSUs”) determined by dividing the annual bonus target amount by the closing price of the Company’s Class A common stock on the date of grant. The RSUs will be fully vested on the date of grant. Furthermore, all the annual equity awards are contingent and issued only upon approval by the Company’s board of directors or the compensation committee. During the three months ended March 31, 2023, the Company recognized stock-based compensation expense of $2.9 million related to these annual equity awards. Stock Options A summary of the Company’s stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In millions) Outstanding as of January 1, 2023 5,335,974 $ 0.12 7.66 $ 9.4 Exercised (549,306) $ 0.12 $ 1.4 Expired/forfeited (64,531) $ 0.09 Outstanding as of March 31, 2023 4,722,137 $ 0.12 7.41 $ 13.0 Exercisable as of March 31, 2023 1,134,536 $ 0.13 7.51 $ 3.1 Vested and expected to vest as of March 31, 2023 4,722,137 $ 0.12 7.41 $ 13.0 The Company recognized stock-based compensation expense of $0.7 million and $1.0 million for stock options for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the total remaining stock-based compensation expense for unvested stock options was $7.6 million, which is expected to be recognized over a weighted-average period of 1.0 year. Restricted Stock Units A summary of the Company’s RSU activity is as follows: Number of Shares Weighted Average Grant Price Outstanding as of January 1, 2023 43,146,632 $ 5.72 Granted 1,624,404 $ 2.61 Vested (2,192,113) $ 3.76 Forfeited (188,736) $ 5.68 Outstanding as of March 31, 2023 42,390,187 $ 5.70 During the three months ended March 31, 2023, the Company granted 998,364 RSUs under the Amended and Restated 2021 Plan, representing the quarterly equity awards for the Company’s fourth fiscal quarter of 2022. The RSUs were fully vested on the date of grant and settled in Class A common stock on a one-for-one basis. In addition, the Company granted 626,040 RSUs under the Amended and Restated 2021 Plan, which generally vest over a three Immediately prior to closing of the Business Combination, each of the Company’s founders was granted 20,009,224 RSUs under the 2019 Plan (the “Founder Grants”) pursuant to the terms and conditions of the business combination agreement , dated February 10, 2021, as amended and restated on July 29, 2021 (the “Business Combination Agreement”). Considering each of the founder’s existing equity ownership and assuming the Founder Grants fully vest, it would result in each of the founders owning approximately 18% of all outstanding shares of the Total Outstanding Capitalization of the Company (as defined in the Business Combination Agreement). One-quarter of each Founder Grant vests upon the achievement of the earlier to occur of (i) a price-based milestone or (ii) a performance-based milestone, with a different set of such price and performance-based milestones applying to each quarter of each Founder Grant and so long as the achievement occurs within seven years following the closing of the Business Combination. The Company accounts for the Founder Grants as four separate tranches, with each tranche consisting of two award grants, a performance award grant and market award grant. Each tranche vests when either the market condition or performance condition is satisfied (only one condition is satisfied). The Company determined the fair value of the performance award by utilizing the trading price on the Closing Date. When the applicable performance milestone is deemed probable of being achieved, the Company will recognize compensation expense for the portion earned to date over the requisite period. For the market award, the Company determined both the fair value and derived service period using a Monte Carlo simulation model on the Closing Date. The Company will recognize compensation expense for the market award on a straight-line basis over the derived service period. If the applicable performance condition is not probable of being achieved, compensation cost for the value of the award incorporating the market condition is recognized, so long as the requisite service is provided. If the performance milestone becomes probable of being achieved, the full fair value of the award will be recognized, and any remaining expense for the market award will be canceled. One-quarter of each Founder Grant, totaling 5,002,306 shares each of Class B common stock, vested immediately prior to the Closing Date pursuant to the terms and conditions of the Business Combination Agreement. On April 14, 2022, the vested 5,002,306 shares of Class B common stock of Brett Adcock, the Company’s co-founder and former co-CEO, were cancelled. Following the separation of Mr. Adcock from the Company on April 13, 2022 (the “Separation Date”), Mr. Adcock’s unvested 15,006,918 shares of Class B common stock for the remaining three tranches remain outstanding and eligible for vesting upon the achievement of the milestones as described above for 15 months from the Separation Date pursuant to the original terms of the Founder Grants. For each of the three months ended March 31, 2023 and 2022, the Company recorded $16.0 million of stock-based compensation expense for the amortized portion of the market award for the remaining three tranches in general and administrative expenses in the consolidated condensed statements of operations. For the three months ended March 31, 2023 and 2022, the Company recorded $5.3 million and $5.7 million of stock-based compensation expense, respectively, related to RSUs (excluding the Founder Grants). As of March 31, 2023, the total remaining stock-based compensation expense for unvested RSUs (including the Founder Grants) was $242.3 million, which is expected to be recognized over a weighted-average period of 1.4 years. The Company records stock-based compensation expense for stock-based compensation awards based on the fair value on the date of grant. The stock-based compensation expense is recognized ratably over the course of the requisite service period. The Company has elected to account for forfeitures as they occur and will record stock-based compensation expense assuming all stockholders will complete the requisite service period. If an employee forfeits an award because they fail to complete the requisite service period, the Company will reverse stock-based compensation expense previously recognized in the period the award is forfeited. The following table presents stock-based compensation expense included in each respective expense category in the consolidated condensed statements of operations (in millions): Three Months Ended March 31, 2023 2022 Research and development $ 6.7 $ 5.4 General and administrative 19.0 19.1 Total stock-based compensation expense $ 25.7 $ 24.5 Warrants A summary of the Company’s warrant activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In millions) Outstanding as of January 1, 2023 8,736,599 $ 0.01 7.84 $ 16.3 Issued 15,000,000 $ 0.01 Outstanding as of March 31, 2023 23,736,599 $ 0.01 5.81 $ 67.6 Vested and exercisable as of March 31, 2023 5,788,245 $ 0.01 6.45 $ 16.5 United Airlines On January 29, 2021, the Company entered into a Purchase Agreement (the “United Purchase Agreement”), Collaboration Agreement (the “United Collaboration Agreement”), and Warrant to Purchase Shares Agreement (the “United Warrant Agreement”) with United Airlines, Inc. (“United”). Under the terms of the United Purchase Agreement, United has a conditional purchase order for up to 200 of the Company’s aircraft, with an option to purchase an additional 100 aircraft. Those purchases are conditioned upon the Company meeting certain conditions that include, but are not limited to, the certification of the Company’s aircraft by the FAA and further negotiation and reaching of mutual agreement on certain material terms related to the purchases. The Company issued 14,741,764 warrants to United to purchase shares of the Company’s Class A common stock. Each warrant provides United with the right to purchase one share of the Company’s Class A common stock at an exercise price of $0.01 per share. The warrants were initially expected to vest in four installments in accordance with the following milestones: the execution of the United Purchase Agreement and the United Collaboration Agreement, the completion of the Business Combination, the certification of the aircraft by the FAA, and the sale of aircraft to United. On August 9, 2022, the Company entered into Amendment No. 1 to the United Purchase Agreement (the “Amended United Purchase Agreement”) and Amendment No. 1 to the United Warrant Agreement (the “Amended United Warrant Agreement”). In association with the Amended United Purchase Agreement, the Company received a $10.0 million pre-delivery payment from United for 100 of the Company’s aircraft (the “Pre-Delivery Payment”), which was recognized as a contract liability in other long-term liabilities in the Company’s consolidated condensed balance sheets. Pursuant to the Amended United Warrant Agreement, the vesting condition of the fourth milestone of the United Warrant Agreement was modified, and the warrants now vest in four installments in accordance with the following sub-milestones: (i) 737,088 warrants vested upon receipt by the Company of the Pre-Delivery Payment on August 9, 2022; (ii) 2,211,264 warrants vested on February 9, 2023 upon the six-month anniversary of the amendment date; (iii) 3,685.45 warrants shall vest upon the acceptance and delivery of each of the Company’s 160 aircraft; and (iv) 22,112.65 warrants shall vest upon the acceptance and delivery of each of the Company’s 40 aircraft. The Company accounts for the Amended United Purchase Agreement and the United Collaboration Agreement under ASC 606, Revenue from Contracts with Customers . The Company identified the sale of each aircraft ordered by United as a separate performance obligation in the contract. As the performance obligations have not been satisfied, the Company has not recognized any revenue as of March 31, 2023. With respect to the warrant vesting milestones outlined above, the Company accounts for them as consideration payable to a customer under ASC 606 related to the future purchase of aircraft by United. Pursuant to ASC 718, Compensation — Stock Compensation, the Company measured the grant date fair value of the warrants to be recognized upon the achievement of each of the original four milestones and the vesting of the related warrants. The Company determined that the warrants will be classified as equity awards based on the criteria of ASC 480, Distinguishing Liabilities from Equity and ASC 718. For the first milestone, issuance of the warrants in conjunction with the execution of the United Purchase Agreement and the United Collaboration Agreement, the Company recorded the grant date fair value of the respective warrant tranche at the vesting date upon satisfaction of the milestone, and the related costs were recorded in other warrant expense due to the absence of historical or probable future revenue. For the second milestone, the completion of the Business Combination transaction, the related costs were also recorded in other warrant expense due to the absence of historical or probable future revenue. For the third milestone, the certification of the aircraft by the FAA, the Company will assess whether it is probable that the award will vest at the end of every reporting period. If and when the award is deemed probable of vesting, the Company will begin capitalizing the grant date fair value of the associated warrants as an asset through the vesting date and subsequently amortize the asset as a reduction to revenue as it sells the new aircraft to United. For the original fourth milestone, the sale of aircraft to United, the Company was initially expected to record the cost associated with the vesting of each portion of warrants within this milestone as a reduction of the transaction price as revenue is recognized for each sale of the aircraft. In connection with the Amended United Warrant Agreement, the Company evaluated the accounting implications associated with the amendment to the fourth milestone in accordance with ASC 606 and ASC 718. For the first sub-milestone, the receipt of the Pre-Delivery Payment, the Company accounted for it as a modification under ASC 718 and recorded the modification date fair value of the associated warrants in other warrant expense upon satisfaction of the sub-milestone on August 9, 2022. For the second sub-milestone, the vesting of warrants on February 9, 2023, the Company accounted for it as a modification under ASC 718 and will record the modification date fair value of the associated warrants in other warrant expense on a straight-line basis over six months following the amendment date. The modification date fair value of each warrant associated with the first and second sub-milestones was determined to be $4.37, which was the stock price of the Company’s Class A common stock at the modification date. For the third and fourth sub-milestones, the sale of 160 aircraft and 40 aircraft, respectively, the Company determined that the amendment does not represent a modification under ASC 718. The Company will record the cost associated with the vesting of each portion of the associated warrants as a reduction of the transaction price based on the original grant date fair value as revenue is recognized for each sale of the aircraft. For the three months ended March 31, 2023, the Company recorded $2.1 million in other warrant expense in the consolidated condensed statement of operations related to the second sub-milestone under the fourth milestone, and a total of 2,211,264 warrants vested from achievement of this milestone. There was no other warrant expense recognized for the three months ended March 31, 2022. Stellantis N.V. On January 3, 2023, the Company entered into a manufacturing collaboration agreement with Stellantis N.V. (“Stellantis”), pursuant to which the Company and Stellantis will collaborate on the development and implementation of the Company’s manufacturing operations for the production of its eVTOL aircraft products (the “Stellantis Collaboration Agreement”). In connection with the Stellantis Collaboration Agreement, the Company entered into a forward purchase agreement (the “Stellantis Forward Purchase Agreement”) and a warrant agreement (the “Stellantis Warrant Agreement”) with Stellantis on January 3, 2023. Under the terms of the Stellantis Forward Purchase Agreement, the Company may elect, in the Company’s sole discretion, to issue and sell to Stellantis up to $150.0 million of shares of the Company’s Class A common stock, following the satisfaction of certain Milestones (as defined in the Stellantis Forward Purchase Agreement) and pursuant to the terms and conditions of the Stellantis Forward Purchase Agreement. As the Company does not have an obligation rather an election to require Stellantis to purchase shares at a future date, the Company will recognize the share issuance when it elects to issue and sell shares to Stellantis. Under the terms of the Stellantis Warrant Agreement, Stellantis is entitled to purchase up to 15.0 million of shares of the Company’s Class A common stock, at an exercise price of $0.01 per share (the “Stellantis Warrant”). The warrant will vest and become exercisable in three equal tranches upon 12, 24 and 36 months of the grant date, provided that either (i) the performance by Stellantis of certain undertakings set forth in the Stellantis Collaboration Agreement or (ii) the VWAP (as defined in the Stellantis Warrant Agreement) for the Class A common stock exceeding certain specified amounts. Pursuant to the terms and conditions of the Stellantis Collaboration Agreement, Stellantis is deemed to have performed the undertakings if the Stellantis Collaboration Agreement has not been terminated by the Company as of the specified vesting date for each tranche. As the Company is currently in pre-revenue stage and is not generating any revenue from the Stellantis Collaboration Agreement, all costs incurred with third parties are recorded based on the nature of the costs incurred. The Company accounts for the warrant in accordance with the provisions of ASC 718. The grant date fair value of each warrant was determined to be $1.93, which was the stock price of the Company’s Class A common stock on January 3, 2023. For each tranche of the warrant, the Company will recognize compensation costs as the related services are received from Stellantis on a straight-line basis over the associated service period. During the three months ended March 31, 2023, the Company recorded $4.2 million of research and development expense in the consolidated condensed statements of operations in connection with the Stellantis Collaboration Agreement.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recognized zero income tax expense for each of the three months ended March 31, 2023 and 2022, resulting in an effective tax rate of 0%. The effective tax rate is different from the federal statutory tax rate primarily due to a full valuation allowance against deferred tax assets. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Based upon the analysis of federal and state deferred tax balances, future tax projections, and the Company’s lack of taxable income in the carryback period, the Company recorded a full valuation allowance against the federal and state deferred tax assets as of March 31, 2023 and 2022.

401(k) Savings Plan_

401(k) Savings Plan​	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
401(k) Savings Plan​	401(k) Savings PlanThe Company maintains a 401(k) savings plan for the benefit of its employees. The Company makes matching contributions equal to 50% of each employee contribution, subject to the maximum amount established by the Internal Revenue Service. All current employees are eligible to participate in the 401(k) savings plan. The Company’s matching contributions were approximately $0.9 million and $0.5 million for the three months ended March 31, 2023 and 2022, respectively.

Liability Classified Warrants

Liability Classified Warrants	3 Months Ended
	Mar. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Liability Classified Warrants	Liability Classified Warrants As of March 31, 2023, there were 17,398,947 public w arrants outstanding. Public warrants may only be exercised for a whole number of shares. No fractional shares are issued upon exercise of the public warrants. The public warrants became exercisable on October 30, 2021, 12 months after the closing of the initial public offering of Atlas , the predecessor of Archer. The public warrants will expire five years from the consummation of the Business Combination or earlier upon redemption or liquidation. Once the public warrants become exercisable, the Company may redeem the public warrants for redemption: • in whole and not in part; • at a price of $0.01 per public warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after the warrants become exercisable and ending three If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Each public warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share. The exercise price and number of Class A common stock issuable upon exercise of the public warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. The public warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the public warrants.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of financial position, results of operations, and cash flows for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited consolidated condensed financial statements should be read in conjunction with the Company’s audited
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash Cash consists of cash on deposit with financial institutions. Cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. As of March 31, 2023 and December 31, 2022, the Company’s cash and cash equivalents included money market funds of $181.7 million and $4.4 million, respectively.
Short-Term Investments	Short-Term Investments The Company has short-term investments in marketable securities with original maturities of less than one year, including U.S. Treasury securities, corporate debt securities and commercial paper. The Company classifies its marketable securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. These marketable securities are carried at fair value, and unrealized gains and losses are recorded in other comprehensive loss in the consolidated condensed statements of comprehensive loss, which is reflected as a component of stockholders’ equity. These marketable securities are assessed as to whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely the securities will be sold before the recovery of their cost basis. Realized gains and losses from the sale of marketable securities and from declines in value deemed to be other than temporary are determined based on the specific identification method and recognized in other income, net in the consolidated condensed statements of operations.
Fair Value Measurements	Fair Value Measurements The Company applies the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, which defines a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurements. The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying amounts of the Company’s cash, accounts payable, accrued compensation, and accrued liabilities approximate fair value due to the short-term nature of these instruments. Cash Equivalents The Company’s cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. The Company classifies its money market funds as Level 1, because they are valued based on quoted market prices in active markets. Short-Term Investments The Company’s short-term investments consist of high quality, investment grade marketable securities and are classified as available-for-sale. The Company classifies its investments in U.S. Treasury securities as Level 1, because they are valued using quoted market prices in active markets. The Company classifies its investments in corporate debt securities and commercial paper as Level 2, because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The unrealized losses related to the Company’s short-term investments were primarily due to changes in interest rates and not due to increased credit risk or other valuation concerns. During the three months ended March 31, 2023, the Company had no other-than-temporary impairments. Public Warrants Private Placement Warrants The Company utilizes a Monte Carlo simulation model for the private placement warrants at each reporting period, with changes in fair value recognized in the consolidated condensed statements of operations. The estimated fair value of the private placement warrant liability is determined using Level 3 inputs. Inherent in a binomial options pricing model and Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Certain financial instruments, including debt, are not measured at fair value on a recurring basis in the consolidated condensed balance sheets. The fair value of debt as of March 31, 2023 approximates its carrying value (Level 2). Refer to Note 6 - Notes Payable for additional information. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Certain assets and liabilities are subject to measurement at fair value on a non-recurring basis if there are indicators of impairment or if they are deemed to be impaired as a result of an impairment review.
Intangible Assets, Net	Intangible Assets, Net Intangible assets consist solely of domain names and are recorded at cost, net of accumulated amortization, and if applicable, impairment charges. Amortization of domain names is provided over a 15-year estimated useful life on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company has analyzed a variety of factors in light of the known impact to date of the ongoing COVID-19 pandemic on the Company’s business to determine if any circumstance could trigger an impairment loss, and, at this time and based on the information presently known, do not believe that it is more likely than not that an impairment loss has been incurred.
Cloud Computing Arrangements	Cloud Computing Arrangements The Company capitalizes certain implementation costs incurred in the application development stage of projects related to its cloud computing arrangements that are service contracts. Capitalized implementation costs are recognized in other long-term assets in the consolidated condensed balance sheets and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. Costs related to preliminary project activities
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding. For all periods presented, the calculation of basic net loss per share excludes shares issued upon the early exercise of stock options where the vesting conditions have not been satisfied. Because the Company reported net losses for all periods presented, diluted loss per share is the same as basic loss per share. Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in basic net loss per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in diluted net loss per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period. Because the Company reported net losses for all periods presented, all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share. The diluted net loss per common share was the same for Class A and Class B common shares because they are entitled to the same liquidation and dividend rights.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes all changes in equity during a period from nonowner sources. The Company’s comprehensive loss consists of its net loss and its unrealized gains or losses on available-for-sale securities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The ASU simplifies the accounting for convertible instruments by removing certain separation models in ASC 470-20, Debt—Debt with Conversion and Other Options , for convertible instruments. The ASU updates the guidance on certain embedded conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging , or that do not result in substantial premiums accounted for as paid-in capital, such that those features are no longer required to be separated from the host contract. The convertible debt instruments will be accounted for as a single liability measured at amortized cost. Further, the ASU made amendments to the EPS guidance in Topic 260, Earnings Per Share , for convertible instruments, the most significant impact of which is requiring the use of the if-converted method for diluted EPS calculation, and no longer allowing the net share settlement method. The ASU also made revisions to Topic 815-40, which provides guidance on how an entity must determine whether a contract qualifies for a scope exception from derivative accounting. The amendments to Topic 815-40 change the scope of contracts that are recognized as assets or liabilities. The ASU is effective for public business entities, excluding smaller reporting companies, for interim and annual periods beginning after December 15, 2021, with early adoption permitted. For all other entities, the amendments are effective for interim and annual periods beginning after December 15, 2023. Adoption of the ASU can either be on a modified retrospective or full retrospective basis. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements and related disclosures. No other recently issued accounting pronouncements had or are expected to have a material impact on the Company’s financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents, and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated condensed balance sheets that sum to amounts reported on the statements of cash flows: March 31, December 31, Cash and cash equivalents $ 299.2 $ 69.4 Restricted cash 7.2 2.9 Total cash, cash equivalents, and restricted cash $ 306.4 $ 72.3
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions): As of March 31, 2023 Description Level 1 Level 2 Level 3 Total Assets: Cash Equivalents: Money market funds $ 181.7 $ — $ — $ 181.7 Short-Term Investments: U.S. Treasury securities $ 108.8 $ — $ — $ 108.8 Commercial paper $ — $ 41.9 $ — $ 41.9 Liabilities: Warrant Liability – Public Warrants $ 7.4 $ — $ — $ 7.4 Warrant Liability – Private Placement Warrants $ — $ — $ 4.6 $ 4.6 As of December 31, 2022 Description Level 1 Level 2 Level 3 Total Assets: Cash Equivalents: Money market funds $ 4.4 $ — $ — $ 4.4 Short-Term Investments: U.S. Treasury securities $ 316.6 $ — $ — $ 316.6 Corporate debt securities $ — $ 20.1 $ — $ 20.1 Commercial paper $ — $ 125.1 $ — $ 125.1 Liabilities: Warrant Liability – Public Warrants $ 4.5 $ — $ — $ 4.5 Warrant Liability – Private Placement Warrants $ — $ — $ 2.5 $ 2.5
Schedule of Cash, Cash Equivalents and Short-term Investments	The following table presents a summary of the Company’s cash equivalents and short-term investments as of March 31, 2023 and December 31, 2022 (in millions) : As of March 31, 2023 Description Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash Equivalents: Money market funds $ 181.7 $ — $ — $ 181.7 Short-Term Investments: U.S. Treasury securities 108.9 — (0.1) 108.8 Commercial paper 41.9 — — 41.9 Total $ 332.5 $ — $ (0.1) $ 332.4 As of December 31, 2022 Description Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash Equivalents: Money market funds $ 4.4 $ — $ — $ 4.4 Short-Term Investments: U.S. Treasury securities 317.4 — (0.8) 316.6 Corporate debt securities 20.1 — — 20.1 Commercial paper 125.1 — — 125.1 Total $ 467.0 $ — $ (0.8) $ 466.2
Fair Value Measurement Inputs and Valuation Techniques	The key inputs into the Monte Carlo simulation model for the private placement warrants are as follows: Input March 31, December 31, Stock price $ 2.86 $ 1.87 Strike price $ 11.50 $ 11.50 Dividend yield 0.00 % 0.00 % Term (in years) 3.46 3.71 Volatility 71.2 % 75.0 % Risk-free rate 3.76 % 4.14 %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents the change in fair value of the Company’s Level 3 private placement warrants during the three months ended March 31, 2023 (in millions): Balance as of December 31, 2022 $ 2.5 Change in fair value 2.1 Balance as of March 31, 2023 $ 4.6
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the number of antidilutive shares excluded from the calculation of diluted net loss per share: Three Months Ended March 31, 2023 2022 Options to purchase common stock 4,722,137 8,604,636 Unvested restricted stock units 44,265,187 38,662,368 Warrants 43,347,301 32,268,677 Shares issuable under the Employee Stock Purchase Plan (Note 9) 641,727 — Total 92,976,352 79,535,681

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment Net	Property and equipment, net, consisted of the following (in millions): March 31, December 31, Furniture, fixtures, and equipment $ 1.9 $ 1.5 Computer hardware 4.8 4.5 Computer software 0.7 0.7 Website design 0.8 0.7 Leasehold improvements 3.2 2.9 Construction in progress 17.8 4.8 Total property and equipment 29.2 15.1 Less: Accumulated depreciation (4.5) (3.6) Total property and equipment, net $ 24.7 $ 11.5 The following table presents depreciation expense included in each respective expense category in the consolidated condensed statements of operations (in millions): Three Months Ended March 31, 2023 2022 Research and development $ 0.7 $ 0.4 General and administrative 0.2 0.2 Total depreciation expense $ 0.9 $ 0.6

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in millions): March 31, December 31, Accrued professional fees $ 28.0 $ 17.2 Accrued employee costs 7.6 7.8 Accrued parts and materials 4.0 5.2 Taxes payable 0.3 0.3 Accrued capital expenditures 5.3 2.9 Accrued cloud computing implementation costs 1.3 2.0 Accrued marketing fees — 0.2 Other current liabilities 1.0 1.1 Total $ 47.5 $ 36.7

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term notes payable consisted of the following (in millions): March 31, December 31, Silicon Valley Bank (“SVB”) Term Loans $ 7.5 $ 10.0 Term Loans unamortized discount and loan issuance costs (0.5) (0.7) Total debt, net of discount and loan issuance costs 7.0 9.3 Less current portion, net of discount and loan issuance costs (7.0) (9.3) Total long-term notes payable, net of discount and loan issuance costs $ — $ —
Schedule of Maturities of Long-term Debt	The future scheduled principal maturities of notes payable as of March 31, 2023 are as follows (in millions): Remaining 2023 $ 7.5 $ 7.5

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Costs	The Company’s lease costs were as follows (in millions): Three Months Ended March 31, 2023 2022 Operating lease cost $ 1.8 $ 1.1 The Company’s weighted-average remaining lease term and discount rate as of March 31, 2023 and 2022 were as follows: 2023 2022 Weighted-average remaining lease term (in months) 48 43 Weighted-average discount rate 13.94 % 11.36 % Supplemental cash flow information and non-cash activities related to right-of-use assets and lease liabilities were as follows (in millions): Three Months Ended March 31, 2023 2022 Operating cash outflows from operating leases $ 1.6 $ 0.9 Operating lease liabilities from obtaining right-of-use assets $ 0.1 $ 8.6
Schedule of Operating Lease Maturities	The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of March 31, 2023 were as follows (in millions): Remaining 2023 $ 3.3 2024 5.3 2025 4.9 2026 4.5 2027 2.1 Thereafter 6.7 Total future lease payments 26.8 Less: leasehold improvement allowance (6.0) Total net future lease payments 20.8 Less: imputed interest (8.9) Present value of future lease payments $ 11.9

Stock-Based Compensation_ (Tabl

Stock-Based Compensation​ (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The following table sets forth the key assumptions and fair value results for each award granted in the Company’s first offering period under the ESPP, which started on December 1, 2022: December 1, 2022 Stock price $ 2.58 Risk-free interest rate 4.65 % Term (in years) 0.50 Volatility 87.00 % Dividend yield 0.00 % Grant date fair value per share $ 1.00
Schedule of Share-Based Payment Arrangement, Option, Activity	A summary of the Company’s stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In millions) Outstanding as of January 1, 2023 5,335,974 $ 0.12 7.66 $ 9.4 Exercised (549,306) $ 0.12 $ 1.4 Expired/forfeited (64,531) $ 0.09 Outstanding as of March 31, 2023 4,722,137 $ 0.12 7.41 $ 13.0 Exercisable as of March 31, 2023 1,134,536 $ 0.13 7.51 $ 3.1 Vested and expected to vest as of March 31, 2023 4,722,137 $ 0.12 7.41 $ 13.0
Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity	A summary of the Company’s RSU activity is as follows: Number of Shares Weighted Average Grant Price Outstanding as of January 1, 2023 43,146,632 $ 5.72 Granted 1,624,404 $ 2.61 Vested (2,192,113) $ 3.76 Forfeited (188,736) $ 5.68 Outstanding as of March 31, 2023 42,390,187 $ 5.70
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount	The following table presents stock-based compensation expense included in each respective expense category in the consolidated condensed statements of operations (in millions): Three Months Ended March 31, 2023 2022 Research and development $ 6.7 $ 5.4 General and administrative 19.0 19.1 Total stock-based compensation expense $ 25.7 $ 24.5
Schedule of Share-Based Payment Arrangement, Warrant Activity	A summary of the Company’s warrant activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In millions) Outstanding as of January 1, 2023 8,736,599 $ 0.01 7.84 $ 16.3 Issued 15,000,000 $ 0.01 Outstanding as of March 31, 2023 23,736,599 $ 0.01 5.81 $ 67.6 Vested and exercisable as of March 31, 2023 5,788,245 $ 0.01 6.45 $ 16.5

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	3 Months Ended
	Mar. 31, 2023 lineOfBusiness
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of lines of business	2

Liquidity and Going Concern (De

Liquidity and Going Concern (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 804	$ 690.9
Cash and cash equivalents	299.2	69.4
Short-term investments	$ 150.7	$ 461.8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 299.2	$ 69.4
Change in fair value of warrant liabilities and other warrant costs	$ (5)
Finite-lived intangible asset, useful life	15 years
Intangible assets, net	$ 0.4	0.4
Capitalized cloud computing implementation costs	$ 3.7	$ 3.7
Stock price
Cash and Cash Equivalents [Line Items]
Warrant liability, measurement input (in dollars per share) | $ / shares	2.86	1.87
Public Warrants | Stock price
Cash and Cash Equivalents [Line Items]
Warrant liability, measurement input (in dollars per share) | $ / shares	0.43
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 181.7	$ 4.4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 299.2	$ 69.4
Restricted cash	7.2	2.9
Total cash, cash equivalents, and restricted cash	$ 306.4	$ 72.3

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Fair Value Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 150.7	$ 461.8
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	181.7	4.4
Recurring | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	7.4	4.5
Recurring | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	4.6	2.5
Recurring | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	108.8	316.6
Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		20.1
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	41.9	125.1
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	181.7	4.4
Recurring | Level 1 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	7.4	4.5
Recurring | Level 1 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	0	0
Recurring | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	108.8	316.6
Recurring | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Recurring | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	181.7	4.4
Recurring | Level 2 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	0	0
Recurring | Level 2 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	0	0
Recurring | Level 2 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Recurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		20.1
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	41.9	125.1
Recurring | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Recurring | Level 3 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	0	0
Recurring | Level 3 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, fair value	4.6	2.5
Recurring | Level 3 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Recurring | Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Recurring | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-Term Investments
Unrealized Gains	$ 0	$ 0
Unrealized Losses	(0.1)	(0.8)
Amortized Cost	332.5	467
Total, Fair Value	332.4	466.2
U.S. Treasury securities
Short-Term Investments
Amortized Cost	108.9	317.4
Unrealized Gains	0	0
Unrealized Losses	(0.1)	(0.8)
Fair Value	108.8	316.6
Corporate debt securities
Short-Term Investments
Amortized Cost		20.1
Unrealized Gains		0
Unrealized Losses		0
Fair Value		20.1
Commercial paper
Short-Term Investments
Amortized Cost	41.9	125.1
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	41.9	125.1
Money market funds
Cash Equivalents
Cash equivalents, fair value	$ 181.7	$ 4.4

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Measurement Input (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, term	3 years 5 months 15 days	3 years 8 months 15 days
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input (in dollars per share)	2.86	1.87
Strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input (in dollars per share)	11.50	11.50
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input (in dollars per share)	0	0
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input (in dollars per share)	0.712	0.750
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input (in dollars per share)	0.0376	0.0414

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Private Placement Warrants (Details) - Private Placement Warrants $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2.5
Change in fair value	2.1
Ending balance	$ 4.6

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	92,976,352	79,535,681
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	4,722,137	8,604,636
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	44,265,187	38,662,368
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	43,347,301	32,268,677
Shares issuable under the Employee Stock Purchase Plan (Note 9)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	641,727	0

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 29.2	$ 15.1
Less: Accumulated depreciation	(4.5)	(3.6)
Total property and equipment, net	24.7	11.5
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1.9	1.5
Computer hardware
Property, Plant and Equipment [Line Items]
Total property and equipment	4.8	4.5
Computer software
Property, Plant and Equipment [Line Items]
Total property and equipment	0.7	0.7
Website design
Property, Plant and Equipment [Line Items]
Total property and equipment	0.8	0.7
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	3.2	2.9
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 17.8	$ 4.8

Property and Equipment, Net - D

Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation
Total depreciation expense	$ 0.9	$ 0.6
Research and development
Depreciation
Total depreciation expense	0.7	0.4
General and administrative
Depreciation
Total depreciation expense	$ 0.2	$ 0.2

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued professional fees	$ 28	$ 17.2
Accrued employee costs	7.6	7.8
Accrued parts and materials	4	5.2
Taxes payable	0.3	0.3
Accrued capital expenditures	5.3	2.9
Accrued cloud computing implementation costs	1.3	2
Accrued marketing fees	0	0.2
Other current liabilities	1	1.1
Total	$ 47.5	$ 36.7

Notes Payable - Schedule of Lon

Notes Payable - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Silicon Valley Bank (“SVB”) Term Loans	$ 7.5
Term Loans unamortized discount and loan issuance costs	(0.5)	$ (0.7)
Total debt, net of discount and loan issuance costs	7	9.3
Less current portion, net of discount and loan issuance costs	(7)	(9.3)
Total long-term notes payable, net of discount and loan issuance costs	0	0
SVB Term Loans | Secured Debt
Debt Instrument [Line Items]
Silicon Valley Bank (“SVB”) Term Loans	7.5	$ 10
Term Loans unamortized discount and loan issuance costs	$ (0.5)

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details)		3 Months Ended
	Jul. 09, 2021 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Jan. 01, 2022 installment	Sep. 16, 2021 shares
Debt Instrument [Line Items]
Debt discount and issuance cost amortization		$ 200,000	$ 200,000
Term Loans unamortized discount and loan issuance costs		$ 500,000		$ 700,000
Stock price
Debt Instrument [Line Items]
Warrant liability, measurement input (in dollars per share) | $ / shares		2.86		1.87
Warrants For Consideration Of Term Loan
Debt Instrument [Line Items]
Warrants, issued or issuable (in shares) | shares	732,280
Number of securities called by each warrant or right (in shares) | shares	1
Public Warrants
Debt Instrument [Line Items]
Number of securities called by each warrant or right (in shares) | shares						1
Public Warrants | Stock price
Debt Instrument [Line Items]
Warrant liability, measurement input (in dollars per share) | $ / shares		0.43
Silicon Valley Bank (“SVB”) | Warrants For Consideration Of Term Loan
Debt Instrument [Line Items]
Warrants, issued or issuable (in shares) | shares	366,140
SVB Innovation Credit Fund VIII, L.P. (“SVB Innovation”) | Warrants For Consideration Of Term Loan
Debt Instrument [Line Items]
Warrants, issued or issuable (in shares) | shares	366,140
Secured Debt | SVB Term Loans
Debt Instrument [Line Items]
Debt instrument, face amount	$ 20,000,000
Number of monthly installments | installment					24
Effective rate					8.50%
Increase in annual interest rate upon event of default		2%
Interest expense, debt		$ 300,000	400,000
Debt discount and issuance cost amortization		200,000	$ 200,000
Term Loans unamortized discount and loan issuance costs		$ 500,000

Notes Payable - Maturity Schedu

Notes Payable - Maturity Schedule (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Remaining 2023	$ 7.5
Long-term debt	$ 7.5

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Apr. 19, 2022 patent	Jan. 19, 2022 claim
Debt Instrument [Line Items]
Number of patents requested for dismissal			2
Number of original alleged trade secret violations | claim				52
Trade Secret Case
Debt Instrument [Line Items]
Consolidated cases			10
Patent Cases
Debt Instrument [Line Items]
Consolidated cases			8
Standby Letters of Credit | Line of Credit
Debt Instrument [Line Items]
Line of credit, borrowing capacity | $		$ 3,500,000
Line of credit aggregate outstanding amount | $	$ 6,200,000

Commitments and Contingencies_2

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1.8	$ 1.1
Weighted-average remaining lease term (in months)	48 months	43 months
Weighted-average discount rate	13.94%	11.36%

Commitments and Contingencies_3

Commitments and Contingencies - Operating Lease Schedule of Maturity (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2023	$ 3.3
2024	5.3
2025	4.9
2026	4.5
2027	2.1
Thereafter	6.7
Total future lease payments	26.8
Less: leasehold improvement allowance	(6)
Total net future lease payments	20.8
Less: imputed interest	(8.9)
Present value of future lease payments	$ 11.9

Commitments and Contingencies_4

Commitments and Contingencies - Noncash Lease Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating cash outflows from operating leases	$ 1.6	$ 0.9
Operating lease liabilities from obtaining right-of-use assets	$ 0.1	$ 8.6

Preferred and Common Stock (Det

Preferred and Common Stock (Details)	3 Months Ended
	Mar. 31, 2023 vote shares	Mar. 31, 2022 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)	0		0
Conversion of stock (in shares)	1
Period following that a founder ceases services to the company	12 months
Common Class A
Class of Stock [Line Items]
Voting rights, votes per share | vote	1
Common Class A | Common Stock
Class of Stock [Line Items]
Conversion of stock (in shares)	2,250,000	1,757,980
Common Class B
Class of Stock [Line Items]
Voting rights, votes per share | vote	10
Conversion period	10 years
Common stock, conversion terms, percent of shareholders needed	66.67%
Percentage of Class B represents the aggregate of Class A	0.10
Percentage of founder shares held	0.80

Stock-Based Compensation_ - Nar

Stock-Based Compensation​ - Narrative (Details)

1 Months Ended

3 Months Ended

Jan. 03, 2023 USD ($) $ / shares

Aug. 09, 2022 USD ($) aircraft $ / shares shares

Apr. 14, 2022 shares

Apr. 13, 2022 tranche shares

Sep. 15, 2021 shares

Jan. 29, 2021 installment milestone aircraft $ / shares shares

Jun. 30, 2022

Aug. 31, 2021 shares

Mar. 31, 2023 USD ($) shares

Dec. 31, 2022 shares

Mar. 31, 2022 USD ($)

Mar. 03, 2023 shares

Jan. 01, 2023 shares

Dec. 01, 2022 $ / shares

Apr. 30, 2022 shares

Sep. 16, 2021 tranche

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense | $

$ 25,700,000

$ 24,500,000

Number of conditional purchased aircraft | aircraft

200

Option to purchase of additional aircraft | aircraft

100

Warrants price per share (in dollars per share) | $ / shares

$ 0.01

Other warrant expense | $

2,100,000

0

Warrants, weighted average grant date fair value (USD per share) | $ / shares

$ 1.93

Research and development | $

$ 65,800,000

27,500,000

Founder grants, vesting percentage upon achievements

25%

Sub Milestone One and Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value of each warrant (in dollars per share) | $ / shares

$ 4.37

United Airlines Inc.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of conditional purchased aircraft | aircraft

100

Pre delivery payment received | $

$ 10,000,000

Warrants For Collaboration Agreement With United Airlines Inc.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Class of warrant or right, vested during the period (in shares)

2,211,264

Warrants For Collaboration Agreement With United Airlines Inc. | United Airlines Inc.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrants, issued or issuable (in shares)

14,741,764

Warrants price per share (in dollars per share) | $ / shares

$ 0.01

Number of vesting installments | installment

4

Number of vesting milestones | milestone

4

Amended United Warrant Agreement | United Airlines Inc. | Sub Milestone One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant vested and expected to vest (in shares)

737,088

Amended United Warrant Agreement | United Airlines Inc. | Sub Milestone Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant vested and expected to vest (in shares)

2,211,264

Amended United Warrant Agreement | United Airlines Inc. | Sub Milestone Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of conditional purchased aircraft | aircraft

160

Warrant vested and expected to vest (in shares)

3,685.45

Amended United Warrant Agreement | United Airlines Inc. | Sub Milestone Four

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of conditional purchased aircraft | aircraft

40

Warrant vested and expected to vest (in shares)

22,112.65

Warrants For Collaboration Agreement With FCA US LLC | Stellantis N.V.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Research and development | $

$ 4,200,000

Warrant Exercisable Period One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

12 months

Warrant Exercisable Period Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

24 months

Warrant Exercisable Period Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

36 months

General and administrative

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense | $

$ 19,000,000

19,100,000

Research and development

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense | $

6,700,000

5,400,000

Employee Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of outstanding stock maximum

1%

Purchase price of common stock, percent

85%

Number of additional shares authorized (in shares)

9,938,118

Total stock-based compensation expense | $

300,000

Unvested stock options | $

200,000

Share price (in dollars per share) | $ / shares

$ 2.58

Unvested restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense | $

$ 5,300,000

5,700,000

Weighted-average period

1 year 4 months 24 days

Granted (in shares)

20,009,224

1,624,404

Holders ownership once grants are fully vested

18%

Milestone achievement period

7 years

Founder grants, number of tranches | tranche

4

Vested (in shares)

2,192,113

Forfeited (in shares)

188,736

Number of outstanding (in shares)

42,390,187

43,146,632

Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $

$ 242,300,000

Unvested restricted stock units | General and administrative

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense | $

16,000,000

16,000,000

Options to purchase common stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense | $

700,000

$ 1,000,000

Unvested stock options | $

$ 7,600,000

Weighted-average period

1 year

Amended and Restated 2021 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Conversion ratio

1

Amended and Restated 2021 Plan | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

1 year

Amended and Restated 2021 Plan | Unvested restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares)

626,040

998,364

Amended and Restated 2021 Plan | Unvested restricted stock units | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

3 years

Amended and Restated 2021 Plan | Unvested restricted stock units | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

4 years

Quarterly Equity Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense | $

$ 2,900,000

Common Class A

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Sale of stock value | $

$ 150,000,000

Number of securities called by warrants or rights (in shares)

15,000,000

Share price (in dollars per share) | $ / shares

$ 1.93

Common Class A | Warrants For Collaboration Agreement With United Airlines Inc. | United Airlines Inc.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of securities called by each warrant or right (in shares)

1

Common Class A | 2021 Stock Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Capital shares reserved for future issuance (in shares)

12,292,155

34,175,708

Percentage of outstanding stock maximum

5%

Common Class A | 2021 Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of additional shares authorized (in shares)

1,809,383

Maximum number of shares available for issuance (in share)

8,406,337

Common Class B | Unvested restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

15 months

Vested (in shares)

5,002,306

Forfeited (in shares)

5,002,306

Number of outstanding (in shares)

15,006,918

Remaining number of tranches | tranche

3

Stock-Based Compensation_ - Emp

Stock-Based Compensation​ - Employee Stock Purchase Plan (Details) - Employee Stock	Dec. 01, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 2.58
Risk-free interest rate	4.65%
Term (in years)	6 months
Volatility	87%
Dividend yield	0%
Grant date fair value (in dollars per share)	$ 1

Stock-Based Compensation_ - Sha

Stock-Based Compensation​ - Share-based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022
Number of Shares
Outstanding period start (in shares)	5,335,974
Exercised (in shares)	(549,306)
Expired/forfeited (in shares)	(64,531)
Outstanding period end (in shares)	4,722,137
Exercisable, Number of options (in shares)	1,134,536
Vested and expected to vest (in shares)	4,722,137
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0.12
Exercise (in dollars per share)	0.12
Expired/forfeited (in dollars per share)	0.09
Ending balance (in dollars per share)	0.12
Exercisable, Weighted average exercise price per share (in dollars per share)	0.13
Vested and expected to vest (in dollars per share)	$ 0.12
Weighted Average Remaining Contractual Life (Years)
Weighted average remaining contractual life (in years)	7 years 4 months 28 days	7 years 7 months 28 days
Exercisable, weighted average remaining contractual term (in years)	7 years 6 months 3 days
Vested and expected, weighted average remaining contractual term (in years)	7 years 4 months 28 days
Aggregate Intrinsic Value (In millions)
Beginning balance	$ 9.4
Exercised, aggregate intrinsic value	1.4
Ending balance	13
Exercisable, aggregate intrinsic value	3.1
Vested and expected, aggregate intrinsic value	$ 13

Stock-Based Compensation_ - Res

Stock-Based Compensation​ - Restricted Stock Activity (Details) - Unvested restricted stock units - $ / shares		3 Months Ended
	Sep. 15, 2021	Mar. 31, 2023
Number of Shares
Beginning balance (in shares)		43,146,632
Granted (in shares)	20,009,224	1,624,404
Vested (in shares)		(2,192,113)
Forfeited (in shares)		(188,736)
Ending balance (in shares)		42,390,187
Weighted Average Grant Price
Beginning balance (in dollars per share)		$ 5.72
Granted (in dollars per share)		2.61
Vested (in dollars per share)		3.76
Forfeited (in dollars per share)		5.68
Ending balance (in dollars per share)		$ 5.70

Stock-Based Compensation_ - Sto

Stock-Based Compensation​ - Stock-based Compensation Expense Included in Respective Expense Category (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 25.7	$ 24.5
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6.7	5.4
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 19	$ 19.1

Stock-Based Compensation_ - Sch

Stock-Based Compensation​ - Schedule of Share-based Compensation, Warrant Activity (Details) - Warrants - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022
Number of Shares
Beginning balance (in shares)	8,736,599
Issued (in shares)	15,000,000
Ending balance (in shares)	23,736,599
Vested and exercisable (in shares)	5,788,245
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0.01
Issued (in dollars per share)	0.01
Ending balance (in dollars per share)	0.01
Vested and exercisable (in dollars per share)	$ 0.01
Weighted Average Remaining Contractual Life (Years)
Outstanding (in years)	5 years 9 months 21 days	7 years 10 months 2 days
Vested and exercisable (in years)	6 years 5 months 12 days
Aggregate Intrinsic Value (In millions)
Outstanding at period start	$ 16.3
Outstanding at period end	67.6
Vested and exercisable	$ 16.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 0
Effective income tax rate percent	0%	0%

401(k) Savings Plan_ (Details)

401(k) Savings Plan​ (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	50%
Defined contribution plan, cost	$ 0.9	$ 0.5

Liability Classified Warrants (

Liability Classified Warrants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Jan. 03, 2023	Sep. 16, 2021
Class of Warrant or Right [Line Items]
Redemption price of warrants (in dollars per share)		$ 0.01
Public Warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	17,398,947
Exercisable term from closing of initial public offering	12 months
Warrants outstanding, term	5 years
Redemption price of warrants (in dollars per share)	$ 0.01		$ 11.50
Redemption period	30 days
Warrant redemption condition minimum share price (in dollars per share)	$ 18
Threshold trading days	20 days
Threshold consecutive trading days	30 days
Threshold number of business days before sending notice of redemption to warrant holders	3 days
Number of securities called by each warrant or right (in shares)			1
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrant outstanding (in shares)	8,000,000
Exercisable term after business combination	30 days