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Fair Value Considerations (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of fair value financial assets measured on a recurring basis

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021:

			(Level 1)						(Level 2)						(Level 3)						Total
March 31, 2021
Assets:
Money market funds			$	27,243					$	—					$	—					$	27,243
U.S. government securities			12,093						—						—						12,093
Commercial paper			—						38,969						—						38,969
Total assets			$	39,336					$	38,969					$	—					$	78,305
Liabilities
Oberland facility			$	—					—						$	36,686					$	36,686
Debt derivative liability			—						—						2,519						2,519
Total liabilities			$	—					$	—					$	39,205					$	39,205

			(Level 1)						(Level 2)						(Level 3)						Total
December 31, 2020
Assets:
Money market funds			$	23,044					$	—					$	—					$	23,044
U.S. government securities			12,123						—						—						12,123
Corporate bonds			—						6,408						—						6,408
Commercial paper			—						36,668						—						36,668
Total assets			$	35,167					$	43,076					$	—					$	78,243
Liabilities
Oberland facility			$	—					—						$	36,855					$	36,855
Debt derivative liability			—						—						2,497						2,497
Total liabilities			$	—					$	—					$	39,352					$	39,352

Schedule of valuation of the debt derivative liability

The significant inputs that are included in the valuation of the Debt Derivative Liability include:

			March 31, 2021						December 31, 2020
Input
Remaining term (years)			6.25						6.50
Maturity date			June 30, 2027						June 30, 2027
Coupon rate			9.50		%				9.50		%
Revenue participation payments			Maximum each year						Maximum each year
Discount rate			8.87		%	(1)			8.70		%	(1)
Probability of mandatory prepayment before 2024			5.0		%	(1)			5.0		%	(1)
Estimated timing of mandatory prepayment event before 2024			December 31, 2023			(1)			December 31, 2023			(1)
Probability of mandatory prepayment 2024 or after			15.0		%	(1)			15.0		%	(1)
Estimated timing of mandatory prepayment event 2024 or after			March 31, 2026			(1)			March 31, 2026			(1)
Probability of optional prepayment event			5.0		%	(1)			5.0		%	(1)
Estimated timing of optional prepayment event			December 31, 2025			(1)			December 31, 2025			(1)

(1)Represents a significant unobservable input

Schedule of the fair value of instruments classified as Level 3 measurements

The following represents the rollforward of the fair value of instruments classified as Level 3 measurements for the three months ended March 31, 2021:

Quarter Ending March 31, 2021
Beginning Balance, January 1, 2021			$	39,352
Change in fair value of Oberland Facility			(169)
Change in fair value of debt derivative			22
Ending Balance, March 31, 2021			$	39,205

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

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

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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=117815213&loc=d3e19207-110258

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-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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