VIRGIN GALACTIC HOLDINGS, INC, 10-K filed on 2/28/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2021
Feb. 18, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38202    
Entity Registrant Name Virgin Galactic Holdings, Inc    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 85-3608069    
Entity Address, Address Line One 1700 Flight Way    
Entity Address, City or Town Tustin    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 92782    
City Area Code 575    
Local Phone Number 424-2100    
Title of 12(b) Security Common stock, $0.0001 par value per share    
Trading Symbol SPCE    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 8.1
Entity Common Stock, Shares Outstanding   258,289,453  
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement relating to its annual meeting of stockholders to be held in 2022 (the “2022 Annual Meeting”), to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates, are incorporated herein by reference where indicated. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, such proxy statement is not deemed to be filed as part hereof.    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001706946    
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Los Angeles, CA
Auditor Firm ID 185
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 524,481 $ 665,924
Restricted cash 25,549 13,031
Marketable securities, short-term 79,418 0
Inventories 29,668 30,483
Prepaid expenses and other current assets 19,476 18,489
Total current assets 678,592 727,927
Marketable securities, long-term 301,463 0
Property, plant, and equipment, net 47,498 53,148
Other non-current assets 41,281 22,915
Total assets 1,068,834 803,990
Current liabilities    
Accounts payable 9,237 5,998
Accrued liabilities 28,787 22,982
Customer deposits 90,863 83,211
Other current liabilities 2,636 2,830
Total current liabilities 131,523 115,021
Warrant liability 0 135,440
Other long-term liabilities 43,047 26,451
Total liabilities 174,570 276,912
Commitments and contingencies (Note 16)
Stockholders' Equity    
Preferred stock, $0.0001 par value; 10,000,000 authorized; none issued and outstanding 0 0
Common stock, $0.0001 par value; 700,000,000 shares authorized; 258,166,417 and 236,123,659 shares issued and outstanding as of December 31, 2021 and 2020, respectively 26 23
Additional paid-in capital 2,019,750 1,297,794
Accumulated deficit (1,123,643) (770,744)
Accumulated other comprehensive income (loss) (1,869) 5
Total stockholders' equity 894,264 527,078
Total liabilities and stockholders' equity $ 1,068,834 $ 803,990
v3.22.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 700,000,000 700,000,000
Common stock, shares issued (in shares) 258,166,417 236,123,659
Common stock, shares outstanding (in shares) 258,166,417 236,123,659
v3.22.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Revenue $ 3,292 $ 238 $ 3,781
Cost of revenue 272 173 2,004
Gross profit 3,020 65 1,777
Selling, general, and administrative expenses 173,178 116,592 82,166
Research and development expenses 149,377 158,757 132,873
Operating loss (319,535) (275,284) (213,262)
Change in fair value of warrants (34,650) (371,852) (4,180)
Interest income, net 1,183 2,241 2,261
Other income 182 14 128
Loss before income taxes (352,820) (644,881) (215,053)
Income tax expense 79 6 62
Net loss (352,899) (644,887) (215,115)
Other comprehensive loss:      
Foreign currency translation adjustment 129 (54) (23)
Unrealized loss on marketable securities (2,003) 0 0
Total comprehensive loss for the year $ (354,773) $ (644,941) $ (215,138)
Net loss per share:      
Basic net loss per share (in dollars per share) $ (1.43) $ (2.94) $ (1.11)
Diluted net loss per share (in dollars per share) $ (1.43) $ (2.94) $ (1.11)
Weighted-average shares outstanding      
Weighted average common shares outstanding - basic (in shares) 247,618,557 219,107,905 194,378,154
Weighted average common share outstanding - diluted (in shares) 247,618,557 219,107,905 194,378,154
v3.22.0.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Net Parent Investment
Member's Equity
Preferred Stock
Common Stock
Additional paid-in capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2018 $ 41,559 $ 41,477 $ 0 $ 0 $ 0 $ 0 $ 0 $ 82
Beginning balance (in shares) at Dec. 31, 2018     0 0 0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss (215,115) (89,258)         (125,857)  
Other comprehensive loss (23)             (23)
Net transfer from Parent Company 106,119 106,119            
Contributions from Parent Company 56,310   $ 56,310          
Conversion from net parent investment into members' equity 0 (58,338) $ 58,338          
Conversion from net parent investment into members' equity (in shares)     100,000          
Conversion of member's equity into common stock (in shares)     (100,000)   114,790,438      
Conversion of members' equity into common stock 0   $ (114,648)   $ 12 114,636    
Stock-based compensation 2,535         2,535    
Issuance of common stock, net of costs (in shares)         1,924,402      
Issuance of common stock, net of costs 20,000         20,000    
Effect of reverse acquisition, net of costs (in shares)         79,286,198      
Effect of reverse recapitalization, net of costs 331,845       $ 8 331,837    
Ending balance at Dec. 31, 2019 343,230 0 $ 0 $ 0 $ 20 469,008 (125,857) 59
Ending balance (in shares) at Dec. 31, 2019     0 0 196,001,038      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss (644,887)           (644,887)  
Other comprehensive loss (54)             (54)
Stock-based compensation 30,324         30,324    
Issuance of common stock, net of costs (in shares)         23,600,000      
Issuance of common stock, net of costs 460,200       $ 2 460,198    
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (in shares)         2,119,803      
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (2,188)         (2,188)    
Common stock issued related to warrants exercised (in shares)         14,402,818      
Common stock issued related to warrants exercised 360,742       $ 1 360,741    
Transaction costs (20,289)         (20,289)    
Ending balance at Dec. 31, 2020 527,078 0 $ 0 $ 0 $ 23 1,297,794 (770,744) 5
Ending balance (in shares) at Dec. 31, 2020     0 0 236,123,659      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss (352,899)           (352,899)  
Other comprehensive loss (1,874)             (1,874)
Stock-based compensation 61,805         61,805    
Issuance of common stock, net of costs (in shares)         13,740,433      
Issuance of common stock, net of costs 499,999       $ 2 499,997    
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (in shares)         2,880,108      
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (3,441)       $ 1 (3,442)    
Common stock issued related to warrants exercised (in shares)         5,422,217      
Common stock issued related to warrants exercised 170,090         170,090    
Transaction costs (6,494)         (6,494)    
Ending balance at Dec. 31, 2021 $ 894,264 $ 0 $ 0 $ 0 $ 26 $ 2,019,750 $ (1,123,643) $ (1,869)
Ending balance (in shares) at Dec. 31, 2021     0 0 258,166,417      
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net loss $ (352,899) $ (644,887) $ (215,115)
Stock-based compensation 61,805 30,324 2,535
Depreciation and amortization 11,518 9,781 6,999
Change in fair value of warrant liability 34,650 371,852 4,180
Other operating activities, net 11 96 (555)
Change in assets and liabilities      
Inventories 815 1,371 (8,566)
Other current and non-current assets (3,465) (2,417) (745)
Accounts payable and accrued liabilities 7,935 (1,010) (323)
Customer deposits 7,652 (151) 2,479
Other current and non-current liabilities 1,215 1,882 0
Net cash used in operating activities (230,763) (233,159) (209,111)
Cash flows from investing activities      
Capital expenditures (4,635) (17,201) (13,856)
Purchases of marketable securities (382,884) 0 0
Net cash used in investing activities (387,519) (17,201) (13,856)
Cash flows from financing activities      
Payments of finance lease obligations (140) (123) (104)
Proceeds from issuance of common stock pursuant to stock options exercised 19,980 2,582 0
Repayment on notes payable (310) (310) 0
Proceeds from issuance of common stock 500,000 460,200 20,000
Withholding taxes paid on behalf of employees on net settled stock-based compensation (23,401) (4,767) 0
Transaction costs (6,772) (20,988) (48,005)
Net transfer from Parent Company 0 0 106,119
Proceeds from Parent Company 0 0 56,310
Proceeds from reverse acquisition 0 0 500,000
Net cash provided by financing activities 489,357 436,594 634,320
Net increase in cash and cash equivalents (128,925) 186,234 411,353
Cash, cash equivalents and restricted cash at beginning of year 678,955 492,721 81,368
Cash, cash equivalents and restricted cash at end of year 550,030 678,955 492,721
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash and cash equivalents 524,481 665,924 480,443
Restricted cash 25,549 13,031 12,278
Cash, cash equivalents and restricted cash $ 550,030 $ 678,955 $ 492,721
v3.22.0.1
Organization and its wholly owned subsidiaries ("VGH, Inc.")
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and its wholly owned subsidiaries ("VGH, Inc.") Organization and its wholly owned subsidiaries ("VGH, Inc.")
Virgin Galactic Holdings, Inc. and its wholly owned subsidiaries ("VGH, Inc."), in this report as "we," "us," "our," the "Company" and similar terms, are focused on the development, manufacture and operations of spaceships and related technologies for the purpose of conducting commercial human spaceflight and flying commercial research and development payloads into space. The development and manufacturing activities are located in Mojave, California with plans to operate the commercial spaceflights out of Spaceport America located in New Mexico.

Global Pandemic
On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19 as a global pandemic and recommended containment and mitigation measures. Since then, extraordinary actions have been taken by international, federal, state, and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions throughout the world. These actions have included travel bans, quarantines, "stay-at-home" orders, and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations.

Consistent with the actions taken by governmental authorities, including the U.S. Federal government, the states of California and New Mexico and the United Kingdom, where most of our workforce is located, we have taken appropriately cautious steps to protect our workforce and support community efforts. As part of these efforts, and in accordance with applicable government directives, we initially reduced and then temporarily suspended on-site operations at our facilities in Mojave, California and Spaceport America in New Mexico in March 2020. Starting late March 2020, approximately two-thirds of our employees and contractors were able to complete their duties from home, which enabled much of our critical work to continue, including engineering analysis and drawing releases for VSS Unity, VMS Eve and the second SpaceShipTwo vehicle; process documentation updates; as well as workforce training and education. The remaining one-third of our workforce was unable to perform their normal duties from home. In April 2020, in accordance with our classification within the critical infrastructure designation, we resumed limited operations under revised operational and manufacturing plans that conformed to the COVID-19 health precautions at that time. This included universal facial covering requirements, rearranging facilities to follow social distancing protocols, conducting active daily temperature checks and undertaking regular, thorough disinfecting of surfaces and tools. We also tested employees and contractors for COVID-19 on a regular basis. Following guidance from the Occupational Safety and Health Administration ("OSHA"), we allowed fully vaccinated employees and contractors to be mask-free in our facilities to the extent permitted by state and local guidelines, while continuing to require the wearing of masks for our unvaccinated population. Our unvaccinated population was also required to test weekly for COVID-19. Virgin Galactic's policy as of December 31, 2021 is that all employees are required to be fully vaccinated, unless such employees are legally entitled to an accommodation. As the COVID-19 pandemic has evolved, we have continued to follow U.S. Federal, State and UK guidance, as applicable to our sites.

Beginning in the summer of 2020, all of our employees whose work requires them to be in our facilities returned back on-site, and we continue to follow Federal, State and international guidance as applicable, to ensure employee safety. For the time being, we are encouraging those employees who are not required onsite and are able to work from home to continue doing so.

The COVID-19 pandemic and the protocols and procedures we have implemented in response to the pandemic have caused and continue to cause delays to our business and operations, which has led to accumulated impacts to both schedule and cost efficiency and some delays in operational and maintenance activities, including delays in our test flight program. We expect this to continue. The full impact of the COVID-19 pandemic on our business and results of our future operations will depend on future developments, such as the ultimate duration and scope of the pandemic and its impact on our operations necessary to complete the development of our spaceflight systems, our scheduled spaceflight test programs and commencement of our commercial flights. In addition to existing travel restrictions, countries may continue to maintain or reimpose closed borders, impose prolonged quarantines and/or further restrict travel. We believe our cash and cash equivalents on hand at December 31, 2021, and management's operating plan, will provide sufficient liquidity to fund our operations for at least the next twelve months from the issuance of the financial statements included in this Annual Report on Form 10-K. If the pandemic worsens and we experience an additional delay, we may take additional actions, such as further reducing costs.
v3.22.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Basis of PresentationThese consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany transactions and balances between the various legal entities comprising the Company have been eliminated in consolidation.Use of EstimatesThe preparation of the consolidated financial statements in conformity with GAAP required us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Significant estimates inherent in the preparation of the consolidated financial statements include, but are not limited to, accounting for revenue, cost of revenue, contract assets, contract liabilities, useful lives of property, plant and equipment, fair value of investments, accrued liabilities, income taxes including deferred tax assets and liabilities and impairment valuation, warrants, stock-based awards and contingencies.Cash and Cash EquivalentsThe Company's cash consists of cash on hand. We consider all highly liquid investments with an original maturity of three months or less, when acquired, to be cash equivalents.Restricted CashWe classify as restricted cash any cash deposits received from our future astronauts, that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. Restricted cash also includes cash held for our letter of credit requirements under our IT equipment financing arrangement.Marketable SecuritiesThe Company's marketable securities have been classified as debt securities that are and accounted for as "available-for-sale" securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the classifications at each balance sheet date. Marketable securities are classified as short-term and long-term based on their availability for use in current operations. The Company's marketable securities are carried at fair value, with unrealized gains and losses, net of income taxes, reported as a component of accumulated other comprehensive income (loss) in the statement of equity, with the exception of unrealized losses believed to be other-than-temporary, which are reported in the Company's statement of operations and comprehensive loss in the period in which such determination is made.Accounts ReceivableAccounts receivable are recorded at the invoiced amount and unbilled receivable, less an allowance for any potential expected uncollectible amounts and do not bear interest. The Company estimates allowance for doubtful accounts based on historical losses, the age of the receivable balance, credit quality of our customers, current economic conditions, and other factors that may affect the customers’ ability to pay. There was no allowance for uncollectible amounts as of December 31, 2021 or 2020, and no write-offs for the years ended December 31, 2021, 2020 or 2019. The Company does not have any off balance sheet credit exposure related to its customers.InventoryInventories consist of raw materials expected to be used for the development of the human spaceflight program and customer specific contracts. Inventories are stated at the lower of cost or net realizable value. At the end of each period we evaluate whether the utility of our inventories have diminished through damage, deterioration, obsolescence, changes in price or other causes, and if so, a loss is recognized in the period in which it occurs. We determine the costs of other product and supply inventories by using the first-in first-out or average cost methods. The company’s status of pre-technological feasibility means that material issued from inventory into production of our vehicles, labor charges and overhead charges are charged to R&D expense.Property, Plant, and Equipment, net
Property, plant, and equipment, net and leasehold improvements are stated at cost, less accumulated depreciation.

Depreciation on property, plant, and equipment, net is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter period of the estimated life or the lease term.

The estimated useful lives of property and equipment are principally as follows:
AssetUseful Life
Buildings39 years
Leasehold ImprovementsShorter of the estimated useful life or lease term
Aircraft20 years
Machinery & equipment
5 to 7 years
IT software and equipment
3 to 5 years

We incur repair and maintenance costs on major equipment, which is expensed as incurred.
LeasesThe Company determines whether an arrangement contains a lease at inception. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the balance sheet as: right-of-use asset (“ROU asset”) and operating lease obligation. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The ROU asset also includes deferred rent liabilities. The Company’s lease arrangements generally do not provide an implicit interest rate. As a result, in such situations the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its ROU assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has some lease agreements with lease and non-lease components, which are accounted for as a single lease component. ROU assets are presented in other non-current assets and lease liabilities are presented in other long-term liabilities on our consolidated balance sheet.Capitalized SoftwareWe capitalize certain costs associated with the development or purchase of internal-use software. The amounts capitalized are included in property, plant, and equipment, net on the accompanying consolidated balance sheets and are amortized on a straight-line basis over the estimated useful life of the resulting software, which approximates 3 years. As of December 31, 2021 and 2020, net capitalized software, totaled $2.0 million and $3.4 million, including accumulated amortization of $8.4 million and $6.6 million, respectively. No amortization expense is recorded until the software is ready for its intended use. For the years ended December 31, 2021, 2020, and 2019, amortization expense related to capitalized software was $1.7 million, $1.3 million and $0.8 million, respectively.Long-Lived AssetsLong-lived assets primarily consist of property, plant, and equipment, net and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset group to its carrying amount. We assess impairment for asset groups, which represent a combination of assets that produce distinguishable cash flows. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. We have not recorded any impairment charges during the years presented.Fair Value Measurements
We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We estimate fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels:

•Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date;
•Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; and
•Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The fair value of the warrant liability was determined using the Black-Scholes valuation methodology and the quoted price of the Company’s common stock in an active market, a Level 3 measurement. Volatility was based on the actual market activity of the Company’s peer group as well as the Company's historical volatility since the Virgin Galactic Business Combination. The expected life was based on the remaining contractual term of the warrants, and the risk free interest rate was based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life.

The Company calculated the estimated fair value of the warrants using the following assumptions:

As of
December 31, 2020
Risk-free interest rate0.25%
Contractual term3.82 years
Expected volatility80%
SegmentsOperating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.Comprehensive LossComprehensive loss generally represents all changes in equity other than transactions with owners. Our comprehensive loss consists of net loss, foreign currency translation adjustments and any unrealized gains (losses) on marketable debt securities .Revenue Recognition
We recognize revenue when control of the promised service is transferred to our customers in an amount that reflects the consideration we expect to receive based on the contracted amount for those services. Our contracts generally include spaceflight operations and other revenue and engineering services revenue.
Spaceflight operations and other revenue
Spaceflight operations and other revenue is recognized for providing human spaceflights and carrying payload cargo into space, or a combination of the two. In addition, we have various sponsorship arrangements for which revenue is recognized over the sponsorship term.
Human spaceflight services are those services provided to the majority of our customers. Spaceflight service revenue is recognized at a point in time upon successful completion of a spaceflight.
Payload cargo services generally include performance obligations in which control is transferred over time. We recognize revenue on these fixed fee contracts, over time, using the proportion of actual costs incurred to the total costs expected to complete the performance obligations.
In contracts which include a combination of services, the Company assesses and accounts for individual services separately if they are distinct performance obligations, which often requires judgment based upon knowledge of the services and structure of the sales contract. We allocate the contract price to each performance obligation based on the estimated standalone selling price using observable pricing from our contracts with single performance obligations.
Engineering services revenue
Engineering services revenue is recognized for providing services for the research, design, development, manufacture, integration and sustainment of advanced technology aerospace systems, products and services. We have arrangements as a subcontractor to the primary contractor of a long-term contract with the U.S. Government and perform the specified work on a time-and-materials basis subject to a guaranteed maximum price. Our engineering services revenue contract obligates us to provide services that together are one distinct performance obligation; the delivery of engineering services. The Company elected to apply the ‘as-invoiced’ practical expedient to such revenues, and as a result, will bypass estimating the variable transaction price. Revenue is recognized as control of the performance obligation is transferred over time to the customer.
Membership revenue
Membership revenue is recognized for providing access to Virgin Galactic's Future Astronaut community. This membership provides access to events and experiences, including exclusive weeks 'at home' with Virgin Galactic Astronaut 001, Sir Richard Branson. Each ticket purchased after our ticket sale reopening in 2021 includes this membership. We allocate a portion of the contract price to the membership
based on the estimated standalone selling price. We recognize revenue for these memberships over time based on the period of performance before members' flight to space.
Variable consideration
We generally estimate variable consideration and refund liabilities at the most likely amount to which we expect to be entitled or owed and in certain cases based on the expected value, which requires judgment. Estimated variable consideration amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimated refund liability amounts are excluded in the transaction price to the extent it is probable that they are payable to the customer. Our estimates of variable consideration and refund liabilities, and determination of whether to include the estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information that is reasonably available to us.
Disaggregation of revenue
The Company does not disaggregate revenue for purposes of disclosure.
Contract balances
Contract assets are comprised of billed accounts receivable and unbilled receivables, which is the result of timing of revenue recognition, billings and cash collections. The Company records accounts receivable when it has an unconditional right to consideration.
Contract liabilities relate to spaceflight operations and other revenue contracts and are recorded when cash payments are received or due in advance of performance. Cash payments for spaceflight services are classified as customer deposits until enforceable rights and obligations exist, when such deposits also become nonrefundable. Customer deposits become nonrefundable and are recorded as deferred revenue following the Company's delivery of the conditions of carriage to the customer and execution of an informed consent. As of December 31, 2021 and 2020, our contract liabilities are $90.9 million and $83.2 million, respectively. As of December 31, 2021, the contract liabilities were comprised of customer deposits for our spaceflight services of $90.9 million. As of December 31, 2020, the contract liabilities are comprised of customer deposits for our spaceflight services of $82.7 million and $0.6 million for our payload contracts.
Contract fulfillment costs
The Company evaluates whether or not we should capitalize the costs of fulfilling a contract. Such costs would be capitalized when they are not within the scope of other standards and: (1) are directly related to a contract; (2) generate or enhance resources that will be used to satisfy performance obligations; and (3) are expected to be recovered.
Significant financing component
In determining the transaction price, the Company assesses the existence of significant financing components in its arrangements and adjusts the promised amount of consideration for the effects of the time value of money when the timing of payments provides it with a significant benefit of financing the transfers of goods or services to the customer. The arrangements related to our current offerings do not have a significant financing component as the payment terms are intended to enable customers to reserve the service, not to provide a financing benefit to the Company.
Remaining performance obligations
We do not disclose information about remaining performance obligations for (a) contracts with an original expected length of one year or less, (b) revenues recognized at the amount at which we have the right to invoice for services performed, or (c) variable consideration allocated to wholly unsatisfied performance obligations.
Cost of RevenueCosts of revenue related to spaceflights includes costs related to the consumption of a rocket motor, fuel, payroll and benefits for our pilots and ground crew, and maintenance. Cost of revenue related to the payload and engineering services consists of expenses related to materials and human capital, such as payroll and benefits. Once we have completed our test flight program and commenced commercial operations, we will capitalize the cost to construct any additional spaceship vehicles. Cost of revenue will include vehicle depreciation once those spaceships are placed into service. We have not capitalized any spaceship development costs to date.Selling, General and AdministrativeSelling, general and administrative expenses consist of human capital related expenses for employees involved in general corporate functions, including executive management and administration, accounting, finance, tax, legal, information technology, marketing and commercial, and human resources; depreciation expense and rent relating to facilities, including a portion of the lease with Spaceport America, and equipment; professional fees; and other general corporate costs. Human capital expenses primarily include salaries, cash bonuses, stock-based compensation and benefits. As we continue to grow as a company, we expect that our selling, general and administrative costs will increase on an absolute dollar basis.Research & Development
Research and development expense represents costs incurred to support activities that advance our human spaceflight system towards commercialization, including basic research, applied research, concept formulation studies, design, development, and related testing activities. Research and development costs consist primarily of the following costs for developing our spaceflight systems:
•flight testing programs, including rocket motors, fuel, and payroll and benefits for pilots and ground crew performing test flights;
•equipment, material, and labor hours (including from third party contractors) for developing the spaceflight system’s structure, spaceflight propulsion system, and flight profiles; and
•rent, maintenance, and depreciation of facilities and equipment and other overhead expenses allocated to the research and development departments.

As of December 31, 2021, our current primary research and development objectives focus on the development of our mothership and spaceship vehicles for commercial spaceflights and developing our rocket motor, a hybrid rocket propulsion system that will be used to propel our spaceship vehicles into space. The successful development of Mothership, Spaceship and rocket motor involves many uncertainties, including:
•our ability to recruit and retain skilled engineering and manufacturing staff;
•timing in finalizing spaceflight systems design and specifications;
•successful completion of flight test programs, including flight safety tests;
•our ability to obtain additional applicable approvals, licenses or certifications from regulatory agencies, if required, and maintaining current approvals, licenses or certifications;
•performance of our manufacturing facilities despite risks that disrupt productions, such as natural disasters and hazardous materials;
•performance of a limited number of suppliers for certain raw materials and components;
•performance of our third-party contractors that support our research and development activities including the quality of components and subassemblies;
•our ability to maintain rights from third parties for intellectual properties critical to research and development activities;
•continued access to launch sites and airspace;
•our ability to continue funding and maintain our current research and development activities; and
•the impact of the ongoing global COVID-19 pandemic.

A change in the outcome of any of these variables could delay the development of Spaceship and rocket motor, which in turn could impact when we are able to commence our human spaceflights.

As we are currently still in our final development and testing stage of our spaceflight system, we have expensed all research and development costs associated with developing and building our spaceflight system. We expect that our research and development expenses will decrease once technological feasibility is reached for our spaceflight systems as the costs incurred to manufacture additional Spaceship vehicles, built by leveraging the invested research and development, will no longer qualify as research and development activities.
Income Taxes
Subsequent to the VG Business Combination, a separate stand-alone tax return was filed for the period from October 26, 2019 through December 31, 2019.

The Company records income tax expense for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records valuation allowances to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized. Its assessment considers the recognition of deferred tax assets on a jurisdictional basis. Accordingly, in assessing its future taxable income on a jurisdictional basis, the Company considers the effect of its transfer pricing policies on that income. The Company has placed a full valuation allowance against U.S. federal and state deferred tax assets since the recovery of the assets is uncertain.

The Company recognizes tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. As the Company expands, it will face increased complexity in determining the appropriate tax jurisdictions for revenue and expense items. The Company’s policy is to adjust these reserves when facts and circumstances change, such as the closing of a tax audit or refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the income tax expense in the period in which such determination is made and could have a material impact on its financial condition and operating results. The income tax expense includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties.
Cash Incentive PlanOn June 19, 2017, the Company adopted the Cash Incentive Plan to provide cash bonuses to employees based on the attainment of three qualifying milestones with defined target dates. The maximum aggregate amount of cash awards under the Cash Incentive Plan is $30.0 million, and approved awards have been allocated equally to each milestone. Compensation cost is recognized when it is probable that a milestone will be achieved. Upon achieving each milestone by the defined target date, 50% of the cash award for that milestone will be vested and the remaining 50% will be vested upon the one year anniversary of the target date if the employee maintained employment in good standing. In the event the milestone is not achieved by the defined target date, but no later than six months after the defined target date, the milestone award would be reduced by half, of which 50% will be vested upon achieving the delayed target date and the remaining 50% will be vested upon the one year anniversary of the delayed target date if the employee maintained employment in good standing. If the milestone is not achieved by six months after the defined
target date, the award attributed to that milestone would expire and the associated cash award value would be reserved for future grants under the Cash Incentive Plan.
The first qualifying milestone was not achieved under the Cash Incentive Plan. The second qualifying milestone under the Company’s multiyear cash incentive plan was amended upon the closing of the Virgin Galactic Business Combination such that the participants who remained continuously employed through the closing of the Virgin Galactic Business Combination were entitled to receive 100% of the bonus that such participant would have otherwise received upon the achievement of the original second qualifying milestone, as amended. The Company recognized and settled the $9.9 million in compensation costs owed to participants for the second qualifying milestone upon the closing of the Transaction. The remaining third milestone is deemed not probable of being achieved. As such, no accrual has been recorded related to this plan as of December 31, 2021 or 2020. In the event the Company believes a payment related to the Cash Incentive Plan will become probable in the future, an accrual will be recorded at that time based on the anticipated payout.
Concentrations of Credit Risks and Significant Vendors and CustomersFinancial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents and of certificates of deposit. In respect to accounts receivable, we are not exposed to any significant credit risk to any single counterparty or any company of counterparties having similar characteristics.Foreign CurrencyThe functional currency of our foreign subsidiary operating in the United Kingdom is the local currency. Assets and liabilities are translated to the United States dollar using the period-end rates of exchange. Revenue and expenses are translated to the United States dollar using average rates of exchange for the period. Exchange differences arising from this translation of foreign currency are recorded as other comprehensive income.Stock-Based Compensation
We recognize all stock-based awards to employees and directors as stock-based compensation expense based upon their fair values on the date of grant.

We estimate the fair value of stock-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense during the requisite service periods. We have estimated the fair value for each option award as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected life of the award and the expected volatility of our stock price. We recognize the stock-based compensation expense over the requisite service period using the straight-line method for service condition only awards, which is generally a vesting term of four years. Stock options typically have a contractual term of 10 years. The stock options granted have an exercise price equal to the closing stock price of our common stock on the grant date. Compensation expense for RSUs are based on the market price of the shares underlying the awards on the grant date. Compensation expense for performance-based awards reflects the estimated probability that the performance condition will be met. Compensation expense for awards with total stockholder return performance metrics reflects the fair value calculated using the Monte Carlo simulation model, which incorporates stock price correlation and other variables over the time horizons matching the performance periods.
Reclassification Certain amounts in the accompanying consolidated financial statements and accompanying notes have been reclassified to be consistent with the current period presentation. We reclassified a portion of our property, plant and equipment in machinery and equipment to inventory, as part of our standardization of accounting policies across entities, for inventory and property, plant and equipment. These reclassifications impacted our consolidated balance sheet, consolidated statement of operations and comprehensive loss and consolidated statements of cash flows. Warrant Liability
The Company classifies its public and private placement warrants as liabilities in accordance with ASC 815 (Derivatives and Hedging). The warrant liability is recorded on the consolidated balance sheet at fair value on the issue date, with subsequent changes in their fair value recognized in the consolidated statement of operations at each reporting date.
The Company determined the fair value of its public warrants, which traded in active markets, using quoted market prices for identical instruments. The Company determines the fair value of the private placement warrants using a Black-Scholes option model and the quoted price of the Company’s common stock in an active market, a Level 3 measurement. Volatility is based on the actual market activity of the Company’s peer group as well as the Company's historical volatility since the Virgin Galactic Business Combination. The expected life is based on the remaining contractual term of the warrants, and the risk free interest rate is based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life.
v3.22.0.1
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”).

(a)Issued Accounting Standard Updates Not Yet Adopted
In January 2021, the FASB issued ASU 2021-01 - Reference Rate Reform, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounted transition. This update is effective immediately. We have evaluated and determined the update has no impact to the Company's consolidated financial statements.
In May 2021, the FASB issued ASU 2021-04, Earning 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 clarified and reduced diversity in an issuer's accounting for modifications of exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This update is effective for all entities for fiscal years beginning after December 15, 2021. We evaluated and determined that the update has had no impact on the Company's condensed consolidated financial statements after the effective date.

(b)     Adopted Accounting Standard Updates

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which affects general principles within Topic 740, and are meant to simplify and reduce the cost of accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and simplifies areas including franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, the incremental approach for intraperiod tax allocation, interim period income tax accounting for year-to-date losses that exceed anticipated losses and enacted changes in tax laws in interim periods. The Company adopted the new guidance effective January 1, 2021. The adoption of the new guidance did not have a material impact to 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 and clarifies certain calculation and presentation matters related to convertible and equity and debt instruments. Specifically, ASU-2020-06 removes requirements to separately account for conversion features as a derivative under ASC Topic 815 and removing the requirement to account for beneficial conversion features on such instruments. Accounting Standards Update 2020-06 also provides clearer guidance surrounding disclosure of such instruments and provides specific guidance for how such instruments are to be incorporated in the calculation of Diluted EPS. The guidance under ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020. The adoption of the new guidance did not have a material impact to the Company's consolidated financial statements.
v3.22.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company licenses its brand name from certain entities affiliated with Virgin Enterprises Limited (“VEL”), a company incorporated in England. VEL is an affiliate of the Company. Under the trademark license, the Company has the exclusive right to operate under the brand name “Virgin Galactic” worldwide. Royalty payables, excluding sponsorship royalties, for the use of license are the greater of 1% of revenue or $40,000 per quarter, prior to the commercial launch date. Sponsorship royalties payable are 25% of sponsorship revenue. We paid license and royalty fees of $0.5 million, $0.2 million and $0.1 million for the years ended December 31, 2021, 2020, and 2019, respectively.

As a result of the Virgin Galactic Business Combination, the Company entered into a transition services agreement ("TSA") with Virgin Orbit, LLC ("VO") and GV on October 25, 2019. Prior to the Virgin Galactic Business Combination, the VG Companies historically performed certain services for VO, Vieco 10 and GV and were allocated corporate expenses from Vieco 10 and GV for corporate-related functions based on an allocation methodology that considered our headcount, unless directly attributable to the business. General corporate overhead expense allocations included tax, accounting and auditing professional fees, and certain employee benefits. From the effective date to the year ended December 31, 2021, the Company billed VO, Vieco 10 and GV for services provided under the TSA. We were allocated $137,000, zero and $1.2 million corporate expenses, net, from V10 and GV for the years ended December 31, 2021, 2020 and 2019, respectively. Corporate expense are included within selling, general and administrative expenses in the accompanying consolidated statements of operations.
The Company is allocated operating expense from VO Holdings, Inc. and its subsidiaries (“VOH”), a majority owned company of V10 and GV for operations-related functions based on an allocation methodology that considers our headcount, unless directly attributable to the business. Operating expense allocations include use of machinery and equipment and other general administrative expenses. We were allocated $0.1 million, $0.5 million and $0.2 million of operating expenses, net, from VOH for each of the years ended December 31, 2021, 2020, and 2019, respectively. The Company has a receivable from VOH of less than $0.1 million and $0.1 million as of December 31, 2021 and 2020, respectively.
v3.22.0.1
Cash, Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Marketable Securities Cash, Cash Equivalents and Marketable Securities
The amortized cost, unrealized gain (loss) and estimated fair value of the Company's cash equivalents and marketable securities as of December 31, 2021 and 2020 were as followed.

As of December 31, 2021
Amortized CostGross Unrealized Gains (Losses)Fair Value
(In thousands)
Cash and cash equivalents
Cash$55,592 $— $55,592 
   Money market402,889 — 402,889 
   Certificate of deposits91,549 — 91,549 
Marketable securities
   Corporate debt securities382,884 (2,003)380,881 
Total cash, cash equivalents and marketable securities$932,914 $(2,003)$930,911 
The Company included $2.3 million of interest receivable in prepaid expenses and other current assets as of December 31, 2021.
The Company recognized $2.1 million in amortization expense for marketable securities within interest income, net for the year ended December 31, 2021.
As of December 31, 2020
Amortized CostGross Unrealized Gains (Losses)Fair Value
(In thousands)
Cash and cash equivalents
Cash$27,326 $— $27,326 
   Money market357,463 — 357,463 
   Certificate of deposits93,802 — 93,802 
Mutual funds200,364 — 200,364 
Total cash and cash equivalents$678,955 $— $678,955 
The amount of interest receivable included in prepaid expenses and other current assets was less than $0.1 million as of December 31, 2020.

The following table presents the contractual maturities of the Company's marketable securities as of December 31, 2021:
As of December 31, 2021
Amortized CostEstimated Fair Value
(In thousands)
Matures within one year$79,586 $79,418 
Matures between one to two years303,298 301,463 
Total$382,884 $380,881 
v3.22.0.1
Inventory
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Inventory Inventory
As of December 31, 2021 and 2020, inventory is comprised of the following:
As of December 31,
20212020
(In thousands)
Raw Materials$21,127 $22,963 
Spare parts 8,541 7,520 
$29,668 $30,483 
For the years ended December 31, 2021, 2020 and 2019, the Company increased the reserve for inventory obsolescence by $0.6 million, $1.1 million and zero million, respectively. For the years ended December 31, 2021, 2020 and 2019, the write down of obsolete inventory was $0.4 million, zero, and $0.3 million, respectively.
v3.22.0.1
Property, Plant, and Equipment, net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net Property, Plant, and Equipment, net
As of December 31, 2021 and 2020, property, plant, and equipment, net consists of the following :
As of December 31,
20212020
(In thousands)
Buildings$9,117 $9,142 
Leasehold improvements29,155 28,744 
Aircraft195 195 
Machinery and equipment37,002 34,330 
IT software and equipment23,523 22,042 
Construction in progress2,901 1,780 
101,893 96,233 
Less accumulated depreciation and amortization
(54,395)(43,085)
Property, plant, and equipment, net
$47,498 $53,148 
Total depreciation related to property, plant and equipment for the years ended December 31, 2021, 2020 and 2019 was $11.3 million, $9.7 million and $6.9 million, respectively, of which $5.1 million, $4.3 million and $3.7 million was recorded in research and development expense, respectively. Depreciation of assets acquired under finance leases was $0.1 million, $0.1 million and $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.
v3.22.0.1
Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
We lease our offices and other facilities and certain manufacturing and office equipment under long-term, non-cancelable operating and finance leases. Some leases include options to purchase, terminate, or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. We do not recognize ROU assets and lease liabilities for leases with terms at inception of twelve months or less.

At inception, we determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. Some of our arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., services). We have elected to account for these lease and non-lease components as a single lease component. We are also electing not to apply the recognition requirements to short-term leases of twelve months or less.

Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company utilizes its incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. The Company’s incremental borrowing rate varies between 8.3% to 11.8% depending on the length of the lease. This was determined by a third-party valuation firm based on market yields. The operating lease ROU asset includes any lease payments made and excludes lease incentives. Our variable lease payments primarily consist of lease payments resulting from changes in the consumer price index. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our ROU assets and lease payments may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Finance leases are recorded as an asset and an obligation at an amount equal to the present value of the minimum lease payments during the lease term. Amortization expense and interest expense associated with finance leases are included in selling, general, and administrative expense and interest expense, respectively, on the consolidated statements of comprehensive loss.

The Company adopted ASC 842 under the simplified transition method. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods.

The components of lease expense related to leases for the period are as follows:
For the Years Ended December 31,
20212020
(In thousands)
Lease Cost:
Operating lease expense $5,528 $5,125 
Short-term lease expense32 278 
Finance lease cost:
Amortization of right-of-use assets
136 129 
Interest on lease liabilities26 33 
Total finance lease cost162 162 
       Variable lease cost 5,091 2,518 
Total lease cost$10,813 $8,083 


The components of supplemental cash flow information related to leases for the period are as follows:

For the Years Ended December 31,
20212020
 (in thousands, except term and rate data)
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,535 $5,840 
Operating cash flows from finance leases$26 $33 
Financing cash flows from finance leases
$140 $123 
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations
Operating leases$17,960 $750 
Finance Leases$19 $117 
Other Information:
Weighted average remaining lease term:
Operating leases (in years)11.6912.71
Finance leases (in years)2.092.87
Weighted average discount rates:
Operating leases11.67 %11.70 %
Finance leases8.17 %8.43 %





The supplemental balance sheet information related to leases for the period is as follows:
As of December 31,
20212020
(In thousands)
Operating leases
Long-term right-of-use assets$35,486 $19,555 
    Short-term operating lease liabilities$2,204 $2,384 
    Long-term operating lease liabilities39,965 24,148 
Total operating lease liabilities$42,169 $26,532 

Lease expense for the years ended December 31, 2021, 2020 and 2019 was $10.8 million, $8.1 million and $5.3 million, respectively.
Leases Leases
We lease our offices and other facilities and certain manufacturing and office equipment under long-term, non-cancelable operating and finance leases. Some leases include options to purchase, terminate, or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. We do not recognize ROU assets and lease liabilities for leases with terms at inception of twelve months or less.

At inception, we determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. Some of our arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., services). We have elected to account for these lease and non-lease components as a single lease component. We are also electing not to apply the recognition requirements to short-term leases of twelve months or less.

Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company utilizes its incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. The Company’s incremental borrowing rate varies between 8.3% to 11.8% depending on the length of the lease. This was determined by a third-party valuation firm based on market yields. The operating lease ROU asset includes any lease payments made and excludes lease incentives. Our variable lease payments primarily consist of lease payments resulting from changes in the consumer price index. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our ROU assets and lease payments may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Finance leases are recorded as an asset and an obligation at an amount equal to the present value of the minimum lease payments during the lease term. Amortization expense and interest expense associated with finance leases are included in selling, general, and administrative expense and interest expense, respectively, on the consolidated statements of comprehensive loss.

The Company adopted ASC 842 under the simplified transition method. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods.

The components of lease expense related to leases for the period are as follows:
For the Years Ended December 31,
20212020
(In thousands)
Lease Cost:
Operating lease expense $5,528 $5,125 
Short-term lease expense32 278 
Finance lease cost:
Amortization of right-of-use assets
136 129 
Interest on lease liabilities26 33 
Total finance lease cost162 162 
       Variable lease cost 5,091 2,518 
Total lease cost$10,813 $8,083 


The components of supplemental cash flow information related to leases for the period are as follows:

For the Years Ended December 31,
20212020
 (in thousands, except term and rate data)
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,535 $5,840 
Operating cash flows from finance leases$26 $33 
Financing cash flows from finance leases
$140 $123 
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations
Operating leases$17,960 $750 
Finance Leases$19 $117 
Other Information:
Weighted average remaining lease term:
Operating leases (in years)11.6912.71
Finance leases (in years)2.092.87
Weighted average discount rates:
Operating leases11.67 %11.70 %
Finance leases8.17 %8.43 %





The supplemental balance sheet information related to leases for the period is as follows:
As of December 31,
20212020
(In thousands)
Operating leases
Long-term right-of-use assets$35,486 $19,555 
    Short-term operating lease liabilities$2,204 $2,384 
    Long-term operating lease liabilities39,965 24,148 
Total operating lease liabilities$42,169 $26,532 

Lease expense for the years ended December 31, 2021, 2020 and 2019 was $10.8 million, $8.1 million and $5.3 million, respectively.
v3.22.0.1
Accrued Liabilities
 12 Months Ended
Dec. 31, 2021
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued LiabilitiesA summary of the components of accrued liabilities are as follows:
As of December 31,
20212020
(In thousands)
Accrued payroll$4,214 $4,060 
Accrued vacation5,372 4,624 
Accrued bonus12,218 6,892 
Accrued inventory604 950 
Other accrued expenses6,379 6,456 
Total accrued liabilities$28,787 $22,982 
v3.22.0.1
Long-term Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
As of December 31,
20212020
(In thousands)
Commercial loan$310 $620 
310 620 
     Less: Current portion(310)(310)
Non-current portion$— $310 

Aggregate maturities of long-term debt as of December 31, 2021 are as follows :
(In thousands)
2022$310 
$310 

On June 18, 2020, we financed the purchase of software licenses through a loan totaling approximately $0.9 million. The loan amortizes in three equal annual installments of approximately $0.3 million with the final payment due on October 1,
2022 with 0% interest rate. The loan is secured by a standby letter of credit issued from our financial institution and restricted cash has been recorded for the full loan amount borrowed.

The imputed interest of this loan was immaterial.
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
As of December 31, 2019 and for the year ended December 31, 2019, we adopted the separate return approach for the purpose of presenting the combined financial statements, including the income tax provisions and the related deferred tax assets and liabilities. The historic operations of the Company reflect a separate return approach for each jurisdiction in which the Company had a presence and GV filed tax returns for the year ended December 31, 2019. GV filed a separate stand-alone tax return for the period ended December 31, 2019. Subsequent to the IPO, a separate stand-alone tax return was filed for the Company.
For the years ended December 31, 2021, 2020 and 2019, loss before income taxes are as follows:
Years ended December 31,
202120202019
(In thousands)
U.S. operations$(353,807)$(645,508)$(215,585)
Foreign operations987 627 532 
Loss before income taxes$(352,820)$(644,881)$(215,053)

Income tax expense attributable to loss from continuing operations consists of:        
CurrentDeferredTotal
(In thousands)
Year ended December 31, 2021
U.S. operations$— $— $— 
State and local4 — 4 
Foreign jurisdiction92 (17)75 
$96 $(17)$79 
Year ended December 31, 2020
U.S. operations$— $— $— 
State and local— — — 
Foreign jurisdiction(114)120 6 
$(114)$120 $6 
Year ended December 31, 2019
U.S. operations$— $— $— 
State and local27 — 27 
Foreign jurisdiction50 (15)35 
$77 $(15)$62 

Prior to the Virgin Galactic Business Combination, the Company's income tax return was included in the consolidated U.S. Federal and state tax returns of GV. The Virgin Galactic Business Combination resulted in a separation from GV whereby the historical tax attributes including research and development tax credits, net operating loss carryforwards, income taxes
payable and reserves for uncertain tax positions remain with GV. Immediately following the Virgin Galactic Business Combination, the Company effectively became a new and separate tax filer from GV with zero tax attributes and liabilities carrying over.

In accordance with ASC 740-20-45-11, the Virgin Galactic Business Combination is considered a transaction among or with its shareholders requiring the tax effects to be recorded through equity. Were it not for the valuation allowance, the Company would have recorded a tax expense of $130.5 million through equity to account for the change in deferred tax liabilities. Due to the offsetting decrease in the valuation allowance on the Company’s U.S. federal and state net deferred tax assets, there is a corresponding net tax benefit of $(130.5) million resulting in zero total tax effect recorded to equity. Further, as a result of the Virgin Galactic Business Combination, the estimated purchase price consideration (“Purchase Price”) was allocated to the Company’s assets pursuant to Internal Revenue Code §1060 and related Treasury Regulations with the remaining balance of an estimated $230.5 million recorded to tax goodwill in deferred tax assets. As of December 31, 2020, the Company adjusted its tax goodwill by $33.8 million. Were it not for the valuation allowance, the adjustment would have been recorded as a tax benefit. Due to the offsetting increase in the valuation allowance, there is a corresponding tax expense of $33.8 million resulting in zero total tax effect recorded to tax expense. There was no adjustment to tax goodwill in 2021.
Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards.

The Company records income tax expense for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records valuation allowances to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized. Its assessment considers the recognition of deferred tax assets on a jurisdictional basis. Accordingly, in assessing its future taxable income on a jurisdictional basis, the Company considers the effect of its transfer pricing policies on that income. The Company has placed a full valuation allowance against U.S. federal and state deferred tax assets since the recovery of the assets is uncertain.
The tax effects of significant items comprising the Company’s deferred taxes as of December 31, 2021 and 2020 are as follows:

20212020
(In thousands)
Deferred tax assets:
Net operating loss carryforwards$200,670 $86,986 
Research and development23,601 19,385 
Accrued liabilities4,661 3,036 
Lease obligation10,530 5,877 
Deferred revenue177 16 
Plant and equipment, principally due to differences in depreciation and capitalized interest1,606 1,079 
Goodwill237,394 225,196 
Stock-based compensation5,808 3,291 
Related party expenses2,461 — 
Other1,093 309 
Total gross deferred tax assets488,001 345,175 
Less valuation allowance(479,125)(342,426)
Net deferred tax assets$8,876 $2,749 
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation and capitalized interest$(2)$— 
Right-of-Use Asset
$(8,809)$(2,701)
Total gross deferred tax liabilities(8,811)(2,701)
Net deferred tax assets$65 $48 

ASC 740 requires that the tax benefit of net operating losses (“NOLs”), temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits from operating loss carryforwards is currently not likely to be realized and, accordingly, has provided a full valuation allowance against its deferred tax assets.

The changes in valuation allowance related to current year operating activity was an increase in the amount of $136.7 million during the year ended December 31, 2021.

NOLs and tax credit gross carryforwards as of December 31, 2021 are as follows:

AmountExpiration Years
(In thousand)
NOLs, Federal$813,420 See notes below
NOLs, State$637,070 See notes below
Tax credits, Federal$19,432 See notes below
Tax credits, State$12,745 See notes below
The effective tax rate of the Company’s (provision) benefit for income taxes differs from the federal statutory rate as follows:
Years Ended December 31,
202120202019
(In thousands)
Statutory rate$(74,092)21.0 %$(135,425)21.0 %$(45,278)21.1 %
State income tax(59,527)16.9 %14,645 (2.3)%(5,867)2.7 %
Research & Development(1,292)0.4 %(10,785)1.7 %(8,593)4.0 %
Mark to market warrants7,276 (2.1)%78,089 (12.1)%877 (0.4)%
Change in valuation allowance137,926 (39.1)%58,685 (9.1)%64,515 (30.0)%
Reduction of allocated R&D from GV— — %— — %(8,376)3.9 %
Stock-based compensation(10,831)3.1 %(5,316)0.8 %— — %
Benefit of foreign rate(23)— %(13)— %— — %
Other, net642 (0.2)%126 — %2,784 (1.3)%
Total$79 — %$6 — %$62 — %


The total tax provision for the period January 1, 2019 through December 31, 2019 excludes the tax effects of the Virgin Galactic Business Combination which was recorded to equity.

Net Operating Losses
All tax attributes, including net operating losses (“NOL’s”) generated prior to the Virgin Galactic Business Combination were realized by GV.

As of December 31, 2021, the Company has approximately $813.4 million and $637.1 million of federal and state NOLs respectively. Under the Tax Cuts and Jobs Act, all NOLs incurred during the year ended December 31, 2019 and thereafter are carried forward indefinitely for federal tax purposes. California has not conformed to the indefinite carry forward period for NOLs. The NOLs begin expiring in the calendar year 2039 for state purposes.

In the ordinary course of its business, the Company incurs costs that, for tax purposes, are determined to be qualified research and development ("R&D") expenditures within the meaning of IRC §41 and are, therefore, eligible for the Increasing Research Activities credit under IRC §41. The R&D tax credit carryforward as of December 31, 2021 is $19.4 million and $12.8 million for Federal and State, respectively. The R&D tax credit carryforwards begin expiring in the calendar year 2039 for federal purposes. R&D credits generated for California purposes carry forward indefinitely.

Under Section 382 of the Internal Revenue Code of 1986, the Company’s ability to utilize net operating loss carryforwards or other tax attributes such as research tax credits, in any taxable year, may be limited if the Company experiences, or has experienced, an “ownership change.” A Section 382 “ownership change generally occurs if one or more stockholders or groups of stockholders, who own at least 5% of the Company’s stock, increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. The Company may have or may in the future, experience one or more Section 382 “ownership changes.” If so, the Company may not be able to utilize a material portion of its net operating loss carryforwards and tax credits, even if the Company achieves profitability.

Uncertain Tax Positions
The Company recognizes tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. As the Company expands, it will face increased complexity in determining the appropriate tax jurisdictions
for revenue and expense items. The Company’s policy is to adjust these reserves when facts and circumstances change, such as the closing of a tax audit or refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the income tax expense in the period in which such determination is made and could have a material impact on its financial condition and operating results. The income tax expense includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties.

As of December 31, 2021, the Company has total uncertain tax positions of $5.9 million, which is net of tax. The balance is related to the R&D tax credit, which is recorded as a reduction of the deferred tax asset related credit carry-forwards. No interest or penalties have been recorded related to the uncertain tax positions. A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:
Years ended December 31,
20212020
(In thousands)
Balance at the beginning of the year$4,847 $905 
     Additions based on tax positions related to current year2,549 4,108 
     Additions based on tax positions related to prior years— — 
     Deductions based on tax positions related to prior years(1,495)— 
     Reductions of allocated tax attributes from GV— (166)
Balance at the end of year$5,901 $4,847 

Subsequent to the date of the Virgin Galactic Business Combination, the ending unrecognized tax benefits at December 31, 2019 are for the expected tax positions taken during the period from October 26, 2019 through December 31, 2019.

It is not expected that there will be a significant change in uncertain tax position in the next 12 months. The Company is subject to U.S. federal and state income tax as well as to income tax in multiple state jurisdictions, and one foreign jurisdiction. In the normal course of business, the Company is subject to examination by tax authorities. There are no tax examinations in progress as of December 31, 2021. The U.S. federal and state income tax returns for the period from October 26, 2019 through December 31, 2019 remain subject to examination. The statute of limitations for our foreign tax jurisdiction is open for tax years after December 31, 2019.

On March 27, 2020, former President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748) which includes a number of provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Under ASC 740, the effects of new legislation are recognized upon enactment. Accordingly, the effects of the CARES Act have been incorporated into the income tax provision computation for the year ended December 31, 2020. These provisions did not have a material impact on the income tax provision.

On December 27, 2020, former President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA 2021) which included a number of provisions including, but not limited to the extension of numerous employment tax credits and enhanced business meals deductions. Accordingly, the effects of the CCA have been incorporated into the income tax provision computation for the year ended December 31, 2021. These provisions did not have a material impact on the income tax provision.
v3.22.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Preferred and Common Stock

The total number of shares of all classes of capital stock which we have authority to issue is 710,000,000 of which 700,000,000 are common stock, par value $0.0001 per share, and 10,000,000 are preferred stock par value $0.0001 per share. The designations and the powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect to each of our class of capital stock are as follows:
(a) Preferred Stock - Subject to the stockholders’ agreement entered in connection with the Virgin Galactic Business Combination, the Company's Board of Directors (the "Board") is expressly granted authority to issue shares of the preferred stock, in one or more series, and to fix for each such series such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating, optional or other special rights and such qualifications, limitations or restrictions thereof, including without limitation thereof, dividend rights, conversion rights, redemption privileges and liquidation preferences, as shall be stated and expressed in the resolution or resolutions adopted by the Board providing for the issue of such series all to the fullest extent now or hereafter permitted by Delaware Law.

(b) Common Stock - Each holder of common stock is entitled to one vote for each share of common stock held by such holder. The holders of common stock are entitled to the payment of dividends when and as declared by the Board in accordance with applicable law and to receive other distributions from the Company. Any dividends declared by the Board to the holders of the then outstanding shares of common stock will be paid to the holders thereof pro rata in accordance with the number of shares of common stock held by each such holder as of the record date of such dividend.

In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the funds and assets of the Company that may be legally distributed to the Company’s stockholders will be distributed among the holders of the then outstanding shares of Common Stock pro rata in accordance with the number of shares of common stock held by each such holder. The foregoing rights of the holders of the common stock are subject to and qualified by the rights of, the holders of the preferred stock of any series as may be designated by the Board upon any issuance of the preferred stock of any series.

Issuance of Common Stock

In August 2020, the Company sold 23,600,000 shares of common stock at a public offering price of $19.50 per share for gross proceeds of $460.2 million, before deducting underwriting discounts and commissions and other expenses payable by the Company. The Company incurred $20.9 million of transaction costs including underwriting discounts and commissions.
On July 12, 2021, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (each, an “Agent” and collectively, the “Agents”) providing for the offer and sale of up to $500.0 million of shares of the Company’s common stock, par value $0.0001 per share, through an "at the market offering" program ("ATM"), from time to time by the Company through the Agents, acting as the Company’s sales agents, or directly to one or more of the Agents, acting as principal.
On July 16, 2021, we completed the ATM, generating $500.0 million in gross proceeds, before deducting $6.2 million in underwriting discounts and commissions, and other expenses payable by the Company, through the sale of 13,740,433 shares of common stock.


Stockholders' Agreement

In connection with the closing of the Virgin Galactic Business Combination, the Company entered into a stockholders’ agreement with certain of the Company’s investors. Pursuant to the terms of the Stockholders’ Agreement, as long as Virgin Investments Limited (VIL) is entitled to designate two directors to the Company’s Board of Directors, the Company must obtain VIL’s prior written consent to engage in certain corporate transactions and management functions such as business combinations, disposals, acquisitions, incurring indebtedness, and engagement of professional advisors, among others.

Warrants and Warrant Redemption

In SCH's initial public offering, each unit sold at a price of $10.00 per unit consisted of one Class A ordinary share and one-third of one warrant (each whole warrant, a “SCH Public Warrant”). In connection with the Virgin Galactic Business Combination, upon Domestication, each then issued and outstanding redeemable SCH Public Warrant (including SCH Public Warrants that were part of SCH's outstanding units at the time of the Virgin Galactic Business Combination) converted automatically into a redeemable warrant (the "VGH, Inc. Public Warrants). Each VGH, Inc. Public Warrant entitled the holder to purchase one ordinary share of VGH, Inc. common stock at a price of
$11.50 per share and were exercisable as of December 31, 2019. Unless earlier redeemed, the VGH, Inc. Public Warrants would expire five years from the completion of the Virgin Galactic Business Combination. The Company was entitled to redeem the outstanding VGH, Inc. Public Warrants at a price of $0.01 per VGH, Inc. Public Warrant upon a minimum of 30 days’ prior written notice of redemption, and only in the event that the last sale price of the Company's common stock was at least $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which notice of redemption was given. If the Company redeemed the VGH, Inc. Public Warrants as described above, it would have the option to require all holders that wish to exercise their VGH, Inc. Public Warrants to do so on a “cashless basis.”

As of December 31, 2019, there were 22,999,977 VGH, Inc. Public Warrants outstanding that had initially been issued as part of the Company's initial public offering in 2017, which included warrants that were part of the Company’s then-outstanding units. As of December 31, 2019, there were also 8,000,000 warrants outstanding that were issued in a private placement simultaneously with the Company’s initial public offering (the “private placement warrants”).

Under the terms of the warrant agreement (the “Warrant Agreement”) between us and Continental Stock Transfer & Trust Company, as warrant agent, the public warrants became exercisable on a cashless basis on January 27, 2020, based on the exchange ratio as calculated under the Warrant Agreement at the time of the exercise. On March 13, 2020 and pursuant to the terms of the Warrant Agreement, we announced that all public warrants that remained unexercised immediately after 5:00 p.m. New York City time on April 13, 2020 (the “Redemption Date”) would be redeemed for $0.01 per warrant. Warrant holders could exercise their public warrants at any time from March 13, 2020 and prior to the Redemption Date on a cashless basis, and receive 0.5073 shares of common stock per public warrant surrendered for exercise. Immediately after the Redemption Date, 295,305 public warrants remained unexercised and were redeemed at a redemption price of $0.01 per public warrant in accordance with the terms of the Warrant Agreement. As of December 31, 2021, there were no VGH, Inc. Public or Private Placement Warrants outstanding.

The Company determined that both the public warrants and the private placement warrants should be classified as a long-term liability in accordance with ASC 815-40. See Note 3(z). Warrant Liability for additional information on the accounting for warrants. The Company remeasures the fair value of the Warrants at each reporting date. In connection with the Company's remeasurement of the Warrants to fair value, the Company recorded expense of approximately $34.7 million, $371.9 million and $4.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The fair value of the warrant liability is approximately zero and $135.4 million as of December 31, 2021 and 2020, respectively. The private placement warrants are classified as Level 3 financial instruments as of December 31, 2020. See Note 3(m). Fair Value Measurements.
v3.22.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents net loss per share and related information:        
Years Ended December 31,
202120202019
(In thousands, except for per share data)
Basic and diluted:
     Net loss$(352,899)$(644,887)$(215,115)
     Weighted average common shares outstanding 247,618,557 219,107,905 194,378,154 
     Basic and diluted net loss per share $(1.43)$(2.94)$(1.11)

Earnings per share calculations for all periods prior to the Virgin Galactic Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Virgin Galactic Business Combination to effect the reverse recapitalization, less issuance of 1,924,402 shares to Boeing, the issuance of 413,486 shares to settle transaction costs and the common stock equivalent of the vested 1,500,000 RSUs granted to certain directors in connection to the Virgin Galactic Business Combination. Subsequent to the Virgin Galactic Business Combination, earnings per share is calculated based on the weighted average number of common stock then outstanding.

Basic and dilutive net loss per share is computed by dividing the net loss for the period by the weighted average number of common stock outstanding during the period.

As of December 31, 2021, 2020 and 2019, the Company has excluded the potential effect of warrants to purchase shares of common stock totaling zero, 8,000,000 and 30,999,977, respectively, shares and the dilutive effect of outstanding stock options and unvested RSUs, as described in Note 14, in the calculation of diluted loss per share, as the effect would be anti-dilutive due to losses incurred.
v3.22.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2014 Stock Plan

Prior to the Virgin Galactic Business Combination, the Company maintained a stock-based compensation plan (the "2014 Plan") at the V10 level.

The 2014 Stock Plan provided for grants of nonqualified stock options for employees. The exercise price was determined based on invested capital at the time of the grant, and escalates by an 8% hurdle rate on an annual basis. The exercisability of these options was based on time and performance vesting conditions. Performance vesting was defined as change in control, defined as greater than 50% at V10 or an initial public offering at the V10, provided such change in control or initial public offering at V10, occurred on or before the seventh anniversary of the applicable grant date. In the event that the performance vesting condition were satisfied prior to the full satisfaction of the time vesting condition, the option would have continued to vest and become exercisable in accordance with the vesting schedule unless the compensation committee approved to fully vest these options. On October 25, 2019, the 2014 Stock Plan was canceled and was replaced with the 2019 Incentive Award Plan (the "2019 Plan"). As the performance conditions set forth in the 2014 Plan were not probable of being met, no stock-based compensation expense was recognized for the period from January 1, 2019 through October 25, 2019 or the year December 31, 2018. No options were exercisable for the period from January 1, 2019 through October 25, 2019 or the year ended December 31, 2018.
Options outstanding
Shares
available
for grant		Number of
shares
granted		Weighted-
average
exercise
price		Weighted-
average
contractual
term
(in years)
Balances as of December 31, 20171,608,660 1,007,525 $7.69 4.50
Authorized— — 
Granted(1,000)1,000 9.44 
Forfeited134,125 (134,125)7.72 
Balances as of December 31, 20181,741,785 874,400 $7.70 3.53
Authorized— — 
Granted— — — 
Forfeited154,775 (154,775)7.68 
Cancelled(1,896,560)(719,625)7.70 
Balances as of October 25, 2019— — $— 0

2019 Stock Incentive Plan

The Board and stockholders of the Company adopted the 2019 Plan in connection with the Virgin Galactic Business Combination. Pursuant to the 2019 Plan, up to 21,208,755 shares of common stock have been reserved for issuance, upon exercise of awards made to employees, directors and other service providers.

Common Stock Reserved for Future Issuance

The following summarizes common stock reserved for future issuance at December 31, 2021:

Number of Shares
Stock options outstanding4,253,767 
Restricted stock units outstanding2,396,732 
Performance stock units outstanding89,839 
Authorized for future issuance under stock incentive plan8,415,911 
15,156,249 

The Company made a grant of stock options to certain employees in connection with the consummation of the Virgin Galactic Business Combination. Twenty five percent of such stock options cliff vest at the grant date first anniversary and will ratably vest monthly over the next three years, subject to continued employment on each vesting date. Vested options will be exercisable at any time until ten years from the grant date, subject to earlier expiration under certain terminations of service and other conditions. The stock options granted have an exercise price equal to the closing stock price of our common stock on the grant date.
The following table sets forth the summary of options activity under the Plans (dollars in thousands except per share data):
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value(1)
Options outstanding at December 31, 20196,122,044 $11.58 9.8$— 
Granted1,919,640 19.86 
Exercised(218,955)11.79 
Forfeited options(1,026,684)13.70 
Options outstanding at December 31, 20206,796,045 13.59 8.6$68,888 
Granted
— — 
Exercised
(1,601,857)12.47 
Forfeited options(940,421)13.27 
Options outstanding at December 31, 20214,253,767 $14.09 7.6$6,187 
Options exercisable at December 31, 20211,959,453 $14.04 7.0$2,890 


(1) Aggregate intrinsic value is calculated based on the difference between our closing stock price at year end and the     exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date.

Restricted Stock Units

For the year ended December 31, 2021, we granted 988,781 RSUs to employees. The RSUs vest over four years with 25% cliff vest at the first year anniversary of the grant date and ratably over the next three years. Stock-based compensation expense for the RSUs is recognized on a straight-line basis using the Monte Carlo valuation method for the RSUs granted to employees.

Award Modification

On March 10, 2020, we modified the RSU grants made in connection with the closing of the Virgin Galactic Business Combination by removing one of the vesting criteria requiring our share price value to be greater than $10 per share at the time RSUs vest. No other terms of the awards were modified. Stock-based compensation expense related to the modification was calculated by taking the incremental fair value based on the difference between the fair value of the modified award and the fair value of the original award. Given the RSUs were unvested at the time of modification, the incremental stock-based compensation expense will prospectively be expensed over the remaining vesting period. Total incremental stock-based compensation expense recorded as a result of the modification was $5.4 million and $4.5 million for the years ended December 31, 2021 and 2020, respectively.
RSU activity during the year ended December 31, 2021 was as follows:
SharesWeighted Average Fair Value
Outstanding at December 31, 20191,767,714 $7.11 
Granted5,752,331 19.42 
Vested(2,130,763)20.53 
Forfeited(628,498)14.71 
Outstanding at December 31, 20204,760,784 19.63 
Granted 988,781 34.03 
Vested (2,100,931)18.30 
Forfeited (1,251,902)17.41 
Outstanding at December 31, 20212,396,732 $27.89 

Fair value of our RSUs is based on our closing stock price on the date of grant. The weighted average grant date fair value of RSUs that were granted during the year ended December 31, 2021 was $33.6 million. The weighted average grant date fair value RSUs granted during the year ended December 31, 2021 was $34.03.

Performance Stock Units

For the year ended December 31, 2021, the Company granted 94,689 PSUs to our executive officers. Between 25% and 200% of the PSUs are eligible to vest based on the achievement of certain performance goals by specified target dates. The fair value of these PSUs is calculated based on the market value of the Company's common stock on the grant date. These PSUs are amortized over the requisite service period in which it is probable that the performance goal is achieved. The following table summarizes the details of the performance stock units:

SharesWeighted Average Fair Value
PSUs outstanding at December 31, 2020— $— 
Granted94,689 26.70 
Forfeited(4,850)30.93 
PSUs outstanding at December 31, 2021
89,839 $26.47 

Stock options and RSUs expenses included in selling, general and administrative and research and development expense in the consolidated statements of operations and comprehensive loss, is as follows (in thousands):
Years ended December 31,
202120202019
Stock option expense
   Selling, General & Administrative$14,258 $9,677 $1,197 
   Research & Development3,211 3,834 739 
      Total stock option expense17,469 13,511 1,936 
RSU expense
   Selling, General & Administrative30,280 11,595 394 
   Research & Development12,413 5,218 205 
      Total RSU expense42,693 16,813 599 
PSU expense
Selling, General & Administrative1,643 — — 
Total PSU expense1,643 — — 
Total stock-based compensation expense$61,805 $30,324 $2,535 

At December 31, 2021, the unrecognized stock-based compensation related to these options was $21.1 million and is expected to be recognized over a weighted-average period of 2.2 years. At December 31, 2021, the unrecognized stock-based compensation related to RSUs was $83.8 million and is expected to be recognized over a weighted-average period of 2.7 years. At December 31, 2021, the unrecognized stock-based compensation related to PSUs was $1.0 million and is expected to be recognized over a weighted-average period of 0.4 years.

At December 31, 2020, the unrecognized stock-based compensation related to these options was $46.6 million and is expected to be recognized over a weighted-average period of 3.1 years. At December 31, 2020, the unrecognized stock-based compensation related to RSUs was $103.4 million and is expected to be recognized over a weighted-average period of 3.5 years.

At December 31, 2019, the unrecognized stock-based compensation related to these options was $44.8 million and was expected to be recognized over a weighted-average period of 3.8 years. At December 31, 2019, the unrecognized stock-based compensation related to RSUs was $12.0 million and was expected to be recognized over a weighted-average period of 3.8 years.


Stock-Based Compensation

We use the Black-Scholes option pricing model to determine the fair value of stock options. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, risk-free interest rate and expected dividends.

We estimated expected volatility based on historical data of the price of our and our peers' common stock over the expected term of the options. The expected term, which represents the period of time that options granted are expected to be outstanding, is estimated based on guidelines provided in U.S. SEC Staff Accounting Bulletin No. 110 and represents the average of the vesting tranches and contractual terms. The risk-free rate assumed in valuing the options is based on the U.S. Treasury rate in effect at the time of grant for the expected term of the option. We do not anticipate paying any cash dividends in the foreseeable future and, therefore, used an expected dividend yield of zero in the option pricing model. Stock-based compensation awards are amortized on a straight-line basis over a four-year period. We made an accounting policy election to account for forfeitures in the period they occur.
The weighted average assumptions used to value the option grants for 2020 are as follows:
2020
Expected life (in years) 6.0
Volatility75.2 %
Risk free interest rate
1.4 %
Dividend yield — %

The weighted average fair value per option at the grant date for options issued during the year ended December 31, 2020 was $8.88.

There were no option grants during 2021.
v3.22.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables presents the Company's financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:
As of December 31, 2021
Level 1Level 2Level 3Total
(In thousands)
Assets
   Money market$402,889 $— $— $402,889 
   Certificate of deposits91,549 — 91,549 
   Corporate debt securities— 380,881 — 380,881 
Total assets at fair value$494,438 $380,881 $— $875,319 
As of December 31, 2020
Level 1Level 2Level 3Total
(In thousands)
Assets
   Money market$357,463 $— $— $357,463 
   Certificate of deposits93,802 — — 93,802 
   Cash equivalents200,364 — — 200,364 
Total assets at fair value$651,629 $— $— $651,629 
Liabilities
   Warrant liability$— $— $135,440 $135,440 
Total liabilities at fair value$— $— $135,440 $135,440 
v3.22.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
(a)Leases and Notes Payable
The Company has certain noncancelable operating leases primarily for its premises. These leases generally contain renewal options for periods ranging from 3 to 20 years and require the Company to pay all executory costs, such as maintenance and insurance. Certain lease arrangements have rent free periods or escalating payment provisions, and we recognize rent expense of such arrangements on a straight line basis.
On June 18, 2020, we financed the purchase of software licenses through a loan totaling $0.9 million. The loan amortizes in three equal annual installments of $0.3 million with the final payment due on October 1, 2022 with 0% interest rate.
Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year), future minimum finance lease payments and repayments of notes payable as of December 31, 2021 are as follows:
Operating LeasesFinance
Leases		Note payable
(In thousands)
Year ending December 31:
2022$6,271 $137 $310 
20236,144 106 — 
20246,719 30 — 
20256,675 — — 
20266,760 — — 
Thereafter47,816 — — 
Total payments$80,385 $273 $310 
Less:
Imputed interest/present value discount(38,216)(21)— 
Present value of liabilities$42,169 $252 $310 

(b)Legal Proceedings

From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. The Company applies accounting for contingencies to determine when and how much to accrue for and disclose related to legal and other contingencies. Accordingly, the Company discloses contingencies deemed to be reasonably possible and accrues loss contingencies when, in consultation with legal advisors, it is concluded that a loss is probable and reasonably estimable. Although the ultimate aggregate amount of monetary liability or financial impact with respect to these matters is subject to many uncertainties and is therefore not predictable with assurance, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, beyond that provided at December 31, 2021, would not be material to the Company’s financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected.

Lavin v. the Company

On May 28, 2021, a class action complaint was filed against us in the Eastern District of New York captioned Lavin v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In September 2021, the Court appointed Robert Scheele and Mark Kusnier as co-lead plaintiffs for the purported class. Co-lead plaintiffs amended the complaint in December 2021, asserting violations of Sections 10(b), 20(a) and 20A of the Exchange Act of 1934 against us and certain of our current and former officers and directors on behalf of a putative class of investors who purchased our common stock between July 10, 2019 and October 14, 2021. The amended complaint alleges, among other things, that we and certain of our current and former officers and directors made false and misleading statements and failed to disclose certain information regarding the safety of its ships and success of its commercial flight program. Co-lead
plaintiffs seek damages, interest, costs, expenses, attorneys' fees, and other unspecified equitable relief. The Company intends to vigorously defend against this matter.

Spiteri, derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors

On February 22, 2022, an alleged shareholder filed a derivative complaint purportedly on behalf of the Company against certain of our current and former officers and directors in the Eastern District of New York captioned Spiteri v. Branson et al., Case No. 1:22-cv-00933. The complaint asserts violations of Sections 10(b), 21D and 14(a) of the Exchange Act of 1934 and claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The Company intends to vigorously defend against this matter.

In September 2018, a former contractor employed through a third party staffing agency, alleged on behalf of himself and other aggrieved employees that the Company and the staffing agency, purportedly violated California state wage and hour laws. In March 2020, the Company agreed to settle this matter for $1.9 million. For the year ended December 31, 2020, the Company recorded an additional legal settlement expense of $0.2 million that was recorded in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. As of December 31, 2021, the Company has an outstanding no outstanding balance payable.
For the year ended December 31, 2018, the Company received $28.0 million from a legal settlement received from one of its suppliers, which was recorded in other income in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2018
v3.22.0.1
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plan Employee Benefit PlanThe Company has defined contribution plans, under which the Company pays fixed contributions into a separate entity, and additional contributions to the plans are based upon a percentage of the employees’ elected contributions. The Company will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized within selling, general, and administrative expenses and research and development in the consolidated statements of operations and comprehensive loss, as incurred. Defined contributions were $5.6 million, $4.7 million and $4.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.
v3.22.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Years ended December 31,
202120202019
(In thousands)
Supplemental disclosure
Cash payments for:
Income tax paid $109 $102 $226 
$109 $102 $226 
Schedule for noncash operating activities
ASC 842 leases - Operating leases$17,960 $750 $17,658 
$17,960 $750 $17,658 
Schedule for noncash investing activities
Unpaid property, plant, and equipment received$1,109 $1,399 $2,571 
$1,109 $1,399 $2,571 
Schedule for noncash financing activities
Conversion of VGH, LLC membership units to VGH, Inc. common stock$— $— $114,648 
Unpaid transaction costs — — 4,875 
ASC 842 leases - Finance leases19 117 430 
Issuance of common stock through "cashless" warrants exercised 170,090 360,742 — 
Issuance of common stock through RSUs vested 57,658 43,738 — 
Note payable(310)620 — 
$227,457 $405,217 $119,953 
v3.22.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
2027 Convertible Senior Notes

On January 19, 2022, the Company completed an offering of $425 million aggregate principal amount of convertible senior notes due 2027 (the "2027 Notes"). The 2027 Notes are senior, unsecured obligations of the Company, and bear interest at a fixed rate of 2.50% per year. Interest is payable in cash semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2022. The total net proceeds from the 2027 Notes, after deducting initial purchasers’ discounts and debt issuance costs, were $362 million.

The 2027 Notes mature on February 1, 2027 unless earlier repurchased, redeemed or converted. Prior to November 1, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events. On and after November 1, 2026, noteholders will have the right to convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date

The terms of the 2027 Notes are governed by an Indenture by and between the Company and UBS, as Trustee (the 2027 Indenture). Upon conversion, the 2027 Notes may be settled in cash, shares of the Company's common stock or a combination of cash and shares of common stock, par value $0.0001 per share (the “common stock”), at its election, based on the conversion rate

The 2027 Notes are convertible at an initial conversion rate of 78.1968 shares of common stock per $1,000 principal amount of the 2027 Notes, which is equal to an initial conversion price of approximately $12.79 per share of common stock, subject to adjustment upon the occurrence of certain events.
The 2027 Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company's option at any time, and from time to time, on or after February 6, 2025 and on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company's common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If a “fundamental change” (as will be defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require the Company to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

2027 Capped Calls

In connection with the pricing of the 2027 Notes, the Company entered into capped call transactions with respect to its common stock (the "2027 Capped Calls"). The 2027 Capped Calls are purchased call options that give the Company the option to purchase, subject to anti-dilution adjustments substantially identical to those in the 2027 Notes, approximately 33 million shares of its common stock for approximately $12.79 per share (subject to adjustment), corresponding to the approximate initial conversion price of the 2027 Notes, exercisable upon conversion of the 2027 Notes. The 2027 Capped Calls have initial cap prices of $20.06 per share (subject to adjustment) and will expire in 2027, if not exercised earlier. The 2027 Capped Calls are intended to offset potential dilution to the Company's common stock and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount upon any conversion of the 2027 Notes under certain circumstances. The 2027 Capped Calls are separate transactions and are not part of the terms of the 2027 Notes.
The Company paid an aggregate amount of $52.3 million for the 2027 Capped Calls.
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Basis of Presentation Basis of PresentationThese consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany transactions and balances between the various legal entities comprising the Company have been eliminated in consolidation.
Use of Estimates Use of EstimatesThe preparation of the consolidated financial statements in conformity with GAAP required us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Significant estimates inherent in the preparation of the consolidated financial statements include, but are not limited to, accounting for revenue, cost of revenue, contract assets, contract liabilities, useful lives of property, plant and equipment, fair value of investments, accrued liabilities, income taxes including deferred tax assets and liabilities and impairment valuation, warrants, stock-based awards and contingencies.
Cash and Cash Equivalents Cash and Cash EquivalentsThe Company's cash consists of cash on hand. We consider all highly liquid investments with an original maturity of three months or less, when acquired, to be cash equivalents.
Restricted Cash Restricted CashWe classify as restricted cash any cash deposits received from our future astronauts, that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. Restricted cash also includes cash held for our letter of credit requirements under our IT equipment financing arrangement.
Marketable Securities Marketable SecuritiesThe Company's marketable securities have been classified as debt securities that are and accounted for as "available-for-sale" securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the classifications at each balance sheet date. Marketable securities are classified as short-term and long-term based on their availability for use in current operations. The Company's marketable securities are carried at fair value, with unrealized gains and losses, net of income taxes, reported as a component of accumulated other comprehensive income (loss) in the statement of equity, with the exception of unrealized losses believed to be other-than-temporary, which are reported in the Company's statement of operations and comprehensive loss in the period in which such determination is made.
Accounts Receivable Accounts ReceivableAccounts receivable are recorded at the invoiced amount and unbilled receivable, less an allowance for any potential expected uncollectible amounts and do not bear interest. The Company estimates allowance for doubtful accounts based on historical losses, the age of the receivable balance, credit quality of our customers, current economic conditions, and other factors that may affect the customers’ ability to pay. There was no allowance for uncollectible amounts as of December 31, 2021 or 2020, and no write-offs for the years ended December 31, 2021, 2020 or 2019. The Company does not have any off balance sheet credit exposure related to its customers.
Inventory InventoryInventories consist of raw materials expected to be used for the development of the human spaceflight program and customer specific contracts. Inventories are stated at the lower of cost or net realizable value. At the end of each period we evaluate whether the utility of our inventories have diminished through damage, deterioration, obsolescence, changes in price or other causes, and if so, a loss is recognized in the period in which it occurs. We determine the costs of other product and supply inventories by using the first-in first-out or average cost methods. The company’s status of pre-technological feasibility means that material issued from inventory into production of our vehicles, labor charges and overhead charges are charged to R&D expense.
Property, Plant, and Equipment, net Property, Plant, and Equipment, net
Property, plant, and equipment, net and leasehold improvements are stated at cost, less accumulated depreciation.

Depreciation on property, plant, and equipment, net is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter period of the estimated life or the lease term.

The estimated useful lives of property and equipment are principally as follows:
AssetUseful Life
Buildings39 years
Leasehold ImprovementsShorter of the estimated useful life or lease term
Aircraft20 years
Machinery & equipment
5 to 7 years
IT software and equipment
3 to 5 years

We incur repair and maintenance costs on major equipment, which is expensed as incurred.
Leases LeasesThe Company determines whether an arrangement contains a lease at inception. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the balance sheet as: right-of-use asset (“ROU asset”) and operating lease obligation. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The ROU asset also includes deferred rent liabilities. The Company’s lease arrangements generally do not provide an implicit interest rate. As a result, in such situations the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its ROU assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has some lease agreements with lease and non-lease components, which are accounted for as a single lease component. ROU assets are presented in other non-current assets and lease liabilities are presented in other long-term liabilities on our consolidated balance sheet.
Capitalized Software Capitalized SoftwareWe capitalize certain costs associated with the development or purchase of internal-use software. The amounts capitalized are included in property, plant, and equipment, net on the accompanying consolidated balance sheets and are amortized on a straight-line basis over the estimated useful life of the resulting software, which approximates 3 years. As of December 31, 2021 and 2020, net capitalized software, totaled $2.0 million and $3.4 million, including accumulated amortization of $8.4 million and $6.6 million, respectively. No amortization expense is recorded until the software is ready for its intended use.
Long-Lived Assets Long-Lived AssetsLong-lived assets primarily consist of property, plant, and equipment, net and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset group to its carrying amount. We assess impairment for asset groups, which represent a combination of assets that produce distinguishable cash flows. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary.
Fair Value Measurements Fair Value Measurements
We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We estimate fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels:

•Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date;
•Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; and
•Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The fair value of the warrant liability was determined using the Black-Scholes valuation methodology and the quoted price of the Company’s common stock in an active market, a Level 3 measurement. Volatility was based on the actual market activity of the Company’s peer group as well as the Company's historical volatility since the Virgin Galactic Business Combination. The expected life was based on the remaining contractual term of the warrants, and the risk free interest rate was based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life.

The Company calculated the estimated fair value of the warrants using the following assumptions:

As of
December 31, 2020
Risk-free interest rate0.25%
Contractual term3.82 years
Expected volatility80%
Segments SegmentsOperating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Comprehensive Loss Comprehensive LossComprehensive loss generally represents all changes in equity other than transactions with owners. Our comprehensive loss consists of net loss, foreign currency translation adjustments and any unrealized gains (losses) on marketable debt securities .
Revenue Recognition Revenue Recognition
We recognize revenue when control of the promised service is transferred to our customers in an amount that reflects the consideration we expect to receive based on the contracted amount for those services. Our contracts generally include spaceflight operations and other revenue and engineering services revenue.
Spaceflight operations and other revenue
Spaceflight operations and other revenue is recognized for providing human spaceflights and carrying payload cargo into space, or a combination of the two. In addition, we have various sponsorship arrangements for which revenue is recognized over the sponsorship term.
Human spaceflight services are those services provided to the majority of our customers. Spaceflight service revenue is recognized at a point in time upon successful completion of a spaceflight.
Payload cargo services generally include performance obligations in which control is transferred over time. We recognize revenue on these fixed fee contracts, over time, using the proportion of actual costs incurred to the total costs expected to complete the performance obligations.
In contracts which include a combination of services, the Company assesses and accounts for individual services separately if they are distinct performance obligations, which often requires judgment based upon knowledge of the services and structure of the sales contract. We allocate the contract price to each performance obligation based on the estimated standalone selling price using observable pricing from our contracts with single performance obligations.
Engineering services revenue
Engineering services revenue is recognized for providing services for the research, design, development, manufacture, integration and sustainment of advanced technology aerospace systems, products and services. We have arrangements as a subcontractor to the primary contractor of a long-term contract with the U.S. Government and perform the specified work on a time-and-materials basis subject to a guaranteed maximum price. Our engineering services revenue contract obligates us to provide services that together are one distinct performance obligation; the delivery of engineering services. The Company elected to apply the ‘as-invoiced’ practical expedient to such revenues, and as a result, will bypass estimating the variable transaction price. Revenue is recognized as control of the performance obligation is transferred over time to the customer.
Membership revenue
Membership revenue is recognized for providing access to Virgin Galactic's Future Astronaut community. This membership provides access to events and experiences, including exclusive weeks 'at home' with Virgin Galactic Astronaut 001, Sir Richard Branson. Each ticket purchased after our ticket sale reopening in 2021 includes this membership. We allocate a portion of the contract price to the membership
based on the estimated standalone selling price. We recognize revenue for these memberships over time based on the period of performance before members' flight to space.
Variable consideration
We generally estimate variable consideration and refund liabilities at the most likely amount to which we expect to be entitled or owed and in certain cases based on the expected value, which requires judgment. Estimated variable consideration amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimated refund liability amounts are excluded in the transaction price to the extent it is probable that they are payable to the customer. Our estimates of variable consideration and refund liabilities, and determination of whether to include the estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information that is reasonably available to us.
Disaggregation of revenue
The Company does not disaggregate revenue for purposes of disclosure.
Contract balances
Contract assets are comprised of billed accounts receivable and unbilled receivables, which is the result of timing of revenue recognition, billings and cash collections. The Company records accounts receivable when it has an unconditional right to consideration.
Contract liabilities relate to spaceflight operations and other revenue contracts and are recorded when cash payments are received or due in advance of performance. Cash payments for spaceflight services are classified as customer deposits until enforceable rights and obligations exist, when such deposits also become nonrefundable. Customer deposits become nonrefundable and are recorded as deferred revenue following the Company's delivery of the conditions of carriage to the customer and execution of an informed consent. As of December 31, 2021 and 2020, our contract liabilities are $90.9 million and $83.2 million, respectively. As of December 31, 2021, the contract liabilities were comprised of customer deposits for our spaceflight services of $90.9 million. As of December 31, 2020, the contract liabilities are comprised of customer deposits for our spaceflight services of $82.7 million and $0.6 million for our payload contracts.
Contract fulfillment costs
The Company evaluates whether or not we should capitalize the costs of fulfilling a contract. Such costs would be capitalized when they are not within the scope of other standards and: (1) are directly related to a contract; (2) generate or enhance resources that will be used to satisfy performance obligations; and (3) are expected to be recovered.
Significant financing component
In determining the transaction price, the Company assesses the existence of significant financing components in its arrangements and adjusts the promised amount of consideration for the effects of the time value of money when the timing of payments provides it with a significant benefit of financing the transfers of goods or services to the customer. The arrangements related to our current offerings do not have a significant financing component as the payment terms are intended to enable customers to reserve the service, not to provide a financing benefit to the Company.
Remaining performance obligations
We do not disclose information about remaining performance obligations for (a) contracts with an original expected length of one year or less, (b) revenues recognized at the amount at which we have the right to invoice for services performed, or (c) variable consideration allocated to wholly unsatisfied performance obligations.
Cost of Revenue Cost of RevenueCosts of revenue related to spaceflights includes costs related to the consumption of a rocket motor, fuel, payroll and benefits for our pilots and ground crew, and maintenance. Cost of revenue related to the payload and engineering services consists of expenses related to materials and human capital, such as payroll and benefits. Once we have completed our test flight program and commenced commercial operations, we will capitalize the cost to construct any additional spaceship vehicles. Cost of revenue will include vehicle depreciation once those spaceships are placed into service. We have not capitalized any spaceship development costs to date.
Selling, General and Administrative Selling, General and AdministrativeSelling, general and administrative expenses consist of human capital related expenses for employees involved in general corporate functions, including executive management and administration, accounting, finance, tax, legal, information technology, marketing and commercial, and human resources; depreciation expense and rent relating to facilities, including a portion of the lease with Spaceport America, and equipment; professional fees; and other general corporate costs. Human capital expenses primarily include salaries, cash bonuses, stock-based compensation and benefits. As we continue to grow as a company, we expect that our selling, general and administrative costs will increase on an absolute dollar basis.
Research & Development Research & Development
Research and development expense represents costs incurred to support activities that advance our human spaceflight system towards commercialization, including basic research, applied research, concept formulation studies, design, development, and related testing activities. Research and development costs consist primarily of the following costs for developing our spaceflight systems:
•flight testing programs, including rocket motors, fuel, and payroll and benefits for pilots and ground crew performing test flights;
•equipment, material, and labor hours (including from third party contractors) for developing the spaceflight system’s structure, spaceflight propulsion system, and flight profiles; and
•rent, maintenance, and depreciation of facilities and equipment and other overhead expenses allocated to the research and development departments.

As of December 31, 2021, our current primary research and development objectives focus on the development of our mothership and spaceship vehicles for commercial spaceflights and developing our rocket motor, a hybrid rocket propulsion system that will be used to propel our spaceship vehicles into space. The successful development of Mothership, Spaceship and rocket motor involves many uncertainties, including:
•our ability to recruit and retain skilled engineering and manufacturing staff;
•timing in finalizing spaceflight systems design and specifications;
•successful completion of flight test programs, including flight safety tests;
•our ability to obtain additional applicable approvals, licenses or certifications from regulatory agencies, if required, and maintaining current approvals, licenses or certifications;
•performance of our manufacturing facilities despite risks that disrupt productions, such as natural disasters and hazardous materials;
•performance of a limited number of suppliers for certain raw materials and components;
•performance of our third-party contractors that support our research and development activities including the quality of components and subassemblies;
•our ability to maintain rights from third parties for intellectual properties critical to research and development activities;
•continued access to launch sites and airspace;
•our ability to continue funding and maintain our current research and development activities; and
•the impact of the ongoing global COVID-19 pandemic.

A change in the outcome of any of these variables could delay the development of Spaceship and rocket motor, which in turn could impact when we are able to commence our human spaceflights.

As we are currently still in our final development and testing stage of our spaceflight system, we have expensed all research and development costs associated with developing and building our spaceflight system. We expect that our research and development expenses will decrease once technological feasibility is reached for our spaceflight systems as the costs incurred to manufacture additional Spaceship vehicles, built by leveraging the invested research and development, will no longer qualify as research and development activities.
Income Taxes Income Taxes
Subsequent to the VG Business Combination, a separate stand-alone tax return was filed for the period from October 26, 2019 through December 31, 2019.

The Company records income tax expense for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records valuation allowances to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized. Its assessment considers the recognition of deferred tax assets on a jurisdictional basis. Accordingly, in assessing its future taxable income on a jurisdictional basis, the Company considers the effect of its transfer pricing policies on that income. The Company has placed a full valuation allowance against U.S. federal and state deferred tax assets since the recovery of the assets is uncertain.

The Company recognizes tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. As the Company expands, it will face increased complexity in determining the appropriate tax jurisdictions for revenue and expense items. The Company’s policy is to adjust these reserves when facts and circumstances change, such as the closing of a tax audit or refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the income tax expense in the period in which such determination is made and could have a material impact on its financial condition and operating results. The income tax expense includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties.
Cash Incentive Plan Cash Incentive PlanOn June 19, 2017, the Company adopted the Cash Incentive Plan to provide cash bonuses to employees based on the attainment of three qualifying milestones with defined target dates. The maximum aggregate amount of cash awards under the Cash Incentive Plan is $30.0 million, and approved awards have been allocated equally to each milestone. Compensation cost is recognized when it is probable that a milestone will be achieved. Upon achieving each milestone by the defined target date, 50% of the cash award for that milestone will be vested and the remaining 50% will be vested upon the one year anniversary of the target date if the employee maintained employment in good standing. In the event the milestone is not achieved by the defined target date, but no later than six months after the defined target date, the milestone award would be reduced by half, of which 50% will be vested upon achieving the delayed target date and the remaining 50% will be vested upon the one year anniversary of the delayed target date if the employee maintained employment in good standing. If the milestone is not achieved by six months after the defined
target date, the award attributed to that milestone would expire and the associated cash award value would be reserved for future grants under the Cash Incentive Plan.
The first qualifying milestone was not achieved under the Cash Incentive Plan. The second qualifying milestone under the Company’s multiyear cash incentive plan was amended upon the closing of the Virgin Galactic Business Combination such that the participants who remained continuously employed through the closing of the Virgin Galactic Business Combination were entitled to receive 100% of the bonus that such participant would have otherwise received upon the achievement of the original second qualifying milestone, as amended. The Company recognized and settled the $9.9 million in compensation costs owed to participants for the second qualifying milestone upon the closing of the Transaction. The remaining third milestone is deemed not probable of being achieved. As such, no accrual has been recorded related to this plan as of December 31, 2021 or 2020. In the event the Company believes a payment related to the Cash Incentive Plan will become probable in the future, an accrual will be recorded at that time based on the anticipated payout.
Concentrations of Credit Risks and Significant Vendors and Customers Concentrations of Credit Risks and Significant Vendors and CustomersFinancial instruments that potentially subject us to a significant concentration of credit risk consist primarily of cash and cash equivalents and of certificates of deposit. In respect to accounts receivable, we are not exposed to any significant credit risk to any single counterparty or any company of counterparties having similar characteristics.
Foreign Currency Foreign CurrencyThe functional currency of our foreign subsidiary operating in the United Kingdom is the local currency. Assets and liabilities are translated to the United States dollar using the period-end rates of exchange. Revenue and expenses are translated to the United States dollar using average rates of exchange for the period. Exchange differences arising from this translation of foreign currency are recorded as other comprehensive income.
Stock-Based Compensation Stock-Based Compensation
We recognize all stock-based awards to employees and directors as stock-based compensation expense based upon their fair values on the date of grant.

We estimate the fair value of stock-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense during the requisite service periods. We have estimated the fair value for each option award as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected life of the award and the expected volatility of our stock price. We recognize the stock-based compensation expense over the requisite service period using the straight-line method for service condition only awards, which is generally a vesting term of four years. Stock options typically have a contractual term of 10 years. The stock options granted have an exercise price equal to the closing stock price of our common stock on the grant date. Compensation expense for RSUs are based on the market price of the shares underlying the awards on the grant date. Compensation expense for performance-based awards reflects the estimated probability that the performance condition will be met. Compensation expense for awards with total stockholder return performance metrics reflects the fair value calculated using the Monte Carlo simulation model, which incorporates stock price correlation and other variables over the time horizons matching the performance periods.
Reclassification Reclassification Certain amounts in the accompanying consolidated financial statements and accompanying notes have been reclassified to be consistent with the current period presentation. We reclassified a portion of our property, plant and equipment in machinery and equipment to inventory, as part of our standardization of accounting policies across entities, for inventory and property, plant and equipment. These reclassifications impacted our consolidated balance sheet, consolidated statement of operations and comprehensive loss and consolidated statements of cash flows.
Warrant Liability Warrant Liability
The Company classifies its public and private placement warrants as liabilities in accordance with ASC 815 (Derivatives and Hedging). The warrant liability is recorded on the consolidated balance sheet at fair value on the issue date, with subsequent changes in their fair value recognized in the consolidated statement of operations at each reporting date.
The Company determined the fair value of its public warrants, which traded in active markets, using quoted market prices for identical instruments. The Company determines the fair value of the private placement warrants using a Black-Scholes option model and the quoted price of the Company’s common stock in an active market, a Level 3 measurement. Volatility is based on the actual market activity of the Company’s peer group as well as the Company's historical volatility since the Virgin Galactic Business Combination. The expected life is based on the remaining contractual term of the warrants, and the risk free interest rate is based on the implied yield available on U.S. Treasury Securities with a maturity equivalent to the warrants’ expected life.
Recent Accounting Pronouncements Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”).

(a)Issued Accounting Standard Updates Not Yet Adopted
In January 2021, the FASB issued ASU 2021-01 - Reference Rate Reform, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounted transition. This update is effective immediately. We have evaluated and determined the update has no impact to the Company's consolidated financial statements.
In May 2021, the FASB issued ASU 2021-04, Earning 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 clarified and reduced diversity in an issuer's accounting for modifications of exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This update is effective for all entities for fiscal years beginning after December 15, 2021. We evaluated and determined that the update has had no impact on the Company's condensed consolidated financial statements after the effective date.

(b)     Adopted Accounting Standard Updates

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which affects general principles within Topic 740, and are meant to simplify and reduce the cost of accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and simplifies areas including franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, the incremental approach for intraperiod tax allocation, interim period income tax accounting for year-to-date losses that exceed anticipated losses and enacted changes in tax laws in interim periods. The Company adopted the new guidance effective January 1, 2021. The adoption of the new guidance did not have a material impact to 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 and clarifies certain calculation and presentation matters related to convertible and equity and debt instruments. Specifically, ASU-2020-06 removes requirements to separately account for conversion features as a derivative under ASC Topic 815 and removing the requirement to account for beneficial conversion features on such instruments. Accounting Standards Update 2020-06 also provides clearer guidance surrounding disclosure of such instruments and provides specific guidance for how such instruments are to be incorporated in the calculation of Diluted EPS. The guidance under ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years
beginning after December 15, 2020. The adoption of the new guidance did not have a material impact to the Company's consolidated financial statements.
v3.22.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Property, Plant, and Equipment
The estimated useful lives of property and equipment are principally as follows:
AssetUseful Life
Buildings39 years
Leasehold ImprovementsShorter of the estimated useful life or lease term
Aircraft20 years
Machinery & equipment
5 to 7 years
IT software and equipment
3 to 5 years
As of December 31, 2021 and 2020, property, plant, and equipment, net consists of the following :
As of December 31,
20212020
(In thousands)
Buildings$9,117 $9,142 
Leasehold improvements29,155 28,744 
Aircraft195 195 
Machinery and equipment37,002 34,330 
IT software and equipment23,523 22,042 
Construction in progress2,901 1,780 
101,893 96,233 
Less accumulated depreciation and amortization
(54,395)(43,085)
Property, plant, and equipment, net
$47,498 $53,148 
Schedule of Fair Value Assumptions
The Company calculated the estimated fair value of the warrants using the following assumptions:

As of
December 31, 2020
Risk-free interest rate0.25%
Contractual term3.82 years
Expected volatility80%
v3.22.0.1
Cash, Cash Equivalents and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]  
Schedule of Marketable Securities
The amortized cost, unrealized gain (loss) and estimated fair value of the Company's cash equivalents and marketable securities as of December 31, 2021 and 2020 were as followed.

As of December 31, 2021
Amortized CostGross Unrealized Gains (Losses)Fair Value
(In thousands)
Cash and cash equivalents
Cash$55,592 $— $55,592 
   Money market402,889 — 402,889 
   Certificate of deposits91,549 — 91,549 
Marketable securities
   Corporate debt securities382,884 (2,003)380,881 
Total cash, cash equivalents and marketable securities$932,914 $(2,003)$930,911 
As of December 31, 2020
Amortized CostGross Unrealized Gains (Losses)Fair Value
(In thousands)
Cash and cash equivalents
Cash$27,326 $— $27,326 
   Money market357,463 — 357,463 
   Certificate of deposits93,802 — 93,802 
Mutual funds200,364 — 200,364 
Total cash and cash equivalents$678,955 $— $678,955 
Schedule of Contractual Maturities
The following table presents the contractual maturities of the Company's marketable securities as of December 31, 2021:
As of December 31, 2021
Amortized CostEstimated Fair Value
(In thousands)
Matures within one year$79,586 $79,418 
Matures between one to two years303,298 301,463 
Total$382,884 $380,881 
v3.22.0.1
Inventory (Tables)
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Schedule of Inventory
As of December 31, 2021 and 2020, inventory is comprised of the following:
As of December 31,
20212020
(In thousands)
Raw Materials$21,127 $22,963 
Spare parts 8,541 7,520 
$29,668 $30,483 
v3.22.0.1
Property, Plant, and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment
The estimated useful lives of property and equipment are principally as follows:
AssetUseful Life
Buildings39 years
Leasehold ImprovementsShorter of the estimated useful life or lease term
Aircraft20 years
Machinery & equipment
5 to 7 years
IT software and equipment
3 to 5 years
As of December 31, 2021 and 2020, property, plant, and equipment, net consists of the following :
As of December 31,
20212020
(In thousands)
Buildings$9,117 $9,142 
Leasehold improvements29,155 28,744 
Aircraft195 195 
Machinery and equipment37,002 34,330 
IT software and equipment23,523 22,042 
Construction in progress2,901 1,780 
101,893 96,233 
Less accumulated depreciation and amortization
(54,395)(43,085)
Property, plant, and equipment, net
$47,498 $53,148 
v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Summary of Lease Expense and Cash Flow Information The components of lease expense related to leases for the period are as follows:
For the Years Ended December 31,
20212020
(In thousands)
Lease Cost:
Operating lease expense $5,528 $5,125 
Short-term lease expense32 278 
Finance lease cost:
Amortization of right-of-use assets
136 129 
Interest on lease liabilities26 33 
Total finance lease cost162 162 
       Variable lease cost 5,091 2,518 
Total lease cost$10,813 $8,083 


The components of supplemental cash flow information related to leases for the period are as follows:

For the Years Ended December 31,
20212020
 (in thousands, except term and rate data)
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,535 $5,840 
Operating cash flows from finance leases$26 $33 
Financing cash flows from finance leases
$140 $123 
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations
Operating leases$17,960 $750 
Finance Leases$19 $117 
Other Information:
Weighted average remaining lease term:
Operating leases (in years)11.6912.71
Finance leases (in years)2.092.87
Weighted average discount rates:
Operating leases11.67 %11.70 %
Finance leases8.17 %8.43 %
Summary of Balance Sheet Information The supplemental balance sheet information related to leases for the period is as follows:
As of December 31,
20212020
(In thousands)
Operating leases
Long-term right-of-use assets$35,486 $19,555 
    Short-term operating lease liabilities$2,204 $2,384 
    Long-term operating lease liabilities39,965 24,148 
Total operating lease liabilities$42,169 $26,532 
v3.22.0.1
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities A summary of the components of accrued liabilities are as follows:
As of December 31,
20212020
(In thousands)
Accrued payroll$4,214 $4,060 
Accrued vacation5,372 4,624 
Accrued bonus12,218 6,892 
Accrued inventory604 950 
Other accrued expenses6,379 6,456 
Total accrued liabilities$28,787 $22,982 
v3.22.0.1
Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of December 31,
20212020
(In thousands)
Commercial loan$310 $620 
310 620 
     Less: Current portion(310)(310)
Non-current portion$— $310 
Schedule of Maturities of Long-term Debt Aggregate maturities of long-term debt as of December 31, 2021 are as follows :
(In thousands)
2022$310 
$310 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes
For the years ended December 31, 2021, 2020 and 2019, loss before income taxes are as follows:
Years ended December 31,
202120202019
(In thousands)
U.S. operations$(353,807)$(645,508)$(215,585)
Foreign operations987 627 532 
Loss before income taxes$(352,820)$(644,881)$(215,053)
Schedule of Income Tax Expense Income tax expense attributable to loss from continuing operations consists of:        
CurrentDeferredTotal
(In thousands)
Year ended December 31, 2021
U.S. operations$— $— $— 
State and local4 — 4 
Foreign jurisdiction92 (17)75 
$96 $(17)$79 
Year ended December 31, 2020
U.S. operations$— $— $— 
State and local— — — 
Foreign jurisdiction(114)120 6 
$(114)$120 $6 
Year ended December 31, 2019
U.S. operations$— $— $— 
State and local27 — 27 
Foreign jurisdiction50 (15)35 
$77 $(15)$62 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of significant items comprising the Company’s deferred taxes as of December 31, 2021 and 2020 are as follows:

20212020
(In thousands)
Deferred tax assets:
Net operating loss carryforwards$200,670 $86,986 
Research and development23,601 19,385 
Accrued liabilities4,661 3,036 
Lease obligation10,530 5,877 
Deferred revenue177 16 
Plant and equipment, principally due to differences in depreciation and capitalized interest1,606 1,079 
Goodwill237,394 225,196 
Stock-based compensation5,808 3,291 
Related party expenses2,461 — 
Other1,093 309 
Total gross deferred tax assets488,001 345,175 
Less valuation allowance(479,125)(342,426)
Net deferred tax assets$8,876 $2,749 
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation and capitalized interest$(2)$— 
Right-of-Use Asset
$(8,809)$(2,701)
Total gross deferred tax liabilities(8,811)(2,701)
Net deferred tax assets$65 $48 
Summary of Tax Credit Carryforwards
NOLs and tax credit gross carryforwards as of December 31, 2021 are as follows:

AmountExpiration Years
(In thousand)
NOLs, Federal$813,420 See notes below
NOLs, State$637,070 See notes below
Tax credits, Federal$19,432 See notes below
Tax credits, State$12,745 See notes below
Summary of Net Operating Loss Carryforwards
NOLs and tax credit gross carryforwards as of December 31, 2021 are as follows:

AmountExpiration Years
(In thousand)
NOLs, Federal$813,420 See notes below
NOLs, State$637,070 See notes below
Tax credits, Federal$19,432 See notes below
Tax credits, State$12,745 See notes below
Schedule of Effective Income Tax Rate Reconciliation
The effective tax rate of the Company’s (provision) benefit for income taxes differs from the federal statutory rate as follows:
Years Ended December 31,
202120202019
(In thousands)
Statutory rate$(74,092)21.0 %$(135,425)21.0 %$(45,278)21.1 %
State income tax(59,527)16.9 %14,645 (2.3)%(5,867)2.7 %
Research & Development(1,292)0.4 %(10,785)1.7 %(8,593)4.0 %
Mark to market warrants7,276 (2.1)%78,089 (12.1)%877 (0.4)%
Change in valuation allowance137,926 (39.1)%58,685 (9.1)%64,515 (30.0)%
Reduction of allocated R&D from GV— — %— — %(8,376)3.9 %
Stock-based compensation(10,831)3.1 %(5,316)0.8 %— — %
Benefit of foreign rate(23)— %(13)— %— — %
Other, net642 (0.2)%126 — %2,784 (1.3)%
Total$79 — %$6 — %$62 — %
Schedule of Uncertain Tax Positions A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:
Years ended December 31,
20212020
(In thousands)
Balance at the beginning of the year$4,847 $905 
     Additions based on tax positions related to current year2,549 4,108 
     Additions based on tax positions related to prior years— — 
     Deductions based on tax positions related to prior years(1,495)— 
     Reductions of allocated tax attributes from GV— (166)
Balance at the end of year$5,901 $4,847 
v3.22.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The following table presents net loss per share and related information:        
Years Ended December 31,
202120202019
(In thousands, except for per share data)
Basic and diluted:
     Net loss$(352,899)$(644,887)$(215,115)
     Weighted average common shares outstanding 247,618,557 219,107,905 194,378,154 
     Basic and diluted net loss per share $(1.43)$(2.94)$(1.11)
v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Options Outstanding The following table sets forth the summary of options activity under the Plans (dollars in thousands except per share data):
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (in years)
Aggregate Intrinsic Value(1)
Options outstanding at December 31, 20196,122,044 $11.58 9.8$— 
Granted1,919,640 19.86 
Exercised(218,955)11.79 
Forfeited options(1,026,684)13.70 
Options outstanding at December 31, 20206,796,045 13.59 8.6$68,888 
Granted
— — 
Exercised
(1,601,857)12.47 
Forfeited options(940,421)13.27 
Options outstanding at December 31, 20214,253,767 $14.09 7.6$6,187 
Options exercisable at December 31, 20211,959,453 $14.04 7.0$2,890 
(1) Aggregate intrinsic value is calculated based on the difference between our closing stock price at year end and the     exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date.
Schedule of common stock reserved for future issuance
The following summarizes common stock reserved for future issuance at December 31, 2021:

Number of Shares
Stock options outstanding4,253,767 
Restricted stock units outstanding2,396,732 
Performance stock units outstanding89,839 
Authorized for future issuance under stock incentive plan8,415,911 
15,156,249 
Schedule of Restricted Stock Units Activity
RSU activity during the year ended December 31, 2021 was as follows:
SharesWeighted Average Fair Value
Outstanding at December 31, 20191,767,714 $7.11 
Granted5,752,331 19.42 
Vested(2,130,763)20.53 
Forfeited(628,498)14.71 
Outstanding at December 31, 20204,760,784 19.63 
Granted 988,781 34.03 
Vested (2,100,931)18.30 
Forfeited (1,251,902)17.41 
Outstanding at December 31, 20212,396,732 $27.89 
Schedule of Performance Stock Unit Activity The following table summarizes the details of the performance stock units:
SharesWeighted Average Fair Value
PSUs outstanding at December 31, 2020— $— 
Granted94,689 26.70 
Forfeited(4,850)30.93 
PSUs outstanding at December 31, 2021
89,839 $26.47 
Schedule of Stock-Based Compensation Expense Stock options and RSUs expenses included in selling, general and administrative and research and development expense in the consolidated statements of operations and comprehensive loss, is as follows (in thousands):
Years ended December 31,
202120202019
Stock option expense
   Selling, General & Administrative$14,258 $9,677 $1,197 
   Research & Development3,211 3,834 739 
      Total stock option expense17,469 13,511 1,936 
RSU expense
   Selling, General & Administrative30,280 11,595 394 
   Research & Development12,413 5,218 205 
      Total RSU expense42,693 16,813 599 
PSU expense
Selling, General & Administrative1,643 — — 
Total PSU expense1,643 — — 
Total stock-based compensation expense$61,805 $30,324 $2,535 
Schedule of Weighted Average Assumptions
The weighted average assumptions used to value the option grants for 2020 are as follows:
2020
Expected life (in years) 6.0
Volatility75.2 %
Risk free interest rate
1.4 %
Dividend yield — %
2014 Stock Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Options Outstanding
Options outstanding
Shares
available
for grant		Number of
shares
granted		Weighted-
average
exercise
price		Weighted-
average
contractual
term
(in years)
Balances as of December 31, 20171,608,660 1,007,525 $7.69 4.50
Authorized— — 
Granted(1,000)1,000 9.44 
Forfeited134,125 (134,125)7.72 
Balances as of December 31, 20181,741,785 874,400 $7.70 3.53
Authorized— — 
Granted— — — 
Forfeited154,775 (154,775)7.68 
Cancelled(1,896,560)(719,625)7.70 
Balances as of October 25, 2019— — $— 0
v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets Measured on Recurring Basis
The following tables presents the Company's financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:
As of December 31, 2021
Level 1Level 2Level 3Total
(In thousands)
Assets
   Money market$402,889 $— $— $402,889 
   Certificate of deposits91,549 — 91,549 
   Corporate debt securities— 380,881 — 380,881 
Total assets at fair value$494,438 $380,881 $— $875,319 
As of December 31, 2020
Level 1Level 2Level 3Total
(In thousands)
Assets
   Money market$357,463 $— $— $357,463 
   Certificate of deposits93,802 — — 93,802 
   Cash equivalents200,364 — — 200,364 
Total assets at fair value$651,629 $— $— $651,629 
Liabilities
   Warrant liability$— $— $135,440 $135,440 
Total liabilities at fair value$— $— $135,440 $135,440 
v3.22.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Summary of Operating Lease Maturities
Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year), future minimum finance lease payments and repayments of notes payable as of December 31, 2021 are as follows:
Operating LeasesFinance
Leases		Note payable
(In thousands)
Year ending December 31:
2022$6,271 $137 $310 
20236,144 106 — 
20246,719 30 — 
20256,675 — — 
20266,760 — — 
Thereafter47,816 — — 
Total payments$80,385 $273 $310 
Less:
Imputed interest/present value discount(38,216)(21)— 
Present value of liabilities$42,169 $252 $310 
Summary of Finance Lease Maturities
Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year), future minimum finance lease payments and repayments of notes payable as of December 31, 2021 are as follows:
Operating LeasesFinance
Leases		Note payable
(In thousands)
Year ending December 31:
2022$6,271 $137 $310 
20236,144 106 — 
20246,719 30 — 
20256,675 — — 
20266,760 — — 
Thereafter47,816 — — 
Total payments$80,385 $273 $310 
Less:
Imputed interest/present value discount(38,216)(21)— 
Present value of liabilities$42,169 $252 $310 
v3.22.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
Years ended December 31,
202120202019
(In thousands)
Supplemental disclosure
Cash payments for:
Income tax paid $109 $102 $226 
$109 $102 $226 
Schedule for noncash operating activities
ASC 842 leases - Operating leases$17,960 $750 $17,658 
$17,960 $750 $17,658 
Schedule for noncash investing activities
Unpaid property, plant, and equipment received$1,109 $1,399 $2,571 
$1,109 $1,399 $2,571 
Schedule for noncash financing activities
Conversion of VGH, LLC membership units to VGH, Inc. common stock$— $— $114,648 
Unpaid transaction costs — — 4,875 
ASC 842 leases - Finance leases19 117 430 
Issuance of common stock through "cashless" warrants exercised 170,090 360,742 — 
Issuance of common stock through RSUs vested 57,658 43,738 — 
Note payable(310)620 — 
$227,457 $405,217 $119,953 
v3.22.0.1
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended
Jun. 19, 2017
USD ($)
Dec. 31, 2021
USD ($)
segment
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Related Party Transaction [Line Items]        
Allowance for uncollectible amounts   $ 0 $ 0  
Write-offs   $ 0 $ 0 $ 0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]   Other non-current assets Other non-current assets  
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]   Other long-term liabilities Other long-term liabilities  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]   Other long-term liabilities Other long-term liabilities  
Capitalized software, net   $ 2,000,000.0 $ 3,400,000  
Capitalized software, accumulated amortization   8,400,000 6,600,000  
Capitalized software, amortization expense   1,700,000 1,300,000 800,000
Long-lived assets, impairment charges   $ 0 0 $ 0
Operating segments | segment   1    
Reportable segments | segment   1    
Contract liabilities   $ 90,863,000 83,211,000  
Maximum amount of cash award $ 30,000,000      
Cash award, target date milestone, vesting percentage 50.00%      
Cash award, one year anniversary milestone, vesting percentage 50.00%      
Cash award expiration period after defined target date 6 months      
Milestone percentage, received by each participant 100.00%      
Cash award, compensation expense $ 9,900,000      
Cash incentive plan, accrual   $ 0 0  
Vesting period   4 years    
Cash award, reduction of milestone award after defined target date   0.5    
Stock options outstanding        
Related Party Transaction [Line Items]        
Vesting period   4 years    
Expiration period   10 years    
Spaceflight operations        
Related Party Transaction [Line Items]        
Contract liabilities   $ 90,900,000 82,700,000  
Payload Contracts        
Related Party Transaction [Line Items]        
Contract liabilities     $ 600,000  
Capitalized software        
Related Party Transaction [Line Items]        
Useful life   3 years    
v3.22.0.1
Summary of Significant Accounting Policies (Schedule of Useful Lives of Property and Equipment) (Details)
 12 Months Ended
Dec. 31, 2021
Buildings  
Property, Plant and Equipment [Line Items]  
Useful life 39 years
Aircraft  
Property, Plant and Equipment [Line Items]  
Useful life 20 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 5 years
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 7 years
IT software and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
IT software and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 5 years
v3.22.0.1
Summary of Significant Accounting Policies (Fair Value Assumptions) (Details) - Fair Value, Inputs, Level 3
Dec. 31, 2020
Risk-free interest rate  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Measurement input 0.0025
Contractual term  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Term of warrants 3 years 9 months 25 days
Expected volatility  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Measurement input 0.80
v3.22.0.1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Related Party Transaction [Line Items]      
Royalty payable, as a percentage of revenue 1.00%    
Royalty payable, quarterly amount $ 40    
Sponsorship royalties payable, as a percentage of revenue 25.00%    
Related party (payable) receivable $ 100 $ 100  
Affiliated Entity | License and royalty fees      
Related Party Transaction [Line Items]      
Expenses from related party 500 200 $ 100
Parent Company | Allocation of corporate expenses      
Related Party Transaction [Line Items]      
Transaction amounts from related party 137 0 1,200
Subsidiary of Common Parent | Allocation of corporate expenses      
Related Party Transaction [Line Items]      
Transaction amounts from related party $ 100 $ 500 $ 200
v3.22.0.1
Cash, Cash Equivalents and Marketable Securities - Amortized Cost and Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, amortized cost $ 550,030 $ 678,955 $ 492,721 $ 81,368
Corporate debt securities, amortized cost 382,884      
Assets, amortized cost 932,914      
Gross Unrealized Gains (Losses) (2,003)      
Cash and cash equivalents, fair value   678,955    
Corporate debt securities, fair value 380,881      
Total assets at fair value 930,911      
Interest receivable 2,300 100    
Amortization expense 2,100      
Corporate debt securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Corporate debt securities, amortized cost 382,884      
Gross Unrealized Gains (Losses) (2,003)      
Corporate debt securities, fair value 380,881      
Cash        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, amortized cost 55,592 27,326    
Cash and cash equivalents, fair value 55,592 27,326    
Money market        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, amortized cost 402,889 357,463    
Cash and cash equivalents, fair value 402,889 357,463    
Certificate of deposits        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, amortized cost 91,549 93,802    
Cash and cash equivalents, fair value $ 91,549 93,802    
Mutual funds        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, amortized cost   200,364    
Cash and cash equivalents, fair value   $ 200,364    
v3.22.0.1
Cash, Cash Equivalents and Marketable Securities - Contractual Maturities (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Amortized Cost  
Matures within one year $ 79,586
Matures between one to two years 303,298
Total 382,884
Estimated Fair Value  
Matures within one year 79,418
Matures between one to two years 301,463
Total $ 380,881
v3.22.0.1
Inventory (Schedule of Inventory) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Raw Materials $ 21,127 $ 22,963
Spare parts 8,541 7,520
Inventories $ 29,668 $ 30,483
v3.22.0.1
Inventory (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]      
Increase in inventory reserve $ 0.6 $ 1.1 $ 0.0
Inventory write-down $ 0.4 $ 0.0 $ 0.3
v3.22.0.1
Property, Plant, and Equipment, net (Schedule of Property, Plant, and Equipment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment $ 101,893 $ 96,233
Less accumulated depreciation and amortization (54,395) (43,085)
Property, plant, and equipment, net 47,498 53,148
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment 9,117 9,142
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment 29,155 28,744
Aircraft    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment 195 195
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment 37,002 34,330
IT software and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment 23,523 22,042
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment $ 2,901 $ 1,780
v3.22.0.1
Property, Plant, and Equipment, net (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Depreciation $ 11,300 $ 9,700 $ 6,900
Amortization of right-of-use assets 136 129 100
Research & Development      
Property, Plant and Equipment [Line Items]      
Depreciation $ 5,100 $ 4,300 $ 3,700
v3.22.0.1
Leases (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Lessee, Lease, Description [Line Items]      
Operating lease, extension term 1 year    
Operating lease, discount rate 11.67% 11.70%  
Lease expense $ 10,813 $ 8,083 $ 5,300
Minimum      
Lessee, Lease, Description [Line Items]      
Operating lease, discount rate 8.30%    
Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease, discount rate 11.80%    
v3.22.0.1
Leases (Lease Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Operating lease expense $ 5,528 $ 5,125  
Short-term lease expense 32 278  
Finance lease cost:      
Amortization of right-of-use assets 136 129 $ 100
Interest on lease liabilities 26 33  
Total finance lease cost 162 162  
Variable lease cost 5,091 2,518  
Total lease cost $ 10,813 $ 8,083 $ 5,300
v3.22.0.1
Leases (Cash Flow Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flow, Operating Activities, Lessee [Abstract]      
Operating cash flows from operating leases $ 5,535 $ 5,840  
Operating cash flows from finance leases 26 33  
Financing cash flows from finance leases 140 123 $ 104
Right-of-use assets obtained in exchange for lease obligations      
Operating leases 17,960 750  
Finance Leases $ 19 $ 117 $ 430
Weighted average remaining lease term:      
Operating leases (in years) 11 years 8 months 8 days 12 years 8 months 15 days  
Finance leases (in years) 2 years 1 month 2 days 2 years 10 months 13 days  
Weighted average discount rates:      
Operating leases 11.67% 11.70%  
Finance leases 8.17% 8.43%  
v3.22.0.1
Leases (Supplemental Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Long-term right-of-use assets $ 35,486 $ 19,555
Short-term operating lease liabilities 2,204 2,384
Long-term operating lease liabilities 39,965 24,148
Total operating lease liabilities $ 42,169 $ 26,532
v3.22.0.1
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Payables and Accruals [Abstract]    
Accrued payroll $ 4,214 $ 4,060
Accrued vacation 5,372 4,624
Accrued bonus 12,218 6,892
Accrued inventory 604 950
Other accrued expenses 6,379 6,456
Total accrued liabilities $ 28,787 $ 22,982
v3.22.0.1
Long-term Debt (Schedule of Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Jun. 18, 2020
Debt Instrument [Line Items]      
Total debt $ 310 $ 620  
Less: Current portion (310) (310)  
Non-current portion 0 310  
Commercial loan | Commercial loan      
Debt Instrument [Line Items]      
Total debt $ 310 $ 620 $ 900
v3.22.0.1
Long-term Debt (Schedule of Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Disclosure [Abstract]    
2022 $ 310  
Total debt $ 310 $ 620
v3.22.0.1
Long-term Debt (Narrative) (Details)
$ in Thousands
 27 Months Ended
Oct. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 18, 2020
USD ($)
installment
Debt Instrument [Line Items]        
Long-term debt   $ 310 $ 620  
Commercial loan | Commercial loan        
Debt Instrument [Line Items]        
Long-term debt   $ 310 $ 620 $ 900
Number of installments | installment       3
Interest rate       0.00%
Commercial loan | Commercial loan | Forecast        
Debt Instrument [Line Items]        
Annual payment $ 300      
Interest rate 0.00%      
v3.22.0.1
Income Taxes (Loss Before Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
U.S. operations $ (353,807) $ (645,508) $ (215,585)
Foreign operations 987 627 532
Loss before income taxes $ (352,820) $ (644,881) $ (215,053)
v3.22.0.1
Income Taxes (Income Tax Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
U.S. operations      
Current $ 0 $ 0 $ 0
Deferred 0 0 0
Total 0 0 0
State and local      
Current 4 0 27
Deferred 0 0 0
Total 4 0 27
Foreign jurisdiction      
Current 92 (114) 50
Deferred (17) 120 (15)
Total 75 6 35
Current 96 (114) 77
Deferred (17) 120 (15)
Total $ 79 $ 6 $ 62
v3.22.0.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]      
Tax expense effect to equity $ 130,500,000    
Tax benefit impact to equity (130,500,000)    
Deferred tax adjustment recorded to equity 0    
Deferred tax assets, goodwill 230,500,000    
Tax goodwill adjustment 33,800,000    
Tax expense impact 33,800,000    
Income tax effect 0    
Goodwill tax adjustment 0    
Uncertain tax positions 5,901,000 $ 4,847,000 $ 905,000
Interest and penalty charges accrued 0    
Current Year Operating Activity      
Operating Loss Carryforwards [Line Items]      
Increase in valuation allowance 136,700,000    
U.S. Federal      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforward 813,420,000    
Tax credit carryforward 19,432,000    
U.S. Federal | Research and development      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward 19,400,000    
State      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforward 637,070,000    
Tax credit carryforward 12,745,000    
State | Research and development      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward $ 12,800,000    
v3.22.0.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Net operating loss carryforwards $ 200,670 $ 86,986
Research and development 23,601 19,385
Accrued liabilities 4,661 3,036
Lease obligation 10,530 5,877
Deferred revenue 177 16
Plant and equipment, principally due to differences in depreciation and capitalized interest 1,606 1,079
Goodwill 237,394 225,196
Stock-based compensation 5,808 3,291
Related party expenses 2,461 0
Other 1,093 309
Total gross deferred tax assets 488,001 345,175
Less valuation allowance (479,125) (342,426)
Net deferred tax assets 8,876 2,749
Deferred tax liabilities:    
Plant and equipment, principally due to differences in depreciation and capitalized interest (2) 0
Right-of-Use Asset (8,809) (2,701)
Total gross deferred tax liabilities (8,811) (2,701)
Net deferred tax assets $ 65 $ 48
v3.22.0.1
Income Taxes (Tax Credit Carryforwards) (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
U.S. Federal  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforward $ 813,420
Tax credit carryforward 19,432
State  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforward 637,070
Tax credit carryforward $ 12,745
v3.22.0.1
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Statutory rate $ (74,092) $ (135,425) $ (45,278)
State income tax (59,527) 14,645 (5,867)
Research & Development (1,292) (10,785) (8,593)
Mark to market warrants 7,276 78,089 877
Change in valuation allowance 137,926 58,685 64,515
Reduction of allocated R&D from GV 0 0 (8,376)
Stock-based compensation (10,831) (5,316) 0
Benefit of foreign rate (23) (13) 0
Other, net 642 126 2,784
Total $ 79 $ 6 $ 62
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory rate 21.00% 21.00% 21.10%
State income tax 16.90% (2.30%) 2.70%
Research & Development 0.40% 1.70% 4.00%
Mark to market warrants (2.10%) (12.10%) (0.40%)
Change in valuation allowance (39.10%) (9.10%) (30.00%)
Reduction of allocated R&D from GV 0.00% 0.00% 3.90%
Stock-based compensation 3.10% 0.80% 0.00%
Benefit of foreign rate 0.00% 0.00% 0.00%
Other, net (0.20%) 0.00% (1.30%)
Total 0.00% 0.00% 0.00%
v3.22.0.1
Income Taxes (Change in Uncertain Tax Positions) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at the beginning of the year $ 4,847 $ 905
Additions based on tax positions related to current year 2,549 4,108
Additions based on tax positions related to prior years 0 0
Deductions based on tax positions related to prior years (1,495) 0
Reductions of allocated tax attributes from GV 0 (166)
Balance at the end of year $ 5,901 $ 4,847
v3.22.0.1
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 9 Months Ended 12 Months Ended
Jul. 16, 2021
USD ($)
shares
Jul. 12, 2021
USD ($)
$ / shares
Apr. 13, 2020
$ / shares
Aug. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
vote
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
shares
Mar. 13, 2020
shares
May 05, 2017
shares
Class of Stock [Line Items]                    
Shares authorized (in shares)           710,000,000        
Common stock, shares authorized (in shares)         700,000,000 700,000,000 700,000,000      
Common stock, par value (in dollars per share) | $ / shares         $ 0.0001 $ 0.0001 $ 0.0001      
Preferred stock, shares authorized (in shares)         10,000,000 10,000,000 10,000,000      
Preferred stock, par value (in dollars per share) | $ / shares         $ 0.0001 $ 0.0001 $ 0.0001      
Number of votes per share of common stock | vote           1        
Stock sold (in shares)       23,600,000            
Stock sold, price per share (in dollars per share) | $ / shares       $ 19.50            
Stock sold, gross proceeds | $       $ 460,200            
Stock sold, transaction costs | $       $ 20,900            
Number of shares acquired by each warrant (in shares)                 0.5073  
Redemption price per share (in dollars per share) | $ / shares           $ 0.01        
Redemption notice period           30 days        
Minimum sale price of stock for warrant redemption (in dollars per share) | $ / shares           $ 18.00        
Number of trading days           20 days        
Trading day period           30 days        
Warrants outstanding (in shares)           0   22,999,977    
Redemption price per warrant (in dollars per share) | $ / shares     $ 0.01   $ 0.01          
Warrants redeemed (in shares)         295,305          
Fair value adjustment | $           $ 34,650 $ 371,852 $ 4,180    
Warrant liability | $         $ 135,440 $ 0 $ 135,440      
SCH                    
Class of Stock [Line Items]                    
Term of warrants           5 years        
IPO | SCH                    
Class of Stock [Line Items]                    
Stock sold, price per share (in dollars per share) | $ / shares           $ 10.00        
Number of warrants in each unit (in shares)                   0.3333
Exercise price per warrant (in dollars per share) | $ / shares           $ 11.50        
IPO | Common Class A | SCH                    
Class of Stock [Line Items]                    
Number of shares in each unit (in shares)           1        
Number of shares acquired by each warrant (in shares)           1        
Private Placement                    
Class of Stock [Line Items]                    
Warrants outstanding (in shares)               8,000,000    
At The Market Offering                    
Class of Stock [Line Items]                    
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001                
Stock sold (in shares) 13,740,433                  
Stock sold, transaction costs | $ $ 6,200                  
Stock sold, aggregate consideration | $   $ 500,000                
Sale of stock gross proceeds | $ $ 500,000                  
v3.22.0.1
Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Basic and diluted:        
Net loss, basic   $ (352,899) $ (644,887) $ (215,115)
Net loss, diluted $ (644,887) $ (352,899)   $ (215,115)
Weighted average common shares outstanding - basic (in shares)   247,618,557 219,107,905 194,378,154
Weighted average common share outstanding - diluted (in shares)   247,618,557 219,107,905 194,378,154
Diluted net loss per share (in dollars per share)   $ (1.43) $ (2.94) $ (1.11)
Basic net loss per share (in dollars per share)   $ (1.43) $ (2.94) $ (1.11)
v3.22.0.1
Earnings Per Share (Narrative) (Details) - shares
 1 Months Ended 12 Months Ended
Aug. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Stock sold (in shares) 23,600,000      
Vested (in shares)   2,100,931 2,130,763  
Boeing | Common Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Stock sold (in shares)   1,924,402    
Merger Agreement        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Transaction costs, settled with stock, shares (in shares)   413,486    
Director | Restricted stock units outstanding | Merger Agreement        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Vested (in shares)   1,500,000    
Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential effect of warrants to purchase stock   0 8,000,000 30,999,977
v3.22.0.1
Stock-Based Compensation (Narrative) (Details) - USD ($)
 10 Months Ended 12 Months Ended
Mar. 10, 2020
Oct. 25, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 61,805,000 $ 30,324,000 $ 2,535,000  
Stock reserved for issuance (in shares)     15,156,249      
Vesting period     4 years      
RSUs granted to employees (in shares)     988,781 5,752,331    
Granted (in dollars per share)     $ 34.03 $ 19.42    
Unrecognized stock-based compensation expense     $ 21,100,000      
Weighted average fair value, shares issued (in dollars per share)       $ 8.88    
Granted (in shares)     0      
2014 Stock Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance vesting, change in control percentage     50.00%      
Stock-based compensation expense   $ 0       $ 0
Options exercisable (in shares)   0       0
Granted (in shares)   0       1,000
2019 Stock Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock reserved for issuance (in shares)     21,208,755      
Granted (in shares)     0 1,919,640    
Stock options outstanding            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 17,469,000 $ 13,511,000 $ 1,936,000  
Stock reserved for issuance (in shares)     4,253,767      
Vesting percentage     25.00%      
Vesting period     4 years      
Expiration period     10 years      
Dividend yield     0.00% 0.00%    
Stock options outstanding | 2014 Stock Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Exercise price, hurdle rate     8.00%      
Stock options outstanding | 2019 Stock Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period     3 years      
Expiration period     10 years      
Unrecognized compensation cost, period for recognition     2 years 2 months 12 days 3 years 1 month 6 days 3 years 9 months 18 days  
Unrecognized stock-based compensation expense       $ 46,600,000 $ 44,800,000  
Restricted stock units outstanding            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 42,693,000 16,813,000 $ 599,000  
Stock reserved for issuance (in shares)     2,396,732      
Vesting period     4 years      
Incremental stock-based compensation expense     $ 5,400,000 $ 4,500,000    
Fair value of shares granted     $ 33,600,000      
Unrecognized compensation cost, period for recognition     2 years 8 months 12 days 3 years 6 months 3 years 9 months 18 days  
Unrecognized compensation expense     $ 83,800,000 $ 103,400,000 $ 12,000,000.0  
Restricted stock units outstanding | Tranche one            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage     25.00%      
Restricted stock units outstanding | Tranche two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage     25.00%      
Restricted stock units outstanding | Tranche three            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage     25.00%      
Restricted stock units outstanding | Tranche four            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 1000.00%   25.00%      
Performance stock units outstanding            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 1,643,000 $ 0 $ 0  
Stock reserved for issuance (in shares)     89,839      
RSUs granted to employees (in shares)     94,689      
Granted (in dollars per share)     $ 26.70      
Unrecognized compensation cost, period for recognition     4 months 24 days      
Unrecognized compensation expense     $ 1,000,000.0      
Performance stock units outstanding | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage     25.00%      
Performance stock units outstanding | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage     200.00%      
Performance stock units outstanding | Officer            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
RSUs granted to employees (in shares)     94,689      
v3.22.0.1
Stock-Based Compensation (2014 Stock Plan Activity) (Details) - $ / shares
 10 Months Ended 12 Months Ended
Oct. 25, 2019
Dec. 31, 2021
Dec. 31, 2018
Dec. 31, 2017
Shares available for grant        
Granted (in shares)   0    
Number of shares granted        
Granted (in shares)   0    
2014 Stock Plan        
Shares available for grant        
Granted (in shares) 0   (1,000)  
Forfeited (in shares) 154,775   134,125  
Cancelled (in shares) (1,896,560)      
Number of shares granted        
Beginning balance (in shares) 874,400   1,007,525  
Granted (in shares) 0   1,000  
Forfeited (in shares) (154,775)   (134,125)  
Cancelled (in shares) (719,625)      
Ending balance (in shares) 0   874,400 1,007,525
Weighted- average exercise price        
Weighted-average exercise price, beginning (in dollars per share) $ 7.70   $ 7.69  
Granted (in dollars per share) 0   9.44  
Forfeited (in dollars per share) 7.68   7.72  
Cancelled (in dollars per share) 7.70      
Weighted-average exercise price, ending (in dollars per share) $ 0   $ 7.70 $ 7.69
Weighted- average contractual term (in years)        
Weighted average contractual term 0 years   3 years 6 months 10 days 4 years 6 months
2014 Stock Plan | Stock options outstanding        
Shares available for grant        
Shares available for grant, beginning (in shares) 1,741,785   1,608,660  
Authorized (in shares) 0   0  
Shares available for grant, ending (in shares) 0   1,741,785 1,608,660
v3.22.0.1
Stock-Based Compensation - Common Stock Reserved for Future Issuance (Details)
Dec. 31, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock reserved for issuance (in shares) 15,156,249
Stock options outstanding  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock reserved for issuance (in shares) 4,253,767
Restricted stock units outstanding  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock reserved for issuance (in shares) 2,396,732
Performance stock units outstanding  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock reserved for issuance (in shares) 89,839
Authorized for future issuance under stock incentive plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock reserved for issuance (in shares) 8,415,911
v3.22.0.1
Stock-Based Compensation (2019 Stock Plan Activity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Number of Shares      
Granted (in shares) 0    
2019 Stock Plan      
Number of Shares      
Beginning balance (in shares) 6,796,045 6,122,044  
Granted (in shares) 0 1,919,640  
Exercised (in shares) (1,601,857) (218,955)  
Forfeited options (in shares) (940,421) (1,026,684)  
Ending balance (in shares)   6,796,045 6,122,044
Options exercisable at December 31, 2019 (in shares) 1,959,453    
Weighted- average exercise price      
Weighted-average exercise price, beginning (in dollars per share) $ 13.59 $ 11.58  
Granted (in dollars per share) 0 19.86  
Exercised (in dollars per share) 12.47 11.79  
Forfeited options (in dollars per share) 13.27 13.70  
Weighted-average exercise price, ending (in dollars per share) 14.09 $ 13.59 $ 11.58
Options exercisable at December 31, 2019 (in dollars per share) $ 14.04    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Options outstanding, weighted average contractual term 7 years 7 months 6 days 8 years 7 months 6 days 9 years 9 months 18 days
Options exercisable, weighted average contractual term 7 years    
Options outstanding, aggregate intrinsic value $ 6,187 $ 68,888 $ 0
Options exercisable, aggregate intrinsic value $ 2,890    
v3.22.0.1
Stock-Based Compensation (RSU Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Shares    
Outstanding, beginning balance (in shares) 4,760,784 1,767,714
Granted (in shares) 988,781 5,752,331
Vested (in shares) (2,100,931) (2,130,763)
Forfeited (in shares) (1,251,902) (628,498)
Outstanding, ending balance (in shares) 2,396,732 4,760,784
Weighted Average Fair Value    
Outstanding, beginning balance (in dollars per share) $ 19.63 $ 7.11
Granted (in dollars per share) 34.03 19.42
Vested (in dollars per share) 18.30 20.53
Forfeited (in dollars per share) 17.41 14.71
Outstanding, ending balance (in dollars per share) $ 27.89 $ 19.63
v3.22.0.1
Stock-Based Compensation (PSU Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Shares    
Outstanding, beginning balance (in shares) 4,760,784 1,767,714
Granted (in shares) 988,781 5,752,331
Forfeited (in shares) (1,251,902) (628,498)
Outstanding, ending balance (in shares) 2,396,732 4,760,784
Weighted Average Fair Value    
Outstanding, beginning balance (in dollars per share) $ 19.63 $ 7.11
Granted (in dollars per share) 34.03 19.42
Forfeited (in dollars per share) 17.41 14.71
Outstanding, ending balance (in dollars per share) $ 27.89 $ 19.63
Performance stock units outstanding    
Shares    
Outstanding, beginning balance (in shares) 0  
Granted (in shares) 94,689  
Forfeited (in shares) (4,850)  
Outstanding, ending balance (in shares) 89,839 0
Weighted Average Fair Value    
Outstanding, beginning balance (in dollars per share) $ 0  
Granted (in dollars per share) 26.70  
Forfeited (in dollars per share) 30.93  
Outstanding, ending balance (in dollars per share) $ 26.47 $ 0
v3.22.0.1
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 61,805 $ 30,324 $ 2,535
Stock options outstanding      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 17,469 13,511 1,936
Stock options outstanding | Selling, General & Administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 14,258 9,677 1,197
Stock options outstanding | Research & Development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 3,211 3,834 739
Restricted stock units outstanding      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 42,693 16,813 599
Restricted stock units outstanding | Selling, General & Administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 30,280 11,595 394
Restricted stock units outstanding | Research & Development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 12,413 5,218 205
Performance stock units outstanding      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 1,643 0 0
Performance stock units outstanding | Selling, General & Administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 1,643 $ 0 $ 0
v3.22.0.1
Stock-Based Compensation (Valuation Assumptions) (Details) - Stock options outstanding
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected life (in years)   6 years
Volatility   75.20%
Risk free interest rate   1.40%
Dividend yield 0.00% 0.00%
v3.22.0.1
Fair Value Measurements (Fair Values) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value   $ 678,955
Corporate debt securities, fair value $ 380,881  
Total assets at fair value 930,911  
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate debt securities, fair value 380,881  
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 875,319 651,629
Warrant liability   135,440
Total liabilities at fair value   135,440
Fair Value, Recurring | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate debt securities, fair value 380,881  
Fair Value, Inputs, Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 494,438 651,629
Warrant liability   0
Total liabilities at fair value   0
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate debt securities, fair value 0  
Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 380,881 0
Warrant liability   0
Total liabilities at fair value   0
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate debt securities, fair value 380,881  
Fair Value, Inputs, Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 0 0
Warrant liability   135,440
Total liabilities at fair value   135,440
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate debt securities, fair value 0  
Money market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 402,889 357,463
Money market | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 402,889 357,463
Money market | Fair Value, Inputs, Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 402,889 357,463
Money market | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0 0
Money market | Fair Value, Inputs, Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0 0
Certificate of deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 91,549 93,802
Certificate of deposits | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 91,549 93,802
Certificate of deposits | Fair Value, Inputs, Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 91,549 93,802
Certificate of deposits | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0 0
Certificate of deposits | Fair Value, Inputs, Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0
Cash Equivalents | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value   200,364
Cash Equivalents | Fair Value, Inputs, Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value   200,364
Cash Equivalents | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value   0
Cash Equivalents | Fair Value, Inputs, Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value   $ 0
v3.22.0.1
Commitments and Contingencies (Narrative) (Details)
$ in Thousands
 1 Months Ended 12 Months Ended 27 Months Ended
Mar. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2018
USD ($)
Oct. 01, 2022
USD ($)
Dec. 31, 2020
USD ($)
Jun. 18, 2020
USD ($)
installment
Operating Leased Assets [Line Items]            
Long-term debt   $ 310     $ 620  
Settlement amount awarded to other party $ 1,900          
Legal settlement expense   200        
Amount received from legal settlement     $ 28,000      
Commercial loan | Commercial loan            
Operating Leased Assets [Line Items]            
Long-term debt   $ 310     $ 620 $ 900
Number of installments | installment           3
Interest rate           0.00%
Commercial loan | Commercial loan | Forecast            
Operating Leased Assets [Line Items]            
Annual payment       $ 300    
Interest rate       0.00%    
Minimum            
Operating Leased Assets [Line Items]            
Operating lease, renewal term   3 years        
Maximum            
Operating Leased Assets [Line Items]            
Operating lease, renewal term   20 years        
v3.22.0.1
Commitments and Contingencies (Lease Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Operating Leases    
2022 $ 6,271  
2023 6,144  
2024 6,719  
2025 6,675  
2026 6,760  
Thereafter 47,816  
Total payments 80,385  
Imputed interest/present value discount (38,216)  
Present value of liabilities 42,169 $ 26,532
Finance Leases    
2022 137  
2023 106  
2024 30  
2025 0  
2026 0  
Thereafter 0  
Total payments 273  
Imputed interest/present value discount (21)  
Present value of liabilities 252  
Note payable    
2022 310  
2023 0  
2024 0  
2025 0  
2026 0  
Thereafter 0  
Total debt $ 310 $ 620
v3.22.0.1
Employee Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Defined contributions $ 5.6 $ 4.7 $ 4.1
v3.22.0.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash payments for:      
Income tax paid $ 109 $ 102 $ 226
Schedule for noncash operating activities      
ASC 842 leases - Operating leases 17,960 750 17,658
Schedule for noncash investing activities      
Unpaid property, plant, and equipment received 1,109 1,399 2,571
Schedule for noncash financing activities      
Conversion of VGH, LLC membership units to VGH, Inc. common stock 0 0 114,648
Unpaid transaction costs 0 0 4,875
Finance Leases 19 117 430
Issuance of common stock through "cashless" warrants exercised 170,090 360,742 0
Issuance of common stock through RSUs vested 57,658 43,738 0
Note payable (310) 620 0
Noncash financing activities, total $ 227,457 $ 405,217 $ 119,953
v3.22.0.1
Subsequent Events (Details)
$ / shares in Units, shares in Millions
Jan. 19, 2022
USD ($)
segment
$ / shares
shares
Dec. 31, 2021
$ / shares
Dec. 31, 2020
$ / shares
Subsequent Event [Line Items]      
Common stock, par value (in dollars per share)   $ 0.0001 $ 0.0001
Subsequent Event      
Subsequent Event [Line Items]      
Common stock, par value (in dollars per share) $ 0.0001    
Subsequent Event | Call Option      
Subsequent Event [Line Items]      
Capped call option to purchase common shares (in shares) | shares 33    
Call option price per share (in dollars per share) $ 12.79    
Derivative, cap price (in dollars per share) $ 20.06    
Derivative, notional amount | $ $ 52,300,000    
Subsequent Event | Convertible Debt | 2027 Notes      
Subsequent Event [Line Items]      
Debt instrument, face amount | $ $ 425,000,000    
Interest rate 2.50%    
Debt discount and issuance costs | $ $ 362,000,000    
Conversion price (in dollars per share) $ 12.79    
Conversion ratio 0.0781968    
Threshold trading days | segment 20    
Threshold percentage of stock price trigger 130.00%