XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Considerations (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2021:
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
June 30, 2021 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Money market funds | $ | 31,496 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,496 |
U.S. government securities | 12,059 |  |  | — |  |  | — |  |  | 12,059 |
Commercial paper | — |  |  | 34,780 |  |  | — |  |  | 34,780 |
Total assets | $ | 43,555 |  |  | $ | 34,780 |  |  | $ | — |  |  | $ | 78,335 |
Liabilities |  |  |  |  |  |  |
Oberland facility | $ | — |  |  | — |  | $ | 50,663 |  |  | $ | 50,663 |
Debt derivative liabilities | — |  |  | — |  | 3,776 |  |  | 3,776 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 54,439 |  |  | $ | 54,439 |
| (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 liabilities | — |  |  | — |  | 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 - first tranche include:
| June 30, 2021 |  | December 31, 2020 |
Input |  |  |  |
Remaining term (years) | 6 |  | 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 | 8.65 | % | (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 The significant inputs that are included in the valuation of the Debt Derivative Liability - second tranche include:
| June 30, 2021 |
Input |  |
Remaining term (years) | 7 |
Maturity date | June 30, 2028 |
Coupon rate | 9.50 | % |
Revenue participation payments | Maximum each year |
Discount rate | 11.21 | % | (1)
Probability of mandatory prepayment before 2024 | 5.0 | % | (1)
Estimated timing of mandatory prepayment event before 2024 | December 31, 2023 | (1)
Probability of mandatory prepayment 2024 or after | 15.0 | % | (1)
Estimated timing of mandatory prepayment event 2024 or after | March 31, 2026 | (1)
Probability of optional prepayment event | 5.0 | % | (1)
Estimated timing of optional prepayment event | 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 and six months ended June 30, 2021:
Quarter Ending June 30, 2021 |
Beginning Balance, April 1, 2021 | $ | 39,205 |
Addition of Oberland Facility - second tranche | 13,827 |
Addition of debt derivative - second tranche | 1,173 |
Change in fair value of Oberland Facility | 150 |
Change in fair value of debt derivative | 84 |
Ending Balance, June 30, 2021 | $ | 54,439 |
Six Months Ending June 30, 2021 |
Beginning Balance, January 1, 2021 | $ | 39,352 |
Addition of Oberland Facility - second tranche | 13,827 |
Addition of debt derivative - second tranche | 1,173 |
Change in fair value of Oberland Facility | (18) |
Change in fair value of debt derivative | 105 |
Ending Balance, June 30, 2021 | $ | 54,439 |

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 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration