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Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2021 | Dec. 31, 2020
Fair Value Disclosures [Abstract] |  |
Summary of company's financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis | The following table sets forth the Company’s financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis as of the dates indicated (in thousands):
|  |  |  |  |  |  |  | As of December 31, 2020 |
|  | Balance Sheet Location |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | Cash and cash equivalents |  |  | $ | 6,413 |  |  | $ | 6,413 |  |  | $ | — |  |  | $ | — |
Embedded derivative |  |  | Long-term debt |  |  |  | 5,680 |  |  |  | — |  |  |  | — |  |  |  | 5,680 |
Total financial assets |  |  |  |  |  | $ | 12,093 |  |  | $ | 6,413 |  |  | $ | — |  |  | $ | 5,680 |
Financial Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible security |  |  | Deferred acquisition costs, current |  |  | $ | 46,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,500 |
|  |  |  |  |  |  |  | As of September 30, 2021 |
|  | Balance Sheet Location |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | Cash and cash equivalents |  |  | $ | 820,594 |  |  | $ | 820,594 |  |  | $ | — |  |  | $ | — |
Marketable equity securities |  |  | Prepaid expenses and other current assets |  |  |  | 5,165 |  |  |  | 5,165 |  |  |  |  |  |  |  |  |
Total financial assets |  |  |  |  |  | $ | 825,759 |  |  | $ | 825,759 |  |  | $ | — |  |  | $ | — |
Financial Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible security |  |  | Deferred acquisition costs, current |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | — |  |  | $ | — |
| The following table sets forth the Company’s financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis as of the dates indicated (in thousands):
|  |  |  |  |  |  |  | As of December 31, 2019 |
|  | Balance Sheet Location |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | Cash and cash equivalents |  |  | $ | 340,532 |  |  | $ | 340,532 |  |  | $ | — |  |  | $ | — |
Financial Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | Accrued liabilities |  |  | $ | 5,336 |  |  | $ | — |  |  | $ | 5,336 |  |  | $ | — |
|  |  |  |  |  |  |  | As of December 31, 2020 |
|  | Balance Sheet Location |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | Cash and cash equivalents |  |  | $ | 6,413 |  |  | $ | 6,413 |  |  | $ | — |  |  | $ | — |
Embedded derivative |  |  | Long-term debt |  |  |  | 5,680 |  |  |  | — |  |  |  | — |  |  |  | 5,680 |
Total financial assets |  |  |  |  |  | $ | 12,093 |  |  | $ | 6,413 |  |  | $ | — |  |  | $ | 5,680 |
Financial Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible security |  |  | Deferred acquisition costs, current |  |  | $ | 46,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,500 |
Summary of reconciliation of the Company's financial asset and liability measured at fair value | The following table presents a reconciliation of the Company’s financial asset and liability measured at fair value as of September 30, 2021 using significant unobservable inputs (Level 3), and the change in fair value (in thousands):
|  | Embedded Derivative |  |  | Convertible Security |
Balance as of December 31, 2020 |  | $ | 5,680 |  |  | $ | 46,500 |
Addition related to the issuance of term loans in February 2021 |  |  | 5,630 |  |  |  | — |
Extinguishment of term loans in February 2021 |  |  | (1,130 | ) |  |  | — |
Change in fair value recognized in earnings |  |  | 7,640 |  |  |  | 3,500 |
Settlements |  |  | (17,820 | ) |  |  | (25,000 | )
Transfers |  |  | — |  |  |  | (25,000 | )
Balance as of September 30, 2021 |  | $ | — |  |  | $ | — |
| The following table presents a reconciliation of the Company’s financial asset and liability measured at fair value as of December 31, 2020 using significant unobservable inputs (Level 3), and the change in fair value (in thousands):
|  | Embedded Derivative |  |  | Convertible Security |
Balance as of December 31, 2019 |  | $ | — |  |  | $ | — |
Initial fair value recognition |  |  | — |  |  |  | 45,000 |
Change in fair value recognized in earnings |  |  | 5,680 |  |  |  | 1,500 |
Balance as of December 31, 2020 |  | $ | 5,680 |  |  | $ | 46,500 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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