0001781162-22-000023 | 10-K | XBRL Viewer

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 160,036	$ 23,005
Restricted cash, current	197	100
Prepaids and other current assets	9,431	4,508
Total current assets	169,664	27,613
Property, machinery and equipment, net	4,829	2,321
Intangible assets, net	349	305
Operating right-of-use assets	7,604	316
Deferred offering costs	0	2,610
Restricted cash, non-current	314	415
Other non-current assets	3,065	2,740
Total assets	185,825	36,320
Current liabilities
Accounts payable	1,911	1,863
Accrued expenses	9,785	3,064
Loan payable, current	20,907	0
Contract liabilities, current	0	1,914
Operating lease liabilities, current	1,189	254
Other current liabilities	5,075	220
Total current liabilities	38,867	7,314
Contract liabilities, non-current	1,554	711
Warrant liability	5,749	3,206
SAFE notes	0	314,440
Operating lease liabilities, non-current	7,284	72
Other non-current liabilities	483	49
Total non-current liabilities	15,070	318,478
Total liabilities	53,937	325,792
Stockholders’ equity (deficit):
Common stock, $0.00001 par value; 250,000,000 shares authorized and 81,211,781 issued and outstanding as of December 31, 2021; 142,804,498 shares authorized and 62,510,690 issued and outstanding as of December 31, 2020	1	1
Additional paid-in capital	340,570	39,866
Accumulated deficit	(208,683)	(329,338)
Total stockholders’ equity (deficit)	131,888	(289,472)
Total liabilities and stockholders’ equity	$ 185,825	$ 36,320

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Aug. 13, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, number of shares authorized (in shares)	250,000,000		142,804,498
Common stock issued (in shares)	81,211,781		62,510,690
Common stock outstanding (in shares)	81,211,781	79,772,262	62,510,690

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Service revenue	us-gaap:ServiceMember	us-gaap:ServiceMember
Service revenue	$ 330	$ 365
(Reversal of) Cost of revenue	(135)	368
Gross margin	465	(3)
Operating expenses:
Research and development expenses	51,321	22,718
Gross margin	48,905	11,945
Operating expenses:	100,226	34,663
Loss from operations	(99,761)	(34,666)
Other income (expense):
Decrease (increase) in fair value of SAFE notes	209,291	(267,290)
Decrease (increase) in fair value of warrants	37,330	(3,177)
Realized loss on disposal of asset	(17)	(482)
Interest income	2	7
Interest expense	(14,229)	(470)
SEC settlement	(7,000)	0
Other income (expense):	(4,960)	(949)
Total other income (expense)	220,417	(272,361)
Income (loss) before income taxes	120,656	(307,026)
Income tax provision	2	1
Net income ( loss)	$ 120,654	$ (307,027)
Net income (loss) per share, basic (in dollars per share)	$ 1.85	$ (4.90)
Net income (loss) per share, fully diluted (in dollars per share)	$ 1.70	$ (4.90)
Weighted average shares outstanding, basic (in shares)	65,177,873	62,643,121
Weighted average shares outstanding, fully diluted (in shares)	70,918,777	62,643,121

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	ASC 842 lease accounting adoption	Common stock	Additional paid in capital	Accumulated deficit	Accumulated deficit ASC 842 lease accounting adoption	Preferred stock	FF Preferred Stock	Common stock – Class A	Common stock – Class B	Previously reported	Previously reported Common stock	Previously reported Additional paid in capital	Previously reported Accumulated deficit	Previously reported Preferred stock	Previously reported FF Preferred Stock	Previously reported Common stock – Class A	Previously reported Common stock – Class B	Retroactive application of recapitalization Common stock	Retroactive application of recapitalization Additional paid in capital	Retroactive application of recapitalization Preferred stock	Retroactive application of recapitalization FF Preferred Stock	Retroactive application of recapitalization Common stock – Class A	Retroactive application of recapitalization Common stock – Class B
Beginning balance (in shares) at Dec. 31, 2019							0	0	0	0					144,875,941	20,000,000	15,493,658	80,000,000			(144,875,941)	(20,000,000)	(15,493,658)	(80,000,000)
Beginning balance (in shares) at Dec. 31, 2019			64,244,007									0							64,244,007
Beginning balance at Dec. 31, 2019	$ 14,697	$ (4)	$ 1	$ 37,004	$ (22,307)	$ (4)					$ 14,697	$ 0	$ 37,004	$ (22,307)					$ 1	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)			734,099
Issuance of common stock upon exercise of stock options	91		$ 0	91
Stock-based compensation – Stock options and RSAs	2,771			2,771
Stock contribution from co-founder (in shares)			(2,467,416)
Stock contribution from co-founder	0		$ 0	0
Net income (loss)	(307,027)				(307,027)
Ending balance (in shares) at Dec. 31, 2020			62,510,690
Ending balance at Dec. 31, 2020	$ (289,472)		$ 1	39,866	(329,338)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	1,535,804		1,510,467
Issuance of common stock upon exercise of stock options	$ 336		$ 0	336
Issuance of common stock upon vesting of RSUs (in shares)			433,188
Issuance of common stock upon vesting of RSUs	0		$ 0	0
Stock-based compensation – Stock options and RSAs	18,382			18,382
Share repurchase related to Section 16 Officer tax coverage exchange (in shares)			(35,185)
Share repurchase related to Section 16 Officer tax coverage exchange	(151)			(151)
Share repurchase (in shares)			(25,601,730)
Share repurchase	(40,000)		$ 0	(40,000)
Shares issued upon exercise and conversion of Warrant (in shares)			638,125
Shares issued upon exercise and conversion of Warrant	6,999		$ 0	6,999
Shares issued upon conversion of SAFE Notes (in shares)			12,403,469
Shares issued upon conversion of SAFE Notes	136,001		$ 0	136,001
Issuance of common stock and warrants, in connection with PIPE (in shares)			11,000,000
Issuance of common stock and warrants, in connection with PIPE	75,114		$ 0	75,114
Issuance of common stock and warrants, net of issuance costs, upon Business Combination (in shares)			18,352,757
Issuance of common stock and warrants, net of issuance costs, upon Business Combination	104,022		$ 0	104,022
Net income (loss)	120,654				120,654
Ending balance (in shares) at Dec. 31, 2021			81,211,781
Ending balance at Dec. 31, 2021	$ 131,888		$ 1	$ 340,570	$ (208,683)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 120,654	$ (307,027)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,092	590
Amortization of debt discount and issuance costs	11,729	116
(Decrease) increase in fair value of warrants	(37,330)	3,177
(Decrease) increase in fair value of SAFE notes	(209,291)	267,290
Impairment of prepaid launch costs	9,450	1,500
Loss on disposal of fixed and intangible assets	17	482
Stock-based compensation expense	18,452	2,771
Changes in operating assets and liabilities:
Prepaids and other current assets	(14,373)	(3,616)
Other non-current assets	(325)	(760)
Accounts payable	1,562	(997)
Accrued expenses	7,042	1,813
Other current liabilities	4,810	211
Contract liabilities	(1,071)	1,916
Lease liabilities and right-of-use assets	859	0
Other non-current liabilities	11	0
Net cash used in operating activities	(86,712)	(32,534)
Cash flows from investing activities:
Purchases of property, machinery and equipment	(2,972)	(1,502)
Purchases of intangible assets	(118)	(99)
Net cash used in investing activities	(3,090)	(1,601)
Cash flows from financing activities:
Proceeds from issuance of SAFE notes	30,853	44,650
Proceeds from issuance of loan payable	25,000	2,458
Proceeds from exercise of stock options	336	91
Payment for repurchase of Section 16 Officer common shares for tax coverage exchange	(151)	0
Payment of notes payable	(1,500)	(2,507)
Payment of debt issuance costs	(144)	(37)
Payment of warrant issuance costs	(31)	(1)
Payment for repurchase of common shares	(40,000)	0
Proceeds from issuance of common shares in PIPE	110,000	0
Payments of issuances costs related to PIPE	(4,416)	0
Proceeds from issuance of common stock upon Business Combination	128,167	0
Payments for issuance costs related to Business Combination	(21,285)	0
Net cash provided by financing activities	226,829	44,654
Increase in cash, cash equivalents and restricted cash	137,027	10,519
Cash, cash equivalents and restricted cash, beginning of period	23,520	13,002
Cash, cash equivalents and restricted cash, end of period	160,547	23,520
Supplemental disclosure of non-cash investing and financing activities
Fair value of common stock issued upon conversion of SAFE notes	136,001	0
Fair value of common stock issued upon conversion of warrants	6,999	0
Reclassification of deferred offering costs to APIC	2,610	0
Deferred offering costs in accounts payable and accrued expenses at period end	0	506
Fair value of warrants assumed upon Business Combination	31,225	0
Operating lease right-of-use assets in exchange for lease obligations	8,501	0
Supplemental disclosure of cash flow information
Cash paid for income taxes	1	1
Cash paid for interest	$ 2,500	$ 353

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The Company Momentus Inc. (together with its consolidated subsidiaries “Momentus” or the “Company”) is a U.S. commercial space company that plans to offer in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development. The Company anticipates flying its Vigoride vehicle to Low Earth Orbit on a third-party launch provider as early as June 2022, subject to receipt of licenses and government approvals, and successful completion of our current efforts to get the system ready for flight. Background and Business Combination On August 12, 2021 (the “Closing Date”), the Company consummated a merger pursuant to a certain agreement and plan of merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SRAC (“First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of SRAC (“Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”) with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC. The Business Combination was accounted for as a reverse recapitalization under ASC Topic 805, Business Combinations ("ASC 805") in accordance with accounting principles generally accepted in the United States (“GAAP”). Under this method of accounting, SRAC, who was the legal acquirer, is treated as the “acquired” company for financial reporting purposes and Legacy Momentus is treated as the accounting acquirer. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of a capital transaction in which Legacy Momentus issued stock for the net assets of SRAC, with no goodwill or other intangible assets recorded, and Legacy Momentus’ financial statements became those of the Company. Reported shares and earnings per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. See Note 3 for more information. Pursuant to the Amended and Restated Certificate of Incorporation of the Company, at the Closing, each share of SRAC’s Class B Common Stock, par value $0.0001 per share (the “Class B Common Stock”), converted into one share of SRAC’s Class A Common Stock. After the Closing and following the effectiveness of the Second Amended and Restated Certificate of Incorporation of the Company, each share of Class A Common Stock was automatically reclassified, redesignated and changed into one validly issued, fully paid and non-assessable share of the Company’s Common Stock, par value $0.00001 per share (the “Common Stock”), without any further action by the Company or any stockholder thereof. Prior to the Business Combination, SRAC’s units, public shares, and public warrants were listed on the Nasdaq under the symbols “SRACU,” “SRAC,” and “SRACW,” respectively. On August 13, 2021, the Company's Class A common stock and public warrants began trading on the Nasdaq, under the symbols “MNTS” and “MNTSW,” respectively. On October 7, 2020 and July 15, 2021, SRAC entered into subscription agreements with certain investors (the “PIPE Investors”) to which such investors collectively subscribed for an aggregate of 11,000,000 shares of the Company’s Class A common stock at $10.00 per share for aggregate gross proceeds of $110.0 million (the “PIPE Investment”). The PIPE Investors were also granted an equal number of private warrants to purchase the Company’s Class A common stock at $11.50 per share. The warrants were recorded as a derivative liability under ASC 815, Derivatives and Hedging and the warrant liability was initially valued at $30.5 million. See Note 11 for more information. The PIPE Investment was consummated concurrently with the closing of the Business Combination.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”)’s “Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States.

The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, SRAC is treated as the acquired company and Momentus Inc. is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Momentus Inc. was determined to be the accounting acquirer as Momentus Inc.'s stockholders prior to the Business Combination had the greatest voting interest in the combined entity, Momentus Inc. comprises all of the ongoing operations, and Momentus Inc.'s senior management directs operations of the combined entity.

Accordingly, for accounting purposes, the consolidated financial statements of the Combined Company represent a continuation of the financial statements of Momentus with the acquisition being treated as the equivalent of Momentus issuing stock for the net assets of SRAC, accompanied by a recapitalization. The net assets of SRAC are recorded at fair value, which is equal to historical cost, with no goodwill or other intangible assets recorded.

One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction; cost allocated to the issuance of equity were recorded as a reduction of the amount of equity raised, presented in additional paid in capital, while all costs allocated to the liability classified warrants were charged to expense.

In connection with the Business Combination, outstanding shares of Momentus were converted into common stock of the Company, par value $0.00001 per share, representing a recapitalization. Momentus is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date are those of Momentus. The shares and corresponding capital amounts and net income (loss) per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement.

Reclassifications

During the fourth quarter of 2021, we modified the presentation of cash flows related to the Business Combination. The presented impact of the issuance costs allocated to expense (described in Note 3), was moved into the issuance costs line. Additionally the presentation of capitalized issuance costs which were paid during the two quarters prior to the Business Combination was updated to present those expenditures within cash flows from financing activities, rather than cash flows from operations.

Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. None of the reclassifications have changed the total assets, liabilities, stockholders’ deficit, income, expenses or net losses previously reported.

Principles of consolidation

The consolidated financial statements include the financial statements of all the subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of the consolidated financial statements include, but are not limited to, accounting for useful lives of property, machinery and equipment, net, intangible assets, net, accrued liabilities, income taxes including deferred tax assets and liabilities, impairment valuation, stock-based awards, SAFE notes and warrant liabilities.

Emerging Growth Company Status

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. The Company is an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”) and has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards. The Company will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which the market value of Common Stock that is held by non-affiliates exceeds $700 million as of the end of that year’s second fiscal quarter, (ii) the last day of the fiscal year in which the Company has total annual gross revenue of $1.07 billion or more during such fiscal year (as indexed for inflation), (iii) the date on which the Company has issued more than $1 billion in non-convertible debt in the prior three-year period or (iv) December 31, 2024, and the Company expects to continue to take advantage of the benefits of the extended transition period, although it may decide to early adopt such new or revised accounting standards to the extent permitted by such standards. This may make it difficult or impossible to compare the Company’s financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions because of the potential differences in accounting standards used.

Cash and cash equivalents

Restricted Cash

Restricted cash primarily represents deposited cash that is restricted by financial institutions for two purposes. $0.4 million is restricted as collateral for a letter of credit issued to the Company’s landlord in accordance with the terms of a lease agreement entered into in December 2020. A portion of this restricted cash ($0.1 million) is classified as a current asset as it will be returned to the Company one year following the completion of the Business Combination with SRAC, while the remaining $0.3 million is classified as a non-current asset as it will be returned to the Company upon the occurrence of future events which are expected to occur beyond at least one year from December 31, 2021. $0.1 million is restricted for expenditures related to the National Security Agreement (the “NSA”) See Note 12.

Deferred Fulfillment and Prepaid Launch Costs

We prepay for certain launch costs to third party providers that will carry the transport vehicle to orbit. Prepaid costs allocated to the delivery of a customers’ payload are classified as deferred fulfillment costs and recognized as cost of revenue upon delivery of the customers’ payload. Prepaid costs allocated to our payload are classified as prepaid launch costs and are amortized to research and development expense upon the release of our payload. The allocation is determined based on the distribution between customer and out payload weight on each launch.

As of December 31, 2021, and December 31, 2020, the Company had $3.0 million and $4.7 million, respectively, of deferred fulfillment and prepaid launch costs in the accompanying consolidated balance sheets. On May 21, 2021, the Company received notification from one of its launch service providers that it was terminating two launch service agreements for flights scheduled during calendar year 2021 and that they considered the Company to be in default of prior payments totaling $8.7 million. The Company believed the prepayments would be non-recoverable as this was the third time the payload was rescheduled. As a result of the notification from one of its launch service

providers, the Company recorded an impairment of $8.7 million of current prepaid launch costs during the year ended December 31, 2021, in addition to an unrelated impairment of $0.8 million. See Note 4 for more information about the potential recovery of a portion of the impaired launch costs.

Property, Machinery and Equipment, net

Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally recorded using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one to seven years)
Machinery and equipment						Seven years

Costs of maintenance or repairs that do not extend the lives of the respective assets are charged to expenses as incurred.

Intangible Assets, net

Intangible assets consist of patents and cloud computing implementation costs (in accordance with ASU 2018-15) and are reported at cost less accumulated amortization and accumulated impairment loss, if any. Amortization is recognized on a straight-line basis over 10 years for patents, and 3 years for cloud computing implementation costs, which is the estimated useful lives of the intangible assets.

Deferred Offering Costs

Offering costs consist of legal, accounting, underwriting fees and other costs incurred that were directly related to the Company’s Business Combination. Upon completion of the Business Combination, all deferred offering costs were netted with proceeds from the Business Combination, with costs relating to the issuance of equity recorded as a reduction of additional paid in capital, while all costs related to the liability classified warrants were charged to expense. See Note 3 for more information.

Loss Contingencies

We estimate loss contingencies in accordance with ASC 450-20, Loss Contingencies, which states that a loss contingency shall be accrued by a charge to income if both of the following conditions are met: (a) information available before the consolidated financial statements are issued or are available to be issued indicates that it is probable that a liability had been incurred at the date of the consolidated financial statements and (b) the amount of loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted and whether new accruals are required. Refer to Note 12.

Revenue Recognition

The Company enters into contracts for ‘last-mile’ satellite and cargo delivery, payload hosting and in-orbit servicing options with customers that are primarily in the aerospace industry. From inception to December 31, 2021, the Company has not completed a commercial launch of customer cargo and as a result, has not recognized revenue to date for launch services. However, as of December 31, 2021 and December 31, 2020, the Company had collected $1.6 million and $2.6 million, respectively, in customer deposits related to signed contracts with customers, including firm orders and options (some of which have already been exercised by customers). These deposits are recorded as current and non-current contract liabilities in the Company’s consolidated balance sheets. Included in the collected amount as of December 31, 2021 are $1.6 million of non-current deposits. The Company’s first launch with customers is currently anticipated to occur as early as June 2022, subject to receipt of licenses and government approvals, and successful completion of our current efforts to get the system ready for flight. While a portion of the deposit balance relates to performance obligations that may be satisfied over the next twelve months, the Company will classify customer deposits as non-current until the inaugural launch date is reasonably assured.

The Company will recognize revenue (along with any other fees that have been paid) upon the earlier of the satisfaction of the Company’s performance obligation or when the customer cancels the contract. For the year ended December 31, 2021, the Company recognized revenue related to customer cancelled contracts of $0.3 million, which were previously recorded as a contract liability. The Company also recorded $(0.1) million as a reduction of cost of revenue which represents the reversal of a contingency recorded during the prior year for loss contracts, partially offset by costs incurred related to one of the cancelled contracts. During the year ended December 31, 2021, in conjunction with the isolated refunds described below, the Company signed amendments with those customers considered in the contingency, such that the services will no longer be free of charge.

While the Company’s standard contracts do not contain refund or recourse provisions that enable its customers to recover any non-refundable fees that have been paid, the Company may issue full or partial refunds to customers on a case-by-case basis as necessary to preserve and foster future business relationships and customer goodwill. As a result of the Company’s inability to complete any launches in 2021 (refer to Note 4 for additional information), the Company issued customer refunds of $1.4 million during the year ended December 31, 2021.

Fair Value Measurement

The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:

•Level 1, observable inputs such as quoted prices in active markets;

•Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly, and

•Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions.

The fair values of cash and cash equivalents, accounts payable, and certain prepaid and other current assets and accrued expenses approximate carrying values due to the short-term maturities of these instruments which fall with Level 1 of the fair value hierarchy. The carrying value of certain other non-current assets and liabilities approximates fair value. The Company had no Level 2 inputs on December 31, 2021 and December 31, 2020.

The Company’s SAFE note liabilities, prior to conversion, were marked-to-market liabilities pursuant to ASC 480 and are classified within Level 3 of the fair value hierarchy as the Company is using a backsolve method within the Black Scholes Option Pricing model, which allowed the Company to solve for the implied value of the business based on the terms of the SAFE investments. Significant unobservable inputs included volatility and expected term. Volatility is based upon on the actual historical volatility of a group of comparable publicly traded companies observed over a historical period equal to the expected remaining life of the SAFE investments. The expected term was based on the anticipated time until the SAFE investments would have a conversion event. Upon conversion, the SAFE notes were valued based on the closing price of Company’s common stock on the Closing Date.

The Company’s warrants are recorded as a derivative liability pursuant to ASC 815 and are classified within Level 3 of the fair value hierarchy as the Company is using the Black Scholes Option Pricing model. Significant unobservable inputs include stock price, volatility and expected term. Expected stock price volatility is based on the actual historical volatility of a group of comparable publicly traded companies observed over a historical period equal to the expected remaining life of the Warrants. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the Warrants. The expected term was based on the maturity of the warrant, which is five years. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the Private Placement Warrants. Upon conversion of the Legacy Momentus private warrants immediately prior to the business combination, the key valuation input was the closing price of Company’s common stock on the Closing Date, as the expected term and volatility were immaterial to the pricing model.

The Company’s performance awards under the equity incentive plans are recorded as contingent liabilities pursuant to ASC 480, measured at fair value. The performance awards are classified within Level 3 of the hierarchy as the fair value is dependent on management assumptions about the likelihood of non-market outcomes (see Note 11). There were no transfers between levels of input during the years ended December 31, 2021 and 2020.

The additions, equity conversions, and change in fair values of liabilities subject to recurring remeasurement were as follows:


(in thousands)	Level	Fair value as of December 31, 2020		Issuances		Assumed through Business Combination		Change in fair value		Converted to equity		Fair value as of December 31, 2021
SAFE notes	3	$	314,440	$	30,853	$	—	$	(209,291)	$	(136,001)	$	—
Warrant liability	3	3,206		15,647		31,225		(37,330)		(6,999)		5,749
Liability-classified performance awards	3	—		70		—		—		—		70
Total		$	317,646	$	46,570	$	31,225	$	(246,621)	$	(143,000)	$	5,819

Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of December 31, 2021 were as follows:


Warrant term (years)	4.61
Volatility	45.00	%
Risk-free rate	1.20	%
Dividend yield	0.00	%

Warrant Liability

The Company’s private warrants and stock purchase warrants (discussed in Note 11) are recorded as derivative liabilities pursuant to ASC 815 and are classified within Level 3 of the fair value hierarchy as the Company is using the Black Scholes Option Pricing model to calculate fair value. Significant unobservable inputs, prior to the Company’s stock being publicly listed, included stock price, volatility and expected term. At the end of each reporting period, changes in fair value during the period are recognized as a components of other income (expense), net within the consolidated statements of operations. The Company will continue to adjust the warrant liabilities for changes in fair value until the earlier of a) the exercise or expiration of the warrants or b) the redemption of the warrants, at which time the warrants will be reclassified to additional paid-in capital.

The warrants issued by Momentus Inc. prior to the Business Combination were exercised in connection with the Business Combination and as a result, the Company performed a fair value measurement of those warrants on the Closing Date and recorded the change in the instruments’ fair values prior to converting them to equity. The warrants assumed by the Company as a result of the Business Combination remain outstanding.

SAFE Notes

The Company issued Simple Agreement for Future Equity (“SAFE”) notes to investors during the three months ended March 31, 2021 and the years ended December 31, 2020 and 2019, which were converted to shares of common stock in connection with the Business Combination. Prior to conversion, the Company determined that the SAFE notes were not a legal form of debt (i.e., no creditors’ rights). The SAFE notes included a provision allowing for the investors to receive a portion of the proceeds upon a change of control equal to the greater of their investment amount or the amount payable based upon a number of shares of common stock equal to the investment amount divided by the liquidity price, the occurrence of which is outside the control of the Company. This provision required that the SAFE notes be classified as marked-to-market liabilities pursuant to ASC 480. See Note 9 for more information.

Basic and Diluted Income (Loss) Per Share

Net income (loss) per share is provided in accordance with FASB ASC 260-10, “Earnings per Share”. Basic net income (loss) per share is computed by dividing losses by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Diluted loss per share excludes all potential common shares and SAFE notes if their effect is anti-dilutive. The table below details the excluded potential common shares where their effect is anti-dilutive for the years ended December 31, 2021 and 2020.


	Year Ended December 31,
	2021	2020
Options outstanding under Legacy Plans	—	7,243,909
Options outstanding outside of stock incentive plans	—	134,586
RSUs outstanding under the 2021 Plan	3,029,991	—
Common stock warrants	19,897,500	499,534
SAFE notes outstanding (shares not reserved)	—	13,909,900
Total	22,927,491	21,787,929

Impairment of Long-lived Assets

The Company evaluates the carrying value of long lived assets on an annual basis, or more frequently whenever circumstances indicate a long lived asset may be impaired. When indicators of impairment exist, the Company estimates future undiscounted cash flows attributable to such assets. In the event cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair value. During the years ended December 31, 2021 and 2020 there were immaterial impairments of long-lived assets. See Note 5 and Note 6.

Stock-based Compensation

The Company has a stock incentive plan under which equity awards are granted to employees, directors, and consultants. All stock-based payments are recognized in the consolidated financial statements based on their respective grant date fair values.

Restricted stock unit fair value is based on our closing stock price on the day of the grant. Stock option fair value is determined using the Black Scholes Merton option pricing model. The model requires management to make a number of assumptions, including expected volatility of the Company’s stock, expected life of the option, risk-free interest rate, and expected dividends. Employee Stock Purchase Plan (“ESPP”) compensation fair value is also determined using the Black Scholes Merton option pricing model, using a six month expected term to conform with the six month ESPP offering period.

The fair value of equity awards are expensed over the related service period which is typically the vesting period, and expense is only recognized for awards that are expected to vest. The Company accounts for forfeitures as they occur.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs include activities to develop existing and future technologies for the Company’s vehicles. Research and development activities include basic research, applied research, design, development, and related test program activities. Costs incurred for developing our vehicles primarily include equipment, material, and labor hours (both internal and subcontractors).

Once the Company has achieved technological feasibility, the Company will capitalize the costs to construct any additional components of the vehicle systems.

Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities related to an executory contractual arrangement are deferred and capitalized. These advance payments are recognized as an expense as the related goods are delivered or services performed. When the related goods are no longer expected to be delivered or services rendered, the capitalized advance payment should be charged to expense.

Leases

The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through February 2028. The Company determines if an arrangement contains a lease at inception based on whether there is an identified property, plant or equipment and whether the Company controls the use of the identified asset throughout the period of use.

The Company adopted the Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) on January 1, 2020. The Company elected the package of practical expedients for transition under which the Company did not reassess its prior conclusions about lease identification, lease classification and initial direct costs. Additionally, the Company elected the hindsight practical expedient for transition under which conclusions around lease term and impairment will not be reassessed.

Operating leases are included in the accompanying consolidated balance sheets. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease and are included in current and non-current liabilities. Operating lease ROU assets and lease liabilities are recognized at the lease inception date based on the present value of lease payments over the lease term discounted based on the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate (which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease). Because the Company’s operating leases generally do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term.

The Company’s operating lease ROU assets are measured based on the corresponding operating lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options at commencement. The Company elected the practical expedient which allows the Company to not allocate consideration between lease and non-lease components. Variable lease payments are recognized in the period in which the obligation for those payments are incurred. In addition, the Company elected the practical expedient such that it does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less of all asset classes. Operating lease expense is recognized on a straight-line basis over the lease term.

Income Taxes

The Company accounts for income taxes in accordance with authoritative guidance, which requires the use of the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, management considers all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies.

In the event that management changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

The Company is required to evaluate the tax positions taken in the course of preparing its tax returns to determine whether tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the “more likely than not” threshold would be recorded as a tax expense in the current year. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount that is initially recognized.

Concentrations of Risk

Financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents in banks that management believes are creditworthy, however deposits may exceed federally insured limits.

Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. In consideration of Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” we are not organized around specific services or geographic regions. We currently operate in one service line providing in-space transportation services.

Our chief operating decision maker uses condensed financial information to evaluate our performance, which is the same basis on which our results and performance are communicated to our Board of Directors. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operated as one operating and reportable segment.

Recently Issued Accounting Standards

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40), which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity classified written call options (for example, warrants) that remain equity classified after modification or exchange. The provisions of ASU 2021-04 are effective for annual reporting periods beginning after December 15, 2021, and interim reporting periods within those annual periods, with early adoption permitted. The ASU is applied prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The Company is evaluating this new standard, but does not expect it to have a material impact on the Company's consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that was within the scope of those models before the adoption of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company is evaluating this new standard, but does not expect it to have a material impact on the Company's consolidated financial statements or disclosures.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU was subsequently amended by ASU No. 2018-19, ASU No. 2019-05 and ASU No. 2019-10. The guidance amended reporting requirements for credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. ASU No. 2016-13, as subsequently amended for various technical issues, is effective for public, smaller reporting companies’ fiscal years beginning after December 15, 2022, and for interim periods within those fiscal years. If the Company were to lose Smaller Reporting Company (“SRC”) status in 2022, the standard would be effective for the fiscal year beginning after December 15, 2021. The Company is evaluating this new standard, but does not expect it to have a material impact on the Company's consolidated financial statements or disclosures.

Although there are several other new accounting pronouncements issued or proposed by the FASB, which have been adopted or will be adopted as applicable, management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or results of operations.

Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the accounting for income taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in income taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about lease arrangements. The Company adopted the standard as of January 1, 2020, using the modified retrospective approach. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification related to agreements entered prior to adoption.

The adoption of the new standard resulted in recognition of operating lease ROU assets and operating lease liabilities of $0.55 million and $0.56 million, respectively, as of January 1, 2020. There was no material cumulative impact of transition to accumulated deficit as of the adoption date. The standard did not materially impact the accompanying statements of operations and had no impact on the accompanying statements of cash flows.

Reverse Recapitalization	12 Months Ended
Reverse Recapitalization	Dec. 31, 2021
Reverse Recapitalization [Abstract]
Reverse Recapitalization	Reverse Recapitalization As discussed in Note 1, "Nature of Operations", on the Closing Date, SRAC completed the acquisition of Momentus Inc. and acquired 100% of Momentus Inc.’s shares and Momentus Inc. received gross proceeds of $238.4 million, which included $110.0 million in proceeds from the PIPE Investment, and $128.4 million in proceeds from issuance of common stock upon the closing of the Business Combination, comprised of $172.5 million of public investment in SRAC reduced by redemptions of $35.6 million and shareholder deficit of $8.5 million. The Business Combination was accounted for as a reverse recapitalization under ASC 805, with Momentus Inc. as the accounting acquirer and SRAC as the acquired company for accounting purposes. Momentus Inc. was determined to be the accounting acquirer as Momentus Inc.'s stockholders prior to the closing of the Business Combination had the greatest voting interest in the combined entity, Momentus Inc. comprises all of the ongoing operations, and Momentus Inc.'s senior management directs operations of the combined entity. Accordingly, all historical financial information presented in these consolidated financial statements represents the accounts of Momentus Inc. and its wholly owned subsidiary. Net assets were stated at historical cost consistent with the treatment of the transaction as a reverse recapitalization of Momentus Inc. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. Costs of $27.8 million allocated to the issuance of equity were recorded as a reduction in additional paid in capital, while costs of $4.8 million allocated to the liability classified warrants were charged to expense. On the Closing Date, each holder of Momentus Inc. preferred and common stock received approximately 0.2467416 shares of the Company’s Class A common stock, par value $0.00001 per share. See Note 11 for additional details of the Company's stockholders' equity (deficit) prior to and subsequent to the Business Combination. All equity awards of Momentus Inc. were assumed by the Company and converted into comparable equity awards that are settled or exercisable for shares of the Company’s Class A common stock. As a result, each outstanding stock option was converted into an option to purchase shares of the Company’s Class A common stock based on an exchange ratio of 0.2467416, and each outstanding restricted stock award was converted into restricted stock awards of the Company that, upon vesting, may be settled for shares of the Company’s Class A common stock based on an exchange ratio of 0.2467416. Outstanding private warrants of Momentus Inc. common stock were also converted into warrants to purchase shares of the Company’s Class A common stock based on an exchange ratio of 0.2467416. Each public and private warrant of SRAC that was unexercised at the time of the Business Combination was assumed by the Company and represents the right to purchase one share of the Company’s Class A common stock upon exercise of such warrant. See Note 11 for more information. Lock-up Agreements In conjunction with the Closing, certain insider stockholders executed lock-up agreements, pursuant to which such stockholders agree not to transfer any shares of Class A common stock for a period of 6 months after the Closing or, if earlier, the first date the closing price of the Class A common stock equals or exceeds $12.00 per share for any 20 trading days within any 30-trading day period following the Closing. PIPE Investment On October 7, 2020 and July 15, 2021, SRAC entered into subscription agreements with certain investors (the “PIPE Investors”) to which such investors collectively subscribed for an aggregate of 11,000,000 shares of the Company’s Class A common stock at $10.00 per share for aggregate gross proceeds of $110.0 million (the “PIPE Investment”). The PIPE Investors were also granted an equal number of private warrants to purchase the Company’s Class A common stock at $11.50 per share. The warrants were recorded as a derivative liability under ASC 815, Derivatives and Hedging, and the warrant liability was initially valued at $30.5 million. See Note 11 for more information. The PIPE Investment was consummated concurrently with the closing of the Business Combination.

Prepaids and Other Current Assets

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Prepaid research and development	$	4,870	$	1,452
Prepaid launch costs, current	—		2,260
Prepaid insurance and other assets	4,562		796
Total	$	9,431	$	4,508

As of December 31, 2021 and December 31, 2020, the non-current portion of prepaid launch costs recorded in other non-current assets was $3.0 million and $2.4 million, respectively.

FAA application

On May 10, 2021, the Company received a letter from the U.S. Federal Aviation Administration (“FAA”) denying the Company’s application for a payload review for the then-planned June 2021 launch. According to the letter, during an interagency consultation, the FAA was informed that the launch of the Company’s payload posed national security concerns associated with the Company’s then-current corporate structure. The letter further stated that the FAA understood that the Company was undergoing a process that might resolve the national security concerns, and that the FAA could reconsider a payload application when that process was completed.

As a result of the FAA application denial, on May 21, 2021, the Company received notification from one of its launch service providers that it was terminating two launch service agreements for flights scheduled during calendar year 2021 and that they considered the Company to be in default of prior payments totaling $8.7 million. The Company believed the prepayments were non-recoverable as this was the third time the payload was rescheduled. As a result of the notification from one of its launch service providers, the Company recorded an impairment charge of $8.7 million of prepaid launch costs during the year ended December 31, 2021, in addition to an unrelated impairment of $0.8 million. During the year ended December 31, 2020, the Company had a similar impairment of

$1.5 million of prepaid launch costs related to an abandoned launch, prior to the official FAA application denial in 2021. $0.2 million of the 2020 impairment was allocated to cost of revenue.

On October 12, 2021, the Company began discussions with the same launch service provider about reestablishing a future launch schedule. As a result of the discussion, the Company signed a Launch Services Agreement on October 19, 2021 that reserves space on an upcoming launch, which is targeted for June 2022. While securing space on the manifest is an important step, our plan to launch in June 2022 remains subject to the receipt of licenses and other government approvals, and successful completion of our current efforts to get the system ready for flight. The Company determined that $2.7 million of the impaired deposits were potentially recoverable in connection with the reestablished schedule. The Company did not record any adjustments as a result of the discussions.

Property, Machinery and Equipment, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Machinery and Equipment, net

Property, machinery and equipment, net consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Computer equipment	$	178	$	178
Furniture and fixtures	206		206
Leasehold improvements	2,693		665
Machinery and equipment	3,332		1,936
Construction in-progress	247		118
Property, machinery and equipment, gross	6,656		3,103
Less: accumulated depreciation	(1,827)		(782)
Property, machinery and equipment, net	$	4,829	$	2,321

Depreciation expense related to property, machinery and equipment was $1.0 million and $0.6 million for the years ended December 31, 2021 and 2020, respectively.

During the year ended December 31, 2020, there was a disposal of $0.5 million related to the abandonment of malfunctioning machinery. There were no disposals of fixed assets during the year ended December 31, 2021.

Intangible Assets, net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

The Company’s intangible assets consist primarily of costs related to filing patents, as well as immaterial costs associated with cloud computing implementations. As part of the terms of the Term Loan, the Company’s intellectual property is subject to a lien held by the lender while the loan is outstanding. See Note 10.

Intangible assets, net consisted of the following as of December 31, 2021:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Intellectual property & cloud computing implementation costs	$	447	$	(98)	$	349	7.03

Intangible assets, net consisted of the following as of December 31, 2020:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Intellectual Property	$	357	$	(52)	$	305	7.62

Amortization expense related to intangible assets was $0.05 million and $0.03 million for the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021, the future estimated amortization expense related to intangible assets is as follows:


(in thousands)
Year ending December 31,	Amount
2022	$	57
2023	57
2024	50
2025	43
2026	43
Thereafter	99
Total	$	349

During the year ended December 31, 2021 there was $0.02 million of impairments of intangible assets related to the expiration of certain patent applications which were not pursued further. There were no impairments of intangible assets during the year ended December 31, 2020.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The Company leases office space under non-cancellable operating leases with terms expiring from April 2022 through February 2028. The leases require monthly lease payments that are subject to annual increase throughout the lease term.

In January 2021, the Company commenced a lease at a new location in San Jose, California. The lease expires in February 2028. The Company is obligated to pay approximately $11 million over the term of the lease. Prior to December 31, 2021, the Company modified two minor leases to extend access until April 2022 to aid the full transition to the San Jose facility.

The Company adopted ASC 842 as of January 1, 2020, using the modified retrospective approach. Rent expense was $1.7 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively.

The Company performed evaluations of its contracts and determined that each of its identified leases are classified as operating leases. The components of operating lease expense were as follows:


(in thousands)	Year Ended December 31,
		2021		2020
Operating lease cost		$	1,742	$	272
Variable lease expense		590		24
Short-term lease expense		19		9
Total lease expense		$	2,351	$	305

Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance.

The lease right-of-use assets and lease liabilities recognized in the consolidated balance sheets are as follows:


(in thousands)	As of December 31, 2021		As of December 31, 2020
Right-of-use assets in other non-current assets	$	7,604	$	316

Other current liabilities	$	1,189	$	254
Other non-current liabilities	7,284		72
Total lease liability	$	8,473	$	326

As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
2022	$	1,634
2023	1,533
2024	1,580
2025	1,627
2026	1,674
Thereafter	2,026
Total lease payments	10,074
Less: Imputed interest	(1,601)
Present value of lease liabilities	$	8,473

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Legal and other professional services	$	4,121	$	268
Compensation expense	3,862		1,371
Research and development projects	1,240		517
Offering costs	—		506
Payroll tax expense	163		328
Other current expense	399		74
Total	$	9,785	$	3,064

SAFE Notes	12 Months Ended
SAFE Notes	Dec. 31, 2021
Equity [Abstract]
SAFE Notes	SAFE Notes The Company issued Simple Agreement for Future Equity (“SAFE”) notes to investors. During the year ended December 31, 2021, the Company issued SAFE notes to investors in exchange for aggregate proceeds of $30.9 million. On August 12, 2021, as a result of the Business Combination, all of the Company’s outstanding SAFE notes, representing principal of $78.0 million and a fair value of $136.0 million on the conversion date, converted into 12,403,469 shares of Class A common stock of the combined company.Prior to conversion, the Company determined that the SAFE notes were not a legal form of debt (i.e., no creditors’ rights). The SAFE notes included a provision allowing for cash redemption upon the occurrence of a change of control, the occurrence of which was outside the control of the Company. The provision required the SAFE notes be classified as marked-to-market liabilities pursuant to ASC 480. As of December 31, 2021 and December 31, 2020, the estimated fair value of the SAFE notes classified as liabilities was zero and $314.4 million, respectively. The income (loss) reported from the decrease (increase) in the estimated fair value of the SAFE notes, including those issued during the period, was $209.3 million and $(267.3) million for the years ended December 31, 2021 and 2020, respectively . These amounts are included in other income (expense).

Loan Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Loan Payable

Term Loan

On February 22, 2021, the Company entered into a Term Loan and Security Agreement (the “Term Loan”) which provided the Company with up to $40.0 million in borrowing capacity at an annual interest rate of 12%. $25.0 million of the Term Loan was immediately available for borrowing by the Company at the inception of the agreement, the Company borrowed this amount on March 1, 2021. The remaining $15.0 million of borrowing capacity is no longer available as the Company did not achieve certain milestones needed by the June 30, 2021 deadline. Under the terms of the loan, if certain operating cash ratios are not met, the lender is granted a lien on the

Company’s intellectual property while the loan is outstanding. Prior to the Business Combination, the lien was granted and remains in place. The repayment terms of the Term Loan provide for interest-only payments beginning March 1, 2021 through February 28, 2022. The principal amount is due and payable on March 1, 2022, however, as a subsequent event, on January 29, 2022, the Company exercised its option to pay back the Term Loan over 24 months. See Note 15.

In conjunction with the Term Loan, warrants to purchase preferred stock up to 1% of the fully diluted capitalization (including allowance for conversion of all outstanding convertible notes, SAFE notes and such warrants) of the Company were granted to the lender exercisable at the lender’s option. 80% of the 1% of the warrants were earned by the lender upon execution of the agreement. The additional 20% of the warrants was forfeited as of June 30, 2021. The warrant’s original estimated fair value of $15.6 million was recorded as a derivative liability under ASC 815, Derivatives and Hedging, with the offset recorded as a debt discount. On August 12, 2021 the lender exercised the warrant. See Note 11 for discussion on the valuation and conversion of the warrants as of December 31, 2021.

Additionally, the Company incurred debt issuance costs of $0.1 million, which were recorded as a direct deduction from the carrying amount of the Term Loan. The original issuance discount, warrant discount and debt issuance costs are amortized as interest expense using the effective interest rate method through the term of the loan. Interest expense amortization was $11.7 million for the year ended December 31, 2021.

The Company allocated the proceeds from the Term Loan agreement to the note and warrants comprising the financing agreement based on the relative fair value of the individual securities on the February 22, 2021 closing date of the agreements. The discount attributable to the note, an aggregate of $15.8 million, primarily related to the value of the warrant liability with immaterial issuance costs, is amortized using the effective interest method over the one-year term of the note, maturing on March 1, 2022. Because the discount on the note exceeds 63% of its initial face value, and because the discount is amortized over the period from issuance to maturity of one year, the calculated effective interest rate is 126%. However, due to the subsequent event described above, the remaining value of the debt discounts and issuance costs as of December 31, 2021, will be amortized over the new extended term of the loan, impacting the effective interest rate in future periods. See Note 15.

Equipment Loan

In March 2020, the Company entered into an equipment financing agreement to fund the acquisition of specific and eligible equipment (the “Equipment Loan”). The Equipment Loan provided the Company access to borrow up to $4.5 million. Repayment of any amounts issued under the Equipment Loan occurs over 30 months. Interest under the Equipment Loan was fixed at 9.75% . The Company was also obligated to pay a final amount equivalent to 5% of the loan, and the final amount was expensed as interest expense over the term of the Equipment Loan using the effective interest rate. The borrowings were collateralized by all of the equipment financed by the lender. On March 9, 2020, the Company borrowed $1.5 million under the Equipment Loan. The borrowings included an original issuance discount of $0.05 million. Pursuant to the terms of the Equipment Loan, the first six months of payments were interest only and monthly payments, including principal and interest of $0.06 million, began September 1, 2020 and were scheduled to end September 1, 2023.

In conjunction with the Equipment Loan, a stock purchase warrant was also issued to the lender, which allows for the purchase of Series A Preferred Stock or Preferred Stock in a subsequent round of financing in an amount of $0.2 million. Under the stock purchase warrant agreement, the lender is also provided the right to invest up to an additional $0.3 million in the Company’s equity or convertible debt issued in future offerings. The lender exercised this right with the SAFE notes issued in February 2021. The lender exercised the stock purchase warrant on August 12, 2021. The warrant’s original estimated fair value of $0.03 million was recorded as a derivative liability under ASC 815, Derivatives and Hedging, with the offset recorded as a debt discount. See Note 11 for discussion on the valuation and conversion of the warrants as of December 31, 2021.

Additionally, the Company incurred debt issuance costs related to the Equipment Loan of $0.04 million, which were recorded as a direct deduction from the carrying amount of the Equipment Loan. The original issuance discount, warrant discount and debt issuance costs were being amortized as interest expense using the effective interest rate method through the term of the loan. Interest expense amortization was $0.12 million for the year ended December 31, 2020. In December 2020, all of the outstanding principal and accrued interest of $1.5 million under

the Equipment Loan was paid off and the Equipment Loan facility was terminated. The unamortized original issuance discount, warrant discount and debt issuance cost of $0.07 million was fully expensed in December 2020.

Promissory Notes

On June 29, 2021, the Company and SRAC amended the Merger Agreement which, among other things, provided for the issuance by the Company of two second lien notes (“Promissory Notes”). The notes, in the amount of $1,500,000 each, were held by the Company’s outside counsel and SRAC, and were for certain legal fees and expenses incurred by SRAC and the Company in relation to the Merger Agreement. As a result of the Business Combination, the amount due to SRAC became an intercompany transaction which was eliminated from the combined entity’s consolidated balance sheets. During the year ended December 31, 2021, the Company signed an agreement with its outside counsel and made a payment which settled the Promissory Note as well as all outstanding payables. The agreement resulted in a reduction of $2.6 million in the amount due for expenses incurred during the year, which was recorded as a reduction to legal expenses.

PPP Loan

In May 2020, the Company received a Paycheck Protection Program loan (“PPP Loan”) in the amount of $1.0 million. The loan was issued under the Coronavirus Aid, Relief, and Econo24mic Security Act (“CARES Act”). In September 2020, the Company repaid the PPP Loan in full.

The Company’s total loan payable consists of the following at December 31, 2021:


(in thousands)	December 31, 2021
Gross Term Loan	$	25,000
Less: Unamortized debt discount and issuance costs	(4,093)
Net notes payable, (all current)	$	20,907

There are no principal payments due on the Term loan until March 1, 2022 when the entire loan is due and payable. However, as a subsequent event, on January 29, 2022, the Company exercised its option to pay back the Term Loan over 24 months. See Note 15.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholders’ Equity (Deficit) and Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders’ Equity (Deficit) and Stock-based Compensation

Common Stock and Preferred Stock

On August 13, 2021, The Company’s common stock began trading on the Nasdaq under the symbol “MNTS”. Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized and has available a total of 270,000,000 shares of stock, consisting of (i) 250,000,000 shares of Class A common stock, par value $0.00001 per share (“Class A common stock”), and (ii) 20,000,000 shares of preferred stock, par value $0.00001 per share (“Preferred Stock”). As of December 31, 2021, the Company had 81,211,781 shares of Class A common stock issued and outstanding. There were no shares of Preferred Stock outstanding as of December 31, 2021.

At the Closing, the Company had 79,772,262 shares of common stock outstanding and no shares of Preferred Stock outstanding. The following summarizes the Company’s common stock outstanding immediately after the Business Combination:


	Shares	%
Momentus Space, LLC unit holders	50,419,505	63.20	%
Public stockholders	13,695,257	17.17	%
SRAC and its affiliates	4,657,500	5.84	%
PIPE investors	11,000,000	13.79	%
Total	79,772,262	100	%

Co-Founder Divestment and Share Repurchase

In accordance with the NSA and pursuant to certain Repurchase Agreements entered into with the Company, effective as of June 8, 2021, each of Mr. Kokorich, Nortrone Finance S.A. and Brainyspace LLC (collectively “Co-Founders”) sold, back to the Company, 100% of their respective equity interests in the Company. The Company paid the Co-Founders $40.0 million for the equity interest purchased. Pursuant to the NSA, a portion of those divestment proceeds were placed in escrow accounts, and may not be released to the divested investors until after completion of audit by a third party auditor of the investors compliance with the NSA and the lapse of a 15 day period without an objection from the CFIUS Monitoring Agencies. As a subsequent event, the remaining proceeds were released from escrow to the divested investors, see Note 15. The Company recorded the consideration paid as a reduction of common stock and additional paid in capital.

Stock Purchase Warrants

In February 2021, the Company entered into a term loan (the “Term Loan”) to provide the Company up to $40.0 million of borrowing capacity, of which $25.0 million was borrowed. In conjunction with the Term Loan, warrants up to 1% of the fully diluted capitalization (including allowance for conversion of all outstanding convertible notes, SAFE notes and such warrants) of the Company were granted to the lender exercisable at the lender’s option. 80% of the 1% of the warrants were earned by the lender upon execution of the agreement. The remaining 20% of the warrants were forfeited on June 30, 2021. The warrant’s original estimated fair value of $15.6 million was recorded as a derivative liability under ASC 815, Derivatives and Hedging, with the offset recorded as a debt discount. The Company recorded the decrease in the estimated fair value of the warrant of $(10.7) million for the year ended December 31, 2021, within other income (expense) in the accompanying consolidated income statements. The warrants were exercised by the lender immediately prior to the Business Combination. The loan remains outstanding as of December 31, 2021.

In March 2020, the Company entered into the Equipment Loan to fund the acquisition of specific and eligible equipment. The financing agreement provided the Company up to $4.5 million of borrowing capacity, of which $1.5 million was borrowed (see Note 10). In conjunction with the equipment financing agreement, the Company issued stock purchase warrants to the lender, which allowed for the purchase of 191,108 shares of common stock in a subsequent round of financing. These warrants were also accounted for as a derivative liability and the decrease in the estimated fair value of the warrant of $(1.1) million for the year ended December 31, 2021 was recorded within other income (expense) in the accompanying consolidated income statements. The warrants were exercised by the lender immediately prior to the Business Combination.

Public and Private Warrants

As of December 31, 2021, the Company had public and private warrants outstanding to purchase 8,625,000 and 11,272,500 of Class A common stock, respectively, related to the Business Combination. The warrants entitle the registered holder to purchase stock at a price of $11.50 per share, subject to adjustment, at any time commencing on August 12, 2021. The public and private warrants expire on the fifth anniversary of the Business Combination, or earlier upon redemption or liquidation. Additionally, the Company has private warrants outstanding to purchase 308,569 shares of Class A common stock, with an exercise price of $0.20 per share, unrelated to the Business Combination.

The private warrants assumed in connection with the Business Combination were accounted for as a derivative liability and the change in estimated fair value of the warrants of $(25.5) million for the year ended December 31, 2021 was recorded within other income (expense) in the accompanying consolidated income statements. The public warrants and the legacy outstanding private warrants were recorded as equity in the accompany consolidated balance sheets.

Stock Incentive Plans

Legacy Stock Plans

In May 2018, the Board of Directors of Momentus Inc. approved the 2018 Stock Plan (the “Initial Plan”) that allowed for granting of incentive and non-qualified stock options and restricted stock awards (“RSAs”) to employees, directors, and consultants. The Initial Plan was terminated in November 2018. Awards outstanding under the Initial Plan continue to be governed by the terms of the Initial Plan.

In February and March 2020, the Board approved an amendment and restatement to the New 2018 Stock Plan (the “Amended and Restated 2018 Stock Plan”). No additional grants have been made since 2020 and no new grants will be made from the Amended and Restated 2018 Stock Plan, however, the options issued and outstanding under the plan continue to be governed by the terms of the Amended and Restated 2018 Stock Plan. As of December 31, 2021, the legacy plans had 5,254,222 shares available for grant. Forfeitures from the legacy plans become available under the 2021 Equity Incentive Plan, described below.

2021 Equity Incentive Plan

In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), under which 5,982,922 shares of common stock were initially reserved for issuance. The 2021 Plan allows for the issuance of incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), and performance awards. The Board of Directors determines the period over which grants become exercisable and grants generally vest over a four-year period. The 2021 Plan became effective immediately following the Closing. The 2021 Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to the lessor of (i) three percent (3.0%) of the outstanding shares on the last day of the immediately preceding fiscal year and (ii) such number of Shares determined by the Board. As of December 31, 2021 only RSU grants have been made under the 2021 Plan and there were 2,878,514 shares remaining available for grant. Grant activity under the 2021 Plan is described below.

2021 Employee Stock Purchase Plan

In connection with the Closing, the Company adopted the Employee Stock Purchase Plan (the “2021 ESPP Plan”), under which 1,595,445 shares of common stock were initially reserved for issuance. The Plan provides a means by which eligible employees of the Company may be given an opportunity to purchase shares of common stock at a discount as permitted under the Internal Revenue Code. The 2021 ESPP Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to the lessor of (i) half a percent (0.5%) of the outstanding shares on the last day of the calendar month prior to the date of such automatic increase (ii) 1,595,445 shares. The 2021 ESPP Plan became effective immediately following the Closing. As of December 31, 2021, no shares have been issued under the 2021 Plan. The Company has an outstanding liability pertaining to the ESPP of $0.1 million as of December 31, 2021, included in accrued expenses, for employee contributions to the 2021 ESPP Plan, pending issuance at the end of the offering period.

Options and Restricted Stock Award Activity

The following table sets forth the summary of options and RSA activity, under the Legacy Stock Plans, for the year ended December 31, 2021. RSAs were an immaterial portion of activity for the period:


(in thousands, except share-based data)	Total Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	7,422,995	$	0.20	8.49	$	130,564


Vested exercised	(1,535,804)				$	17,487
Forfeitures	(1,830,842)
Outstanding as of December 31, 2021	4,056,349	$	0.27	7.34	$	15,825
Exercisable as of December 31, 2021	2,649,701	$	0.26	7.20	$	10,379
Vested and expected to vest as of December 31, 2021	4,056,349	$	0.27	7.34	$	15,825

The intrinsic value of options exercisable as of December 31, 2021 and 2020 was $10.4 million and $55.6 million, respectively. As of December 31, 2021, there was a total of $0.8 million in unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted-average period of 1.77 years.

The assumptions used under the Black-Scholes-Merton option-pricing model and weighted average fair value of options on the grant date are as follows:


	Year Ended December 31,
	2021	2020
Expected term (in years)	N/A	5.03 – 6.23
Risk-free interest rate	N/A	0.27% – 1.36%
Expected volatility	N/A	34.00% – 51.78%
Dividend yield	N/A	0.00%
Fair value on grant date	N/A	$0.32 – $4.70

Restricted Stock Unit Activity

The following table sets forth the summary of RSU activity, under the 2021 Plan, for the year ended December 31, 2021:


	Shares	Weighted Average Grant Date Fair Value (i.e. share price)
Outstanding as of December 31, 2020	—
Granted	3,260,729	$	10.87
Vested	(433,188)	$	10.91
Forfeited	(28,288)	$	10.91
Outstanding as of December 31, 2021	2,799,253	$	10.87

As of December 31, 2021 there was a total of $28.1 million in unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 3.14 years. Outstanding unvested and expected to vest RSUs had an intrinsic value of $11.7 million and a weighted average contractual term of 3.14 years as of December 31, 2021.

Stock-based Compensation

The following table sets forth the stock-based compensation under the Legacy and 2021 Plans by expense type:


	Year Ended December 31,
(in thousands)		2021		2020
Research and development expenses		$	2,341	$	187
Selling, general and administrative expenses		16,111		2,584
Total		$	18,452	$	2,771

The following table sets forth the stock-based compensation under the Legacy and 2021 Plans by award type:


	Year Ended December 31,
(in thousands)		2021		2020
Legacy Options & RSAs		$	11,271	$	2,771
RSUs		7,091		—
ESPP		20		—
Performance Awards		70		—
Total		$	18,452	$	2,771

Performance Awards

Performance awards under the 2021 Plan are accounted for as liability-classified awards, as the obligations are typically a fixed monetary amount which is settled on a future date in a variable number of shares of the Company’s common stock. The variable number of potentially settled shares is not limited. Performance awards are measured at their fair value based on management’s estimates of potential outcomes of the performance. Outstanding performance awards correspond to 16,746 shares if they were settled on December 31, 2021.

Stock Option Modifications

On August 31, 2021, in connection with the resignation of one of the Company’s former officers, the Company modified the former officer’s outstanding awards, which resulted in the vesting of options for 273,571 shares. The modified option awards have an exercise price of $0.28 per share, expected term of 6.25 years, a risk-free rate of 0.86%, expected volatility of 97% and no expected dividends. This Type III modification resulted in a remeasured fair value of $10.91 per share. The incremental compensation related to the accelerated options totaled $2.9 million.

On May 22, 2021, in connection with the resignation of one of the Company’s former directors, the Company modified the former director’s outstanding award, which resulted in the vesting of options for 205,618 shares. The modified option award has an exercise price of $0.28 per share, expected term of one year, a risk-free rate of 0.04%, expected volatility of 65% and no expected dividends. This Type III modification resulted in a remeasured fair value of $10.78 per share. The incremental compensation related to the accelerated options totaled $2.2 million.

On January 25, 2021, in connection with the resignation of the Company’s former Chief Executive Officer (“CEO”), Mikhail Kokorich, the Company modified his outstanding awards, which resulted in the vesting of options for 261,070 shares. The modified option awards have exercise prices ranging from $0.04 to $0.28 per share, an expected term of one year, a risk-free interest rate of 0.10%, an expected volatility of 78% and no expected dividends. This Type III modification resulted in a remeasured fair values ranging from $20.67 to $20.91 per share. The incremental compensation related to the accelerated options totaled $5.4 million.

401(k) Plan

The Company has a 401(k) plan that it offers to its full-time employees. The Company did not contribute to the plan for the years ended December 31, 2021 and 2020.

Income (Loss) Per Share

The following table sets forth the computation of diluted net income (loss) per share:


Diluted Net Income (Loss) Per Share	Year Ended December 31,
(in thousands, except share-based data)		2021		2020
Numerator:
Net income (loss)		$	120,654	$	(307,027)




Denominator:
Denominator for basic net income (loss) per share -weighted average shares outstanding		65,177,873		62,643,121

Dilutive options outstanding		5,438,952		—
Dilutive warrants outstanding		301,952		—

Denominator for diluted net income (loss) per share - adjusted weighted average shares outstanding		70,918,777		62,643,121

Net income (loss) per share - diluted		$	1.70	$	(4.90)

Basic earnings per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing undistributed earnings allocated to common stockholders for the period by the weighted average number of common shares outstanding during the period, plus the dilutive effect of outstanding preferred shares, dilutive options and unvested stock units, and warrants outstanding pursuant to the treasury stock method.

For the year ended December 31, 2020 the Company incurred a net loss and as a result excluded certain outstanding options, unvested stock units, and warrants that would have been anti-dilutive, totaling 21,787,929 shares. For the year ended December 31, 2021, the Company had net income but there were 22,927,491 shares attributable to anti-dilutive warrants and unvested stock units in the period, which were excluded

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Commitment and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Obligations

Momentus enters into purchase obligations in the normal course of business. These obligations include purchase orders and agreements to purchase goods or services that are enforceable, legally binding, and have significant terms and minimum purchases stipulated. As of December 31, 2021, the Company’s future unconditional purchase obligations are as follows:


(in thousands)
2022	$	10,216
2023	11,300
2024	—
2025	—
2026	—
Thereafter	—
Total	$	21,516

Legal Proceedings

Securities Class Actions

On July 15, 2021, a purported stockholder of SRAC filed a putative class action complaint against SRAC, SRC-NI Holdings, LLC ("Sponsor"), Brian Kabot (SRAC CEO), James Norris (SRAC CFO), Momentus, and the Company's co-founder and former CEO, Mikhail Kokorich, in the United States District Court for the Central District of

California, in a case captioned Jensen v. Stable Road Acquisition Corp., et al., No. 2:21-cv-05744 (the "Jensen class action"). The complaint alleges that the defendants omitted certain material information in their public statements and disclosures regarding the Proposed Transaction, in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock between October 7, 2020 and July 13, 2021.

On July 22, 2021 and August 4, 2021, purported stockholders of SRAC filed putative class action complaints against SRAC, SRC-NI Holdings, LLC, Brian Kabot, James Norris, Momentus, and Mikhail Kokorich in the United States District Court for the Central District of California, in cases captioned Hall v. Stable Road Acquisition Corp., et al., No. 2:21-cv-05943 (the "Hall class action") and Depoy v. Stable Road Acquisition Corp., et al., No. 2:21-cv-06287 (the "Depoy class action"). The allegations in the Hall and Depoy class actions are substantially the same as the allegations in the Jensen class action (collectively, referred to as the "securities class actions") and the purported class period is identical. On October 20, 2021, the securities class actions were consolidated in the first filed matter. Other, similar suits may follow.

On November 12, 2021, Lead Plaintiff Hartmut Haenisch filed an Amended Consolidated Class Action Complaint (the “Amended Complaint”) against SRAC, Sponsor, Brian Kabot, Juan Manuel Quiroga, James Norris, James Hofmockel, Momentus, Mikhail Kokorich, Dawn Harms, and Fred Kennedy. Ms. Harms and Mr. Kennedy, and others, were added as defendants in the Amended Complaint. The Amended Complaint alleges that the defendants made certain material misrepresentations, and omitted certain material information, in their public statements and disclosures regarding the Proposed Transaction, in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock between October 7, 2020 and July 13, 2021. On February 14, 2022, Momentus filed a motion to dismiss the Amended Complaint. Momentus disputes the allegations in the Amended Complaint and intends to vigorously defend the litigation.

These securities class actions and other such litigation matters may be time-consuming, divert management’s attention and resources, cause the Company to incur significant defense and settlement costs or liability, even if we believe the claims asserted against us are without merit. We intend to vigorously defend against all such claims. Because of the potential risks, expenses and uncertainties of litigation, as well as claims for indemnity from various of the parties concerned, we may from time to time, settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, further compounded by various claims for indemnity which may or may not be fully insured, we cannot assure that the results of these actions, either individually or in the aggregate, will not have a material adverse effect on our operating results and financial condition.

SEC Settlement and CFIUS Review

On January 24, 2021, the Company received a subpoena from the Division of Enforcement of the U.S. Securities and Exchange Commission ("Division of Enforcement") requesting documents regarding the Registration Statement on Form S-4 and Amendment No. 1 thereto 1 (the "Registration Statement") filed by SRAC in connection with the Business Combination. The Company entered into a settlement with the SEC on July 8, 2021. As a result of the settlement, in accordance with ASC 450, Contingencies, the Company paid a fine of $2.0 million and recorded a liability of $5.0 million in other current liabilities in the accompanying consolidated balance sheets, due one year from the settlement date in July 2022.

In February 2021, the Company and Mr. Kokorich, with support from SRAC, submitted a joint notice to the Committee on Foreign Investment in the United States ("CFIUS") for review of the historical acquisition of interests in the Company by Mr. Kokorich, his wife, and entities that they control in response to concerns of the U.S. Department of Defense regarding the Company’s foreign ownership and control. On June 8, 2021, U.S. Departments of Defense and the Treasury, on behalf of CFIUS, Mr. Kokorich, on behalf of himself and Nortrone Finance S.A. (an entity controlled by Mr. Kokorich), Lev Khasis and Olga Khasis, each in their respective individual capacities and on behalf of Brainyspace LLC (an entity controlled by Olga Khasis) entered into a National Security Agreement (the "NSA"). In accordance with the NSA, Mr. Kokorich, Nortrone Finance S.A., Lev Khasis and his wife Olga Khasis, and Brainyspace LLC fully divested all the Company’s securities beneficially owned by them by selling the securities back to the Company, with the Company payment in full for such securities on August 26, 2021. Pursuant to the NSA, a portion of those divestment proceeds were placed in escrow accounts, and may not be released to the divested investors until after completion of audit by a third party auditor of the investors compliance with the NSA and the lapse of a 15 day period without an objection from the CFIUS Monitoring Agencies. As a subsequent event, the remaining proceeds were released from escrow to the divested investors, see Note 15. The NSA establishes

various requirements and restrictions on the Company to protect national security, certain of which may materially and adversely affect the Company’s operating results due to the cost of compliance, limitations on the Company’s control over certain U.S. facilities, contracts, personnel, vendor selection and operations, and any potential penalties for noncompliance with such requirements and restrictions. The NSA provides for quarterly compliance auditing by an independent auditor. The NSA further provides for liquidated damages up to $1.0 million per breach of the NSA. If the CFIUS monitoring agencies, the U.S. Departments of Defense and Treasury, find noncompliance, the CFIUS monitoring agencies could impose penalties, including liquidated damages.

The Company had incurred legal expenses of approximately $7.5 million during the year ended December 31, 2021 and expects to continue to incur legal expenses related to these matters in the future.

Other Litigation and Related Matters

From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business on in connection with the matters discussed above. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies. Legal fees are expensed as incurred.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents the components of pre-tax income (loss) for the years ended:


(in thousands)	2021		2020
US	$	120,656	$	(307,026)

Total	$	120,656	$	(307,026)

The following are the components of the provision for income taxes for the years ended:


(in thousands)	2021		2020
Current:

State	$	2	$	1

Income tax provision	$	2	$	1

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended:


(in thousands)	2021			2020
Tax provision (benefit) at U.S. statutory rate	25,338	21.0	%	(64,475)	21.0	%
State income taxes, net of federal benefit	(8,446)	(7.0)	%	(3,152)	1.0	%
Non-deductible expenses	3,426	2.8	%	56,588	(18.4)	%
Change in value of equity instruments	(51,790)	(42.9)	%	—	—	%
Deferred adjustments	171	0.1	%	(1)	—	%

Research and development credits	(1,333)	(1.1)	%	(1,070)	0.3	%
Uncertain tax positions	336	0.3	%	268	(0.1)	%
Change in valuation allowance	32,300	26.8	%	11,843	(3.9)	%
Effective Rate	2	—	%	1	—	%

The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows:


(in thousands)	December 31, 2021		December 31, 2020
Deferred tax assets:
Capitalized research and development credits	16,473		567
Start-up and Organization Costs	15,311		4,280
Net operating loss carryforwards	10,350		8,812
Research and development credits	3,758		2,340
Operating lease obligations	2,381		91
Stock-based compensation	1,457		171
Warrants	893		889
Accrued expenses and reserves	$	1,070	$	504
Property and equipment	586		289
Intangibles	26		14


Total deferred tax assets before valuation allowance	52,305		17,957
Valuation allowance	(50,168)		(17,869)
Total deferred tax assets	$	2,137	$	88
Deferred Tax Liabilities:
Operating lease right-of-use assets	$	(2,137)	$	(88)
Other	$	—	$	—
Total deferred tax liabilities	$	(2,137)	$	(88)
Net 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. As a result of a history of taxable losses and uncertainties as to future profitability, the Company recorded a full valuation allowance against its deferred tax assets. The valuation allowance for the years ended December 31, 2021 and 2020 was $(50.2) million and $(17.9) million, respectively.

As of December 31, 2021, the Company had federal and state net operating loss (“NOL”) carryforwards of $38.9 million and $30.9 million, respectively. As of December 31, 2020, the Company had federal and state NOL carryforwards of $23.4 million and $4.0 million, respectively. While the federal NOLs can be carried forward indefinitely, California NOLs begin to expire in the year ending December 31, 2038. As of December 31, 2021, the Company had federal and California research and development credit carryforwards of $2.9 million and $2.7 million, respectively. As of December 31, 2020, the Company had federal and California research and development credit carryforwards of $1.5 million and $1.7 million, respectively.

ASC Topic No. 740-10 requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the consolidated financial statements. It also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:


(in thousands)	Gross unrecognized tax benefits
Balance as of December 31, 2020	$	780
Increases related to prior tax positions	(62)
Increases related to current tax positions	535
Balance as of December 31, 2021	$	1,253

The Company’s policy is to record estimated interest and penalties related to the underpayment of income taxes or unrecognized tax benefits as a component of its income tax provision. The Company has not recorded any interest or penalties related to unrecognized tax benefits through December 31, 2021.

In the normal course of business, the Company is subject to examination by federal and state jurisdictions where applicable based on the statue of limitations that apply in each jurisdiction. The tax return years 2017 through 2020 remain open to examination. The Company is not currently under audit by the taxing jurisdictions to which the Company is subject.

The Company performed IRC Section 382 study for year-ended December 31, 2021. In its study, the Company identified two changes to the ownership, resulting the limitation of the net operating loses. The first change of ownership occurred on November 1, 2018 and the second change of ownership occurred on June 8, 2021. In it's study of section 382, the Company identified that there were limitations to NOLs, however, none of the NOLs will expire utilized.

The Company does not anticipate any material change in its unrecognized tax benefits in the next twelve months.

The Company is in a start-up phase and has no revenue recognized relating to commercial operations as of December 31, 2021. Under section 195(b), all the expenses other than research and development, taxes and interest income and interest expense must be capitalized and amortized from the date the Company starts active trade or business. As of December 31, 2021, and 2020, section 195(b) costs accumulated an ending gross deferred tax asset of $54.5 million and $15.3 million, respectively.

The Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (“Topic 842” or “ASC 842”) on January 1, 2020, recognizing all leases, including operating leases, with a term of over twelve months on the balance sheets and disclosing key information about leasing transactions. At the end of December 31, 2021, total deferred tax asset and deferred tax liability from the three leases is $2.4 million and $(2.1) million respectively.

The U.S. federal government responded to the COVID-19 pandemic on March 18, 2020 by enacting the Families First Coronavirus Response Act (“FFCRA”) and on March 27, 2020, the CARES Act. In addition to the deferral of the payment of certain payroll taxes until December 31, 2021 and 2022 noted above, the CARES Act amends the Tax Cut and Jobs Act of 2017 by modifying the amount of allowable interest expense deductions, allowing five-year carryback of net operating losses, and characterizing qualified improvement property as 15-year property eligible for bonus depreciation. The Company plans to avail itself of all applicable credits and deferrals, and continues to assess the impact the CARES Act may have on the business, however the FFCRA or the CARES Act is not expected to have a material impact on the financial condition, results of operations or liquidity.

August 12, 2021, the Company completed the Business Combination described in Note 1. The transaction is treated as tax-free merger under IRC Section 368.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company entered into a, now-terminated, consulting and technology development agreement with an entity in which the Company’s former CEO has a material interest. Payments made to the entity totaled $0.5 million for the year ended December 31, 2020, respectively. There were no payments to the entity during the year ended December 31, 2021. In March 2020, Brainyspace LLC, an entity affiliated with Lev Khasis, a co-founder of the Company, contributed 2,467,415 shares of common stock back to the Company. In conjunction with the contribution, the Company agreed that if it re-hires Mr. Khasis within a specified time period, that he will receive an option to purchase 1,233,707 shares, subject to the approval of the Board. The Company has determined it will not re-hire Mr. Khasis so it will not be obligated to issue the option.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Term Loan extended repayment On January 29, 2022, the Company exercised its option to pay back the Term Loan over 24 months. Principal payments under the amended schedule begin on March 1, 2022 and end on February 1, 2024. Additional interest expense expected over the course of the extended payment schedule is approximately $3.2 million. Refer to Note 10 for more information related to the Term Loan. Resignation of Company officer On January 3, 2022, Fred Kennedy, the President of the Company, tendered his resignation, effective January 21, 2022. On February 9, 2022, the Company and Dr. Kennedy signed a separation agreement which, in addition to customary releases and covenants, stipulated two cash payments totaling $0.35 million. The first payment, $0.25 million, was made on February 16, 2022. The second payment remains unpaid as of the reporting date, but will be paid no later than April 1, 2022, in accordance with the agreement. Payment of funds held in escrow to Co-Founders The Co-Founders were divested through the sale of their shares in Momentus in June 2021, with payments contingent on the Business Combination paid in August 2021, and a portion of the divestment proceeds placed in escrow to allow the CMAs to assess compliance with the NSA before the release of the balance of the funds. Pursuant to the NSA divestment procedure provisions, a third party auditor conducted an audit of the investors’ NSA compliance and, following the audit, all of the escrowed divestment proceeds were released to the Co-Founders as of March 1, 2022 in accordance with the NSA.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Business Combination

On August 12, 2021 (the “Closing Date”), the Company consummated a merger pursuant to a certain agreement and plan of merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SRAC (“First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of SRAC (“Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”) with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC.

The Business Combination was accounted for as a reverse recapitalization under ASC Topic 805, Business Combinations ("ASC 805") in accordance with accounting principles generally accepted in the United States (“GAAP”). Under this method of accounting, SRAC, who was the legal acquirer, is treated as the “acquired” company for financial reporting purposes and Legacy Momentus is treated as the accounting acquirer. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of a capital transaction in which Legacy Momentus issued stock for the net assets of SRAC, with no goodwill or other intangible assets recorded, and Legacy Momentus’ financial statements became those of the Company. Reported shares and earnings per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. See Note 3 for more information.

Basis of Presentation

Reclassifications

Principles of consolidation

The consolidated financial statements include the financial statements of all the subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of the consolidated financial statements include, but are not limited to, accounting for useful lives of property, machinery and equipment, net, intangible assets, net, accrued liabilities, income taxes including deferred tax assets and liabilities, impairment valuation, stock-based awards, SAFE notes and warrant liabilities.

Emerging Growth Company Status

Cash and cash equivalents and Restricted Cash

Cash and cash equivalents consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal or use, and which have remaining maturities of three months or less when initially purchased.Restricted cash primarily represents deposited cash that is restricted by financial institutions for two purposes. $0.4 million is restricted as collateral for a letter of credit issued to the Company’s landlord in accordance with the terms of a lease agreement entered into in December 2020. A portion of this restricted cash ($0.1 million) is classified as a current asset as it will be returned to the Company one year following the completion of the Business Combination with SRAC, while the remaining $0.3 million is classified as a non-current asset as it will be returned to the Company upon the occurrence of future events which are expected to occur beyond at least one year from December 31, 2021. $0.1 million is restricted for expenditures related to the National Security Agreement (the “NSA”) See Note 12.

Deferred Fulfillment and Prepaid Launch Costs

Property, Machinery and Equipment, net


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one to seven years)
Machinery and equipment						Seven years

Costs of maintenance or repairs that do not extend the lives of the respective assets are charged to expenses as incurred.

Intangible Assets, net

Deferred Offering Costs

Loss Contingencies

Revenue Recognition

Fair Value Measurement

•Level 1, observable inputs such as quoted prices in active markets;

•Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly, and

•Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions.

The additions, equity conversions, and change in fair values of liabilities subject to recurring remeasurement were as follows:


(in thousands)	Level	Fair value as of December 31, 2020		Issuances		Assumed through Business Combination		Change in fair value		Converted to equity		Fair value as of December 31, 2021
SAFE notes	3	$	314,440	$	30,853	$	—	$	(209,291)	$	(136,001)	$	—
Warrant liability	3	3,206		15,647		31,225		(37,330)		(6,999)		5,749
Liability-classified performance awards	3	—		70		—		—		—		70
Total		$	317,646	$	46,570	$	31,225	$	(246,621)	$	(143,000)	$	5,819

Warrant Liability

SAFE Notes

Basic and Diluted Income (Loss) Per Share

Impairment of Long-lived Assets

Stock-based Compensation

Research and Development Costs

Once the Company has achieved technological feasibility, the Company will capitalize the costs to construct any additional components of the vehicle systems.

Leases

Income Taxes

Concentrations of Risk

Segment Reporting

Recently Issued and Recently Adopted Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Property, Machinery and Equipment, net

The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one to seven years)
Machinery and equipment						Seven years

Property, machinery and equipment, net consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Computer equipment	$	178	$	178
Furniture and fixtures	206		206
Leasehold improvements	2,693		665
Machinery and equipment	3,332		1,936
Construction in-progress	247		118
Property, machinery and equipment, gross	6,656		3,103
Less: accumulated depreciation	(1,827)		(782)
Property, machinery and equipment, net	$	4,829	$	2,321

Schedule of Antidilutive Shares

The table below details the excluded potential common shares where their effect is anti-dilutive for the years ended December 31, 2021 and 2020.


	Year Ended December 31,
	2021	2020
Options outstanding under Legacy Plans	—	7,243,909
Options outstanding outside of stock incentive plans	—	134,586
RSUs outstanding under the 2021 Plan	3,029,991	—
Common stock warrants	19,897,500	499,534
SAFE notes outstanding (shares not reserved)	—	13,909,900
Total	22,927,491	21,787,929

Schedule of Changes in Fair Value of Liabilities

The additions, equity conversions, and change in fair values of liabilities subject to recurring remeasurement were as follows:


(in thousands)	Level	Fair value as of December 31, 2020		Issuances		Assumed through Business Combination		Change in fair value		Converted to equity		Fair value as of December 31, 2021
SAFE notes	3	$	314,440	$	30,853	$	—	$	(209,291)	$	(136,001)	$	—
Warrant liability	3	3,206		15,647		31,225		(37,330)		(6,999)		5,749
Liability-classified performance awards	3	—		70		—		—		—		70
Total		$	317,646	$	46,570	$	31,225	$	(246,621)	$	(143,000)	$	5,819

Schedule of Fair Value Inputs

Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of December 31, 2021 were as follows:


Warrant term (years)	4.61
Volatility	45.00	%
Risk-free rate	1.20	%
Dividend yield	0.00	%

The assumptions used under the Black-Scholes-Merton option-pricing model and weighted average fair value of options on the grant date are as follows:


	Year Ended December 31,
	2021	2020
Expected term (in years)	N/A	5.03 – 6.23
Risk-free interest rate	N/A	0.27% – 1.36%
Expected volatility	N/A	34.00% – 51.78%
Dividend yield	N/A	0.00%
Fair value on grant date	N/A	$0.32 – $4.70

Prepaids and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Prepaid research and development	$	4,870	$	1,452
Prepaid launch costs, current	—		2,260
Prepaid insurance and other assets	4,562		796
Total	$	9,431	$	4,508

Property, Machinery and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Machinery and Equipment, net

The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one to seven years)
Machinery and equipment						Seven years

Property, machinery and equipment, net consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Computer equipment	$	178	$	178
Furniture and fixtures	206		206
Leasehold improvements	2,693		665
Machinery and equipment	3,332		1,936
Construction in-progress	247		118
Property, machinery and equipment, gross	6,656		3,103
Less: accumulated depreciation	(1,827)		(782)
Property, machinery and equipment, net	$	4,829	$	2,321

Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following as of December 31, 2021:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Intellectual property & cloud computing implementation costs	$	447	$	(98)	$	349	7.03

Intangible assets, net consisted of the following as of December 31, 2020:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Intellectual Property	$	357	$	(52)	$	305	7.62

Schedule of Future Estimated Amortization Expense

As of December 31, 2021, the future estimated amortization expense related to intangible assets is as follows:


(in thousands)
Year ending December 31,	Amount
2022	$	57
2023	57
2024	50
2025	43
2026	43
Thereafter	99
Total	$	349

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Operating Lease Expense

The Company performed evaluations of its contracts and determined that each of its identified leases are classified as operating leases. The components of operating lease expense were as follows:


(in thousands)	Year Ended December 31,
		2021		2020
Operating lease cost		$	1,742	$	272
Variable lease expense		590		24
Short-term lease expense		19		9
Total lease expense		$	2,351	$	305

Right-of-Use Assets and Liabilities

The lease right-of-use assets and lease liabilities recognized in the consolidated balance sheets are as follows:


(in thousands)	As of December 31, 2021		As of December 31, 2020
Right-of-use assets in other non-current assets	$	7,604	$	316

Other current liabilities	$	1,189	$	254
Other non-current liabilities	7,284		72
Total lease liability	$	8,473	$	326

Maturities of Operating Lease Liabilities

As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
2022	$	1,634
2023	1,533
2024	1,580
2025	1,627
2026	1,674
Thereafter	2,026
Total lease payments	10,074
Less: Imputed interest	(1,601)
Present value of lease liabilities	$	8,473

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Legal and other professional services	$	4,121	$	268
Compensation expense	3,862		1,371
Research and development projects	1,240		517
Offering costs	—		506
Payroll tax expense	163		328
Other current expense	399		74
Total	$	9,785	$	3,064

Loan Payable (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Term Loans Payable

The Company’s total loan payable consists of the following at December 31, 2021:


(in thousands)	December 31, 2021
Gross Term Loan	$	25,000
Less: Unamortized debt discount and issuance costs	(4,093)
Net notes payable, (all current)	$	20,907

Stockholders’ Equity (Deficit) and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Common Stock Outstanding

The following summarizes the Company’s common stock outstanding immediately after the Business Combination:


	Shares	%
Momentus Space, LLC unit holders	50,419,505	63.20	%
Public stockholders	13,695,257	17.17	%
SRAC and its affiliates	4,657,500	5.84	%
PIPE investors	11,000,000	13.79	%
Total	79,772,262	100	%

Schedule of Options Activity

The following table sets forth the summary of options and RSA activity, under the Legacy Stock Plans, for the year ended December 31, 2021. RSAs were an immaterial portion of activity for the period:


(in thousands, except share-based data)	Total Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	7,422,995	$	0.20	8.49	$	130,564


Vested exercised	(1,535,804)				$	17,487
Forfeitures	(1,830,842)
Outstanding as of December 31, 2021	4,056,349	$	0.27	7.34	$	15,825
Exercisable as of December 31, 2021	2,649,701	$	0.26	7.20	$	10,379
Vested and expected to vest as of December 31, 2021	4,056,349	$	0.27	7.34	$	15,825

Schedule of Fair Value Inputs

Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of December 31, 2021 were as follows:


Warrant term (years)	4.61
Volatility	45.00	%
Risk-free rate	1.20	%
Dividend yield	0.00	%

The assumptions used under the Black-Scholes-Merton option-pricing model and weighted average fair value of options on the grant date are as follows:


	Year Ended December 31,
	2021	2020
Expected term (in years)	N/A	5.03 – 6.23
Risk-free interest rate	N/A	0.27% – 1.36%
Expected volatility	N/A	34.00% – 51.78%
Dividend yield	N/A	0.00%
Fair value on grant date	N/A	$0.32 – $4.70

Schedule of Restricted Stock Units

The following table sets forth the summary of RSU activity, under the 2021 Plan, for the year ended December 31, 2021:


	Shares	Weighted Average Grant Date Fair Value (i.e. share price)
Outstanding as of December 31, 2020	—
Granted	3,260,729	$	10.87
Vested	(433,188)	$	10.91
Forfeited	(28,288)	$	10.91
Outstanding as of December 31, 2021	2,799,253	$	10.87

Schedule of Income (Loss) per Share

The following table sets forth the computation of diluted net income (loss) per share:


Diluted Net Income (Loss) Per Share	Year Ended December 31,
(in thousands, except share-based data)		2021		2020
Numerator:
Net income (loss)		$	120,654	$	(307,027)




Denominator:
Denominator for basic net income (loss) per share -weighted average shares outstanding		65,177,873		62,643,121

Dilutive options outstanding		5,438,952		—
Dilutive warrants outstanding		301,952		—

Denominator for diluted net income (loss) per share - adjusted weighted average shares outstanding		70,918,777		62,643,121

Net income (loss) per share - diluted		$	1.70	$	(4.90)

Schedule of Stock-Based Compensation Expense

The following table sets forth the stock-based compensation under the Legacy and 2021 Plans by expense type:


	Year Ended December 31,
(in thousands)		2021		2020
Research and development expenses		$	2,341	$	187
Selling, general and administrative expenses		16,111		2,584
Total		$	18,452	$	2,771

The following table sets forth the stock-based compensation under the Legacy and 2021 Plans by award type:


	Year Ended December 31,
(in thousands)		2021		2020
Legacy Options & RSAs		$	11,271	$	2,771
RSUs		7,091		—
ESPP		20		—
Performance Awards		70		—
Total		$	18,452	$	2,771

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
-Topic 210
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Unconditional Purchase Obligations

As of December 31, 2021, the Company’s future unconditional purchase obligations are as follows:


(in thousands)
2022	$	10,216
2023	11,300
2024	—
2025	—
2026	—
Thereafter	—
Total	$	21,516

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Pre-Tax Loss

The following table presents the components of pre-tax income (loss) for the years ended:


(in thousands)	2021		2020
US	$	120,656	$	(307,026)

Total	$	120,656	$	(307,026)

Components of Provision for Income Taxes

The following are the components of the provision for income taxes for the years ended:


(in thousands)	2021		2020
Current:

State	$	2	$	1

Income tax provision	$	2	$	1

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended:


(in thousands)	2021			2020
Tax provision (benefit) at U.S. statutory rate	25,338	21.0	%	(64,475)	21.0	%
State income taxes, net of federal benefit	(8,446)	(7.0)	%	(3,152)	1.0	%
Non-deductible expenses	3,426	2.8	%	56,588	(18.4)	%
Change in value of equity instruments	(51,790)	(42.9)	%	—	—	%
Deferred adjustments	171	0.1	%	(1)	—	%

Research and development credits	(1,333)	(1.1)	%	(1,070)	0.3	%
Uncertain tax positions	336	0.3	%	268	(0.1)	%
Change in valuation allowance	32,300	26.8	%	11,843	(3.9)	%
Effective Rate	2	—	%	1	—	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows:


(in thousands)	December 31, 2021		December 31, 2020
Deferred tax assets:
Capitalized research and development credits	16,473		567
Start-up and Organization Costs	15,311		4,280
Net operating loss carryforwards	10,350		8,812
Research and development credits	3,758		2,340
Operating lease obligations	2,381		91
Stock-based compensation	1,457		171
Warrants	893		889
Accrued expenses and reserves	$	1,070	$	504
Property and equipment	586		289
Intangibles	26		14


Total deferred tax assets before valuation allowance	52,305		17,957
Valuation allowance	(50,168)		(17,869)
Total deferred tax assets	$	2,137	$	88
Deferred Tax Liabilities:
Operating lease right-of-use assets	$	(2,137)	$	(88)
Other	$	—	$	—
Total deferred tax liabilities	$	(2,137)	$	(88)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:


(in thousands)	Gross unrecognized tax benefits
Balance as of December 31, 2020	$	780
Increases related to prior tax positions	(62)
Increases related to current tax positions	535
Balance as of December 31, 2021	$	1,253

Nature of Operations (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 15, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Aug. 13, 2021 $ / shares	Aug. 12, 2021 $ / shares
Schedule of Reverse Recapitalization [Line Items]
Common stock, par value (in dollars per share)		$ 0.00001	$ 0.00001
Exchange ratio					0.2467416
Number of shares sold (in shares) \| shares	11,000,000
Purchase price (in dollars per share)	$ 10
Proceeds from issuance of common shares in PIPE \| $	$ 110,000	$ 110,000	$ 0
Estimated fair value of warrants \| $	$ 30,500	$ 5,749	$ 3,206
Private Warrant
Schedule of Reverse Recapitalization [Line Items]
Purchase price (in dollars per share)	$ 11.5
Common stock – Class B
Schedule of Reverse Recapitalization [Line Items]
Common stock, par value (in dollars per share)					$ 0.0001
Exchange ratio					1
Common stock – Class A
Schedule of Reverse Recapitalization [Line Items]
Common stock, par value (in dollars per share)		$ 0.00001		$ 0.00001
Exchange ratio					1

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	May 21, 2021 agreement	Dec. 31, 2021 USD ($) segment $ / shares	Dec. 31, 2020 USD ($) $ / shares	Jan. 01, 2020 USD ($)
Cash and Cash Equivalents [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001
Restricted cash, current		$ 197	$ 100
Restricted cash, non-current		314	415
Deferred fulfillment and prepaid launch costs		3,000	4,700
Number of launch agreements terminated \| agreement	2
Impairment of prepaid launch costs		8,700	1,500
Unrelated impairment		800	200
Revenue recognized previously recorded as contract liability		1,600	2,600
Revenue recognized for cancelled contracts previously recorded as contract liability		300
Reduction in cost of revenue		(135)	368
Refund liability, current		$ 1,400
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Operating right-of-use assets		$ 7,604	316	$ 550
Operating lease liabilities		$ 8,473	$ 326	$ 560
Patents
Cash and Cash Equivalents [Line Items]
Intangible asset amortization period		10 years
Cloud Computing Implementation Costs
Cash and Cash Equivalents [Line Items]
Intangible asset amortization period		3 years
Cash Designated for Collateral
Cash and Cash Equivalents [Line Items]
Restricted cash		$ 400
Restricted cash, current		100
Restricted cash, non-current		300
Cash Designated for Expenditures under National Security Agreement
Cash and Cash Equivalents [Line Items]
Restricted cash		$ 100

Summary of Significant Accounting Policies - Schedule of Changes in Fair Value of Liabilities (Details) - Fair Value, Inputs, Level 3 - Fair Value, Recurring $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 317,646
Issuances	46,570
Assumed through Business Combination	31,225
Change in fair value	(246,621)
Converted to equity	(143,000)
Fair value at end of period	5,819
SAFE Note
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	314,440
Issuances	30,853
Assumed through Business Combination	0
Change in fair value	(209,291)
Converted to equity	(136,001)
Fair value at end of period	0
Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	3,206
Issuances	15,647
Assumed through Business Combination	31,225
Change in fair value	(37,330)
Converted to equity	(6,999)
Fair value at end of period	5,749
Liability-classified performance awards
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0
Issuances	70
Assumed through Business Combination	0
Change in fair value	0
Converted to equity	0
Fair value at end of period	$ 70

Summary of Significant Accounting Policies - Schedule of Fair Value Inputs (Details)	Dec. 31, 2021
Warrant term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, expected term	4 years 7 months 9 days
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.4500
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0120
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0000

Summary of Significant Accounting Policies - Antidilutive Shares (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	22,927,491	21,787,929
Options outstanding under Legacy Plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	7,243,909
Options outstanding outside of stock incentive plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	134,586
RSUs outstanding under the 2021 Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	3,029,991	0
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	19,897,500	499,534
SAFE notes outstanding (shares not reserved)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	13,909,900

Summary of Significant Accounting Policies - Property, Plant and Equipment, net and Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years

Reverse Recapitalization (Details)			12 Months Ended
Reverse Recapitalization (Details)	Aug. 12, 2021 USD ($) tradingDay $ / shares	Jul. 15, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Aug. 13, 2021 $ / shares
Schedule of Reverse Recapitalization [Line Items]
Percentage of voting interest sold	100.00%
Additional funding received in connection with business combination	$ 238,400,000
Proceeds from issuance of common stock upon Business Combination	128,400,000		$ 128,167,000	$ 0
Proceeds from issuance of common shares in PIPE		$ 110,000,000	$ 110,000,000	$ 0
Payments for transaction costs	27,800,000
Costs recorded to other expenses related to liability classified warrants	$ 4,800,000
Exchange ratio	0.2467416
Common stock, par value (in dollars per share) \| $ / shares			$ 0.00001	$ 0.00001
Non-transfer period under lock-up agreements	6 months
Closing price of common stock (in dollars per share) \| $ / shares	$ 12
Number of trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Number of shares sold (in shares) \| shares		11,000,000
Purchase price (in dollars per share) \| $ / shares		$ 10
Estimated fair value of warrants		$ 30,500,000	$ 5,749,000	$ 3,206,000
Public investment	$ 172,500,000
Redemptions	35,600,000
Shareholder's deficit	$ 8,500,000
Private Warrant
Schedule of Reverse Recapitalization [Line Items]
Purchase price (in dollars per share) \| $ / shares		$ 11.5
Common stock – Class A
Schedule of Reverse Recapitalization [Line Items]
Exchange ratio	1
Common stock, par value (in dollars per share) \| $ / shares			$ 0.00001		$ 0.00001

Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 19, 2021	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development		$ 4,870	$ 1,452
Prepaid launch costs, current		0	2,260
Prepaid insurance and other assets		4,562	796
Total		9,431	4,508
Non-current portion of prepaid launch costs		3,000	2,400
Impairment of prepaid launch costs		8,700	1,500
Unrelated impairment		$ 800	$ 200
Potential recoveries of previously impaired deposits	$ 2,700

Property, Machinery and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	$ 6,656	$ 3,103
Less: accumulated depreciation	(1,827)	(782)
Property, machinery and equipment, net	4,829	2,321
Depreciation expense	1,000	600
Computer equipment
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	178	178
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	206	206
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	2,693	665
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	3,332	1,936
Disposals related to abandonment of malfunctioning machinery	0	500
Construction in-progress
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	$ 247	$ 118

Intangible Assets, net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total	$ 349	$ 305
Amortization expense	50	30
Intellectual property & cloud computing implementation costs
Finite-Lived Intangible Assets [Line Items]
Gross Value	447
Accumulated Amortization	(98)
Total	$ 349
Weighted average remaining amortization period (in years)	7 years 10 days
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Gross Value		357
Accumulated Amortization		(52)
Total		$ 305
Weighted average remaining amortization period (in years)		7 years 7 months 13 days

Intangible Assets, net - Schedule of Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 57
2023	57
2024	50
2025	43
2026	43
Thereafter	99
Total	349	$ 305
Intangible asset impairment	$ 20	$ 0

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 30, 2021 lease	Jan. 31, 2021 USD ($)
Leases [Abstract]
Obligation owed under lease agreement	$ 10,074			$ 11,000
Number of leases modified \| lease			2
Rent expense	$ 1,700	$ 300

Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 1,742	$ 272
Variable lease expense	590	24
Short-term lease expense	19	9
Total lease expense	$ 2,351	$ 305

Leases - Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Leases [Abstract]
Right of use assets in other non-current assets	$ 7,604	$ 316	$ 550
Other current liabilities	1,189	254
Other non-current liabilities	7,284	72
Total lease liability	$ 8,473	$ 326	$ 560

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jan. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 1,634
2023	1,533
2024	1,580
2025	1,627
2026	1,674
Thereafter	2,026
Total lease payments	10,074	$ 11,000
Less: Imputed interest	(1,601)
Present value of lease liabilities	$ 8,473		$ 326	$ 560

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Legal and other professional services	$ 4,121	$ 268
Compensation expense	3,862	1,371
Research and development projects	1,240	517
Offering costs	0	506
Payroll tax expense	163	328
Other current expense	399	74
Total	$ 9,785	$ 3,064

SAFE Notes (Details) - USD ($) $ in Thousands		12 Months Ended
SAFE Notes (Details) - USD ($) $ in Thousands	Aug. 12, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Proceeds from issuance of SAFE notes		$ 30,853	$ 44,650
SAFE notes, principal amount	$ 78,000
Fair value of SAFE notes	$ 136,000	136,001
Estimated fair value of SAFE notes		0	314,400
Income (loss) from decrease (increase) in estimated fair value of SAFE notes		$ 209,291	$ (267,290)
Common stock – Class A
Class of Stock [Line Items]
Liability conversion (in shares)	12,403,469

Loan Payable - Narrative (Details)						1 Months Ended		12 Months Ended
Loan Payable - Narrative (Details)	Jan. 29, 2022	Jun. 29, 2021 USD ($) note	Mar. 01, 2021 USD ($)	Feb. 22, 2021 USD ($)	Mar. 09, 2020 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 15, 2021 USD ($)	May 31, 2020 USD ($)
Short-term Debt [Line Items]
Proceeds from short-term borrowings								$ 25,000,000	$ 2,458,000
Estimated fair value of warrants						$ 3,206,000		5,749,000	3,206,000	$ 30,500,000
Term Loan
Short-term Debt [Line Items]
Initial borrowing capacity				$ 40,000,000
Interest rate				12.00%
Proceeds from short-term borrowings			$ 25,000,000
Amount no longer available for borrowing				$ 15,000,000
Unamortized debt issuance costs				100,000
Interest expense amortization								$ 11,700,000
Unamortized debt discount				$ 15,800,000
Debt term				1 year
Percentage of debt discount in excess of initial face value				63.00%
Calculated effective interest rate				126.00%
Term Loan \| Subsequent Event
Short-term Debt [Line Items]
Debt term	24 months
Term Loan \| Stock Purchase Warrants
Short-term Debt [Line Items]
Percentage of preferred stock available to be called				1.00%
Preferred stock available to be called, percentage earned								80.00%
Preferred stock available to be called, percentage forfeited								20.00%
Estimated fair value of warrants				$ 15,600,000
Equipment Loan
Short-term Debt [Line Items]
Initial borrowing capacity							$ 4,500,000
Interest rate							9.75%
Unamortized debt issuance costs					$ 40,000.00
Interest expense amortization						70,000.00			$ 120,000
Unamortized debt discount					50,000.00
Debt term							30 months
Amount of final payment, as a percentage of the loan							5.00%
Proceeds from long-term borrowings					1,500,000
Amount of principal and interest due monthly								$ 60,000.00
Payments of long-term debt						$ 1,500,000
Equipment Loan \| Stock Purchase Warrants
Short-term Debt [Line Items]
Estimated fair value of warrants					30,000.00
Equipment Loan \| Preferred Stock Purchase Warrants
Short-term Debt [Line Items]
Value of warrants issued					200,000
Equipment Loan \| Equity and Convertible Debt Stock Purchase Warrants
Short-term Debt [Line Items]
Value of warrants issued					$ 300,000
Promissory Notes
Short-term Debt [Line Items]
Number of notes issued \| note		2
Second Lien Promissory Notes, Note One
Short-term Debt [Line Items]
Initial borrowing capacity		$ 1,500,000
Reduction in legal expenses								$ 2,600,000
Second Lien Promissory Notes, Note Two
Short-term Debt [Line Items]
Initial borrowing capacity		$ 1,500,000
PPP Loan
Short-term Debt [Line Items]
Initial borrowing capacity											$ 1,000,000

Loans Payable - Schedule of Term Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Net notes payable, (all current)	$ 20,907	$ 0
Term Loan
Short-term Debt [Line Items]
Net notes payable, (all current)	25,000
Less: Unamortized debt discount and issuance costs	$ (4,093)

Stockholders’ Equity (Deficit) and Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands								1 Months Ended	12 Months Ended
	Aug. 31, 2021	Aug. 12, 2021	Jun. 30, 2021	May 22, 2021	Mar. 01, 2021	Jan. 25, 2021	Mar. 09, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Aug. 13, 2021	Jul. 15, 2021	Feb. 22, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock authorized (in shares)											270,000,000
Common stock, number of shares authorized (in shares)									250,000,000	142,804,498
Common stock, par value (in dollars per share)									$ 0.00001	$ 0.00001
Common stock issued (in shares)									81,211,781	62,510,690
Common stock outstanding (in shares)									81,211,781	62,510,690	79,772,262
Preferred stock outstanding (in shares)									0
Payments for repurchase of common and preferred stock									$ 40,000	$ 0
Proceeds from short-term borrowings									25,000	2,458
Estimated fair value of warrants									5,749	3,206		$ 30,500
Increase (decrease) in fair value of warrants									$ (37,330)	3,177
Conversion of warrants to common stock, price per share (in dollars per share)									$ 11.5
Options exercisable, aggregate intrinsic value									$ 10,379	$ 55,600
Shares excluded from calculation of diluted earnings per share (in shares)									22,927,491	21,787,929
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for future issuance (in shares)		5,982,922
Vesting period		4 years
Evergreen provision, percentage of outstanding shares		3.00%
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for future issuance (in shares)		1,595,445
Evergreen provision, percentage of outstanding shares		0.50%
Outstanding liability for employee contributions pending issuance									$ 100
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested options									$ 800
Unrecognized compensation cost, period of recognition									1 year 9 months 7 days
Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)										5 years 10 days
Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)										6 years 2 months 23 days
Options \| August 31, 2021 Stock Option Modifications
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of accelerated vested shares (in shares)	273,571
Exercise price (in dollars per share)	$ 0.28
Expected term (in years)	6 years 3 months
Risk-free rate	0.86%
Expected volatility	97.00%
Remeasured fair value (in dollars per share)	$ 10.91
Incremental compensation cost for accelerated vesting	$ 2,900
Options \| May 22, 2021 Stock Option Modifications
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of accelerated vested shares (in shares)				205,618
Exercise price (in dollars per share)				$ 0.28
Expected term (in years)				1 year
Risk-free rate				0.04%
Expected volatility				65.00%
Remeasured fair value (in dollars per share)				$ 10.78
Incremental compensation cost for accelerated vesting				$ 2,200
Options \| January 25, 2021 Stock Option Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of accelerated vested shares (in shares)						261,070
Expected term (in years)						1 year
Risk-free rate						0.10%
Expected volatility						78.00%
Incremental compensation cost for accelerated vesting						$ 5,400
Options \| January 25, 2021 Stock Option Modification \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)						$ 0.04
Remeasured fair value (in dollars per share)						20.67
Options \| January 25, 2021 Stock Option Modification \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)						0.28
Remeasured fair value (in dollars per share)						$ 20.91
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period of recognition									3 years 1 month 20 days
Unrecognized compensation cost for unvested RSUs									$ 28,100
Awards outstanding									2,799,253	0
RSUs \| Legacy Stock Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining number of shares available for grant (in shares)									5,254,222
RSUs \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining number of shares available for grant (in shares)									2,878,514
Outstanding Vested and Expected to Vest RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period of recognition									3 years 1 month 20 days
Unrecognized compensation cost for unvested RSUs									$ 11,700
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding									16,746
Term Loan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial borrowing capacity													$ 40,000
Proceeds from short-term borrowings					$ 25,000
Equipment Loan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial borrowing capacity								$ 4,500
Proceeds from long-term borrowings							$ 1,500
Stock Purchase Warrants \| Term Loan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of preferred stock available to be called													1.00%
Preferred stock available to be called, percentage earned									80.00%
Preferred stock available to be called, percentage forfeited									20.00%
Estimated fair value of warrants													$ 15,600
Increase (decrease) in fair value of warrants									$ (10,700)
Stock Purchase Warrants \| Equipment Loan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of warrants							$ 30
Increase (decrease) in fair value of warrants									$ (1,100)
Number of shares available for purchase (in shares)								191,108
Public Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants outstanding (in shares)									8,625,000
Private Placement Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in fair value of warrants									$ (25,500)
Number of warrants outstanding (in shares)									11,272,500
Other Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants outstanding (in shares)									308,569
Conversion of warrants to common stock, price per share (in dollars per share)									$ 0.2
Co-Founder Divestment and Share Repurchase Agreements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of equity interests sold			100.00%
Payments for repurchase of common and preferred stock			$ 40,000
Common stock – Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares authorized (in shares)											250,000,000
Common stock, par value (in dollars per share)									$ 0.00001		$ 0.00001
Common stock issued (in shares)									81,211,781
Common stock outstanding (in shares)									81,211,781
Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, number of shares authorized (in shares)											20,000,000
Preferred stock, par value (in dollars per share)											$ 0.00001

Stockholders’ Equity (Deficit) and Stock-based Compensation - Common Stock Outstanding (Details) - shares	Aug. 13, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock outstanding (in shares)	79,772,262	81,211,781	62,510,690
Percentage of common stock outstanding	100.00%
Momentus Space, LLC Unit Holders
Class of Stock [Line Items]
Common stock outstanding (in shares)	50,419,505
Percentage of common stock outstanding	63.20%
Public Stockholders
Class of Stock [Line Items]
Common stock outstanding (in shares)	13,695,257
Percentage of common stock outstanding	17.17%
Stable Road Acquisition Corporation And Affiliates
Class of Stock [Line Items]
Common stock outstanding (in shares)	4,657,500
Percentage of common stock outstanding	5.84%
Private Investment in Public Equity Investors
Class of Stock [Line Items]
Common stock outstanding (in shares)	11,000,000
Percentage of common stock outstanding	13.79%

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total Options
Beginning balance (in shares)	7,422,995
Vested exercised (in shares)	(1,535,804)
Forfeitures (in shares)	(1,830,842)
Ending balance (in shares)	4,056,349	7,422,995
Weighted- Average Exercise Price Per Share
Options outstanding, weighted-average exercise price per share (in dollars per share)	$ 0.27	$ 0.20
Stock Options Additional Disclosures
Total options exercisable (in shares)	2,649,701
Options exercisable, weighted-average exercise price per share (in dollars per share)	$ 0.26
Options outstanding, weighted-average remaining contractual term (in years)	7 years 4 months 2 days	8 years 5 months 26 days
Options exercisable, weighted-average remaining contractual term (in years)	7 years 2 months 12 days
Options outstanding, aggregate intrinsic value	$ 15,825	$ 130,564
Options vested exercised, aggregate intrinsic value	17,487
Options exercisable, aggregate intrinsic value	$ 10,379	$ 55,600
Vested and Expected to Vest
Total options vested and expected to vest (in shares)	4,056,349
Options vested and expected to vest, weighted-average exercise price per share (in dollars per share)	$ 0.27
Options vested and expected to vest, weighted-average remaining contractual term (in years)	7 years 4 months 2 days
Options vested and expected to vest, aggregate intrinsic value	$ 15,825

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Fair Value Inputs (Details) - Options	12 Months Ended
	Dec. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.27%
Risk-free interest rate, maximum	1.36%
Expected volatility, minimum	34.00%
Expected volatility, maximum	51.78%
Dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 10 days
Fair value on grant date (in dollars per share)	$ 0.32
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 2 months 23 days
Fair value on grant date (in dollars per share)	$ 4.7

Stockholders’ Equity (Deficit) and Stock-based Compensation - Restricted Stock Units Activity (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
RSUs
Shares
Balance at the beginning of the period (in shares)	0
Granted (in shares)	3,260,729
Vested (in shares)	(433,188)
Forfeited (in shares)	(28,288)
Balance at the end of the period (in shares)	2,799,253
Weighted Average Grant Date Fair Value (i.e. share price)
Balance at the beginning of the period (in dollars per share) \| $ / shares
Granted (in dollars per share) \| $ / shares	10.87
Vested (in dollars per share) \| $ / shares	10.91
Forfeited (in dollars per share) \| $ / shares	10.91
Balance at the end of the period (in dollars per share) \| $ / shares	$ 10.87
Performance Awards
Shares
Balance at the end of the period (in shares)	16,746

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss)	$ 120,654	$ (307,027)
Denominator:
Denominator for basic net income (loss) per share - weighted average shares outstanding (in shares)	65,177,873	62,643,121
Dilutive options outstanding (in shares)	5,438,952	0
Dilutive warrants outstanding (in shares)	301,952	0
Denominator for diluted net income (loss) per share - adjusted weighted average shares outstanding (in shares)	70,918,777	62,643,121
Net income (loss) per share - diluted (in dollars per share)	$ 1.70	$ (4.90)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 18,452	$ 2,771
Legacy Options & RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	11,271	2,771
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	7,091	0
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	20	0
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	70	0
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	2,341	187
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 16,111	$ 2,584

Commitment and Contingencies (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jul. 08, 2021	Feb. 28, 2021	Dec. 31, 2021
SEC Investigation
Loss Contingencies [Line Items]
Payments for fines	$ 2.0
Contingency recorded as a result of settlement	$ 5.0
Legal expenses			$ 7.5
National Security Agreement
Loss Contingencies [Line Items]
Potential liquidated damages per breach		$ 1.0

Commitment and Contingencies - Unconditional Purchase Obligations (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]
2022	$ 10,216
2023	11,300
2024	0
2025	0
2026	0
Thereafter	0
Total	$ 21,516

Income Taxes - Components of Pre-Tax Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
US	$ 120,656	$ (307,026)
Income (loss) before income taxes	$ 120,656	$ (307,026)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
State	$ 2	$ 1
Income tax provision	$ 2	$ 1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax provision (benefit) at U.S. statutory rate	$ 25,338	$ (64,475)
State income taxes, net of federal benefit	(8,446)	(3,152)
Non-deductible expenses	3,426	56,588
Change in value of equity instruments	(51,790)	0
Deferred adjustments	171	(1)
Research and development credits	(1,333)	(1,070)
Uncertain tax positions	336	268
Change in valuation allowance	32,300	11,843
Income tax provision	$ 2	$ 1
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax provision (benefit) at U.S. statutory rate	21.00%	21.00%
State income taxes, net of federal benefit	(7.00%)	1.00%
Non-deductible expenses	2.80%	(18.40%)
Change in value of equity instruments	(42.90%)	0.00%
Deferred adjustments	0.10%	0.00%
Research and development credits	(1.10%)	0.30%
Uncertain tax positions	26.80%	(3.90%)
Change in valuation allowance	0.30%	(0.10%)
Effective Rate	0.00%	0.00%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Capitalized research and development credits	$ 16,473	$ 567
Start-up and Organization Costs	15,311	4,280
Net operating loss carryforwards	10,350	8,812
Research and development credits	3,758	2,340
Operating lease obligations	2,381	91
Stock-based compensation	1,457	171
Warrants	893	889
Accrued expenses and reserves	1,070	504
Property and equipment	586	289
Intangibles	26	14
Total deferred tax assets before valuation allowance	52,305	17,957
Valuation allowance	(50,168)	(17,869)
Total deferred tax assets	2,137	88
Deferred Tax Liabilities:
Operating lease right-of-use assets	(2,137)	(88)
Other	0	0
Total deferred tax liabilities	(2,137)	(88)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($) lease	Dec. 31, 2020 USD ($)
Income Tax Examination [Line Items]
Valuation allowance	$ 50,168	$ 17,869
Costs resulting in ending gross deferred tax asset	$ 54,500	15,300
Number of leases resulting in deferred tax assets and liabilities \| lease	3
Deferred tax liability from leases	$ (2,137)	(88)
Deferred tax asset from leases	2,381	91
Federal
Income Tax Examination [Line Items]
Net operating loss carryforwards	38,900	23,400
Research and development credit carryforwards	2,900	1,500
State
Income Tax Examination [Line Items]
Net operating loss carryforwards	30,900	4,000
Research and development credit carryforwards	$ 2,700	$ 1,700

Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 780
Increases related to prior tax positions	(62)
Increases related to current tax positions	535
Ending balance	$ 1,253

Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Consulting and Technology Development Agreement
Related Party Transaction [Line Items]
Payments made to related parties		$ 0.0	$ 0.5
Share Contribution Agreement \| Common stock – Class B
Related Party Transaction [Line Items]
Number of shares contributed (in shares)	2,467,415
Number of options available for purchase (in shares)	1,233,707

Subsequent Events (Details) - USD ($) $ in Thousands				2 Months Ended	12 Months Ended	23 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 16, 2022	Jan. 29, 2022	Feb. 22, 2021	Apr. 01, 2022	Dec. 31, 2021	Feb. 01, 2024
Forecast \| President
Subsequent Event [Line Items]
Severance Costs				$ 350
Term Loan
Subsequent Event [Line Items]
Debt term			1 year
Additional interest expense					$ 11,700
Term Loan \| Forecast
Subsequent Event [Line Items]
Additional interest expense						$ 3,200
Subsequent Event \| President
Subsequent Event [Line Items]
Severance Costs	$ 250
Subsequent Event \| Term Loan
Subsequent Event [Line Items]
Debt term		24 months

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details