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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
|  | December 31, 2021 |
|  | Adjusted Cost |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalent |  |  | Marketable Securities |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 2,765 |  |  | $ | — |  |  | $ | 2,765 |  |  | $ | 2,765 |  |  | $ | — |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 38,045 |  |  |  | — |  |  |  | 38,045 |  |  |  | 38,045 |  |  |  | — |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  |  | 45,982 |  |  |  | (66 | ) |  |  | 45,916 |  |  |  | — |  |  |  | 45,916 |
U.S. Treasury securities |  |  | 80,500 |  |  |  | (7 | ) |  |  | 80,493 |  |  |  | 26,000 |  |  |  | 54,493 |
Commercial paper |  |  | 94,887 |  |  |  | (15 | ) |  |  | 94,872 |  |  |  | — |  |  |  | 94,872 |
Corporate bonds |  |  | 182,338 |  |  |  | (435 | ) |  |  | 181,903 |  |  |  | — |  |  |  | 181,903 |
Municipal securities |  |  | 1,017 |  |  |  | (1 | ) |  |  | 1,016 |  |  |  | — |  |  |  | 1,016 |
Subtotal |  |  | 404,724 |  |  |  | (524 | ) |  |  | 404,200 |  |  |  | 26,000 |  |  |  | 378,200 |
Total assets |  | $ | 445,534 |  |  | $ | (524 | ) |  | $ | 445,010 |  |  | $ | 66,810 |  |  | $ | 378,200 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  |  | 1,060 |  |  |  | — |  |  |  | 1,060 |  |  |  | — |  |  |  | — |
Total liabilities |  | $ | 1,060 |  |  | $ | — |  |  | $ | 1,060 |  |  | $ | — |  |  | $ | — |
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:
|  | December 31, 2021 |
|  | Private Placement Warrant Liability |
|  | (in thousands) |
Fair value as of January 1, 2021 |  | $ | — |
Private placement warrant liability acquired as part of the merger |  |  | 3,014 |
Change in the fair value included in other income (expense), net |  |  | (1,954 | )
Fair value as of December 31, 2021 |  | $ | 1,060 |
Schedule of Black-Scholes Option Pricing Model For Private Warrants | The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:
|  | December 31, 2021 |  |  | March 12, 2021 |
Expected term (years) |  |  | 4.2 |  |  |  | 5.0 |
Expected volatility |  |  | 60.3 | % |  |  | 70.0 | %
Risk-free interest rate |  |  | 1.14 | % |  |  | 0.85 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Exercise Price |  | $ | 11.50 |  |  | $ | 11.50 |

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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=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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- 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=123874694&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=123874694&loc=d3e19207-110258 + Details
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