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Fair Value Measurements (Tables)

12 Months Ended

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%

X

- 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

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-Publisher FASB
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-Topic 820
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-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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
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