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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements |
3. | Fair Value Measurements
The Company determines the fair value of its cash equivalents and marketable securities based on one or more valuations from its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by an industry-recognized valuation service. Such valuations may be based on trade prices in active markets for identical assets (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures. The following tables summarize the Company’s cash equivalents and marketable securities measured at fair value (in thousands):
|  |  |  |  |  | Fair Value Measurements Using |
As of December 31, 2021 |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 65,372 |  |  | $ | 65,372 |  |  | $ | — |  |  | $ | — |
Negotiable certificates of deposit |  |  | 3,873 |  |  |  | — |  |  |  | 3,873 |  |  |  | — |
Corporate debt securities |  |  | 15,850 |  |  |  | — |  |  |  | 15,850 |  |  |  | — |
Total |  | $ | 85,095 |  |  | $ | 65,372 |  |  | $ | 19,723 |  |  | $ | — |
|  |  |  |  |  | Fair Value Measurements Using |
As of December 31, 2020 |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Negotiable certificates of deposit |  | $ | 720 |  |  | $ | — |  |  | $ | 720 |  |  | $ | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 6,679 |  |  |  | — |  |  |  | 6,679 |  |  |  | — |
Total |  | $ | 7,399 |  |  | $ | — |  |  | $ | 7,399 |  |  | $ | — |
Prior to completion of the IPO in June 2020, the Company had an outstanding warrant to purchase shares of its Series A convertible preferred stock. Since the underlying Series A convertible preferred stock was classified outside of permanent equity, the preferred stock warrant was classified as other long-term liabilities in the accompanying balance sheet. The preferred stock warrant liability was recorded at fair value utilizing the Black-Scholes model using significant unobservable inputs adjusted for the preferred stock warrant’s expected life and the fair value of the underlying convertible preferred stock. The Company adjusted the carrying value of the preferred stock warrant to its estimated fair value at each reporting date, with any related increase or decrease in the fair value recorded as an increase or decrease to other income (expense) in the statements of operations and comprehensive loss. In connection with the IPO, the preferred stock warrant was adjusted to become a warrant to purchase shares of the Company’s common stock and met the criteria to be classified within stockholders’ equity. Accordingly, the fair value of the warrant liability was reclassified to stockholders’ equity. The following table provides a reconciliation of the preferred stock warrant liability measured at fair value using Level 3 unobservable inputs (in thousands):
Balance at December 31, 2018 |  | $ | 30 |
Change in fair value |  |  | 15 |
Balance at December 31, 2019 |  |  | 45 |
Change in fair value |  |  | 75 |
Reclassification of warrant liability to stockholders’ equity |  |  | (120 | )
Balance at December 31, 2020 |  | $ | — |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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