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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 (in thousands):
|  |  |  | As of December 31, 2020 |
|  | Valuation |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Hierarchy |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds |  | Level 1 |  | $ | 46,134 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,134 |
Commercial paper |  | Level 2 |  |  | 76,605 |  |  |  | — |  |  |  | (2 | ) |  |  | 76,603 |
Agency bonds |  | Level 2 |  |  | 29,654 |  |  |  | 15 |  |  |  | — |  |  |  | 29,669 |
Corporate debt securities |  | Level 2 |  |  | 11,890 |  |  |  | — |  |  |  | (6 | ) |  |  | 11,884 |
U.S. government bonds |  | Level 2 |  |  | 7,093 |  |  |  | — |  |  |  | — |  |  |  | 7,093 |
Municipal bonds |  | Level 2 |  |  | 5,592 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 5,593 |
U.S. treasury bills |  | Level 2 |  |  | 4,680 |  |  |  | — |  |  |  | — |  |  |  | 4,680 |
Agency discount securities |  | Level 2 |  |  | 200 |  |  |  | — |  |  |  | — |  |  |  | 200 |
Total cash equivalents and available-for-sale securities |  |  |  | $ | 181,848 |  |  | $ | 17 |  |  | $ | (9 | ) |  | $ | 181,856 |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 75,410 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106,446 |
Total cash equivalents and available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 181,856 |
Schedule of Contractual Maturities of Cash Equivalents and Available-for-Sale Securities | The following table summarizes the Company’s cash equivalents and available-for-sale securities by contractual maturity as of December 31, 2020 (in thousands):
|  | As of December 31, 2020 |
Within one year |  | $ | 160,304 |
After one year through two years |  |  | 21,552 |
Total cash equivalents and available-for-sale securities |  | $ | 181,856 |
Summary of Changes in Fair Value of Level 3 Liability | For the year ended December 31, 2019, changes in the fair value of the Company’s Level 3 financial liability measured on a recurring basis were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2019 |
Beginning balance |  | $ | 1,671 |
Revaluation of convertible preferred stock liability recorded in other expenses (income), net |  |  | 30,597 |
Partial settlement of convertible preferred stock liability upon third closing |  |  | (6,673 | )
Capital contribution related to extinguishment of preferred stock liability |  |  | (25,595 | )
Ending balance |  | $ | — |
Summary of Fair Value Assumptions | The Company estimated the fair value of this commitment using the Black Scholes option pricing model using the following assumptions:
|  | Year Ended |
|  | December 31, |
|  | 2019 |
Stock price |  | $0.99-$2.57 |
Exercise price |  | $1.00 |
Expected term (years) |  | 0.00-2.25 |
Expected volatility |  |  | 72.0 | %
Risk-free interest rate |  | 0.0-2.4% |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&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=117815213&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=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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