XML 101 R28.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
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 and their respective input levels based on the fair value hierarchy (in thousands):
|  |  |  |  | Fair value measurements as of December 31, 2021 using |
|  |  |  |  | Quoted prices in |  |  | Significant |  |  | Significant |
|  |  |  |  | active markets |  |  | other |  |  | unobservable |
|  | December 31, |  |  | for identical |  |  | observable |  |  | inputs |
|  | 2021 |  |  | assets (level 1) |  |  | inputs (level 2) |  |  | (level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 351,625 |  |  | $ | 351,625 |  |  | $ | — |  |  | $ | — |
US treasury securities(2) |  |  | 18,097 |  |  |  | 18,097 |  |  |  | — |  |  |  | — |
Corporate debt securities(2) |  |  | 2,822 |  |  |  | — |  |  |  | 2,822 |  |  |  | — |
Commercial paper(2) |  |  | 31,566 |  |  |  | — |  |  |  | 31,566 |  |  |  | — |
Supranational debt securities(2) |  |  | 1,503 |  |  |  | — |  |  |  | 1,503 |  |  |  | — |
US treasury securities(3) |  |  | 44,770 |  |  |  | 44,770 |  |  |  | — |  |  |  | — |
Total fair value of assets |  | $ | 450,383 |  |  | $ | 414,492 |  |  | $ | 35,891 |  |  | $ | — |
(1) Included as cash and cash equivalents on the consolidated balance sheets. (2) Included as short-term investments on the consolidated balance sheets. (3) Included as long-term investments on the consolidated balance sheets. As of December 31, 2021, there were no financial liabilities measured at fair value on a recurring basis.
|  |  |  |  | Fair value measurements as of December 31, 2020 using |
|  |  |  |  | Quoted prices in |  |  | Significant |  |  | Significant |
|  |  |  |  | active markets |  |  | other |  |  | unobservable |
|  | December 31, |  |  | for identical |  |  | observable |  |  | inputs |
|  | 2020 |  |  | assets (level 1) |  |  | inputs (level 2) |  |  | (level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 57,238 |  |  | $ | 57,238 |  |  | $ | — |  |  | $ | — |
Commercial paper(1) |  |  | 900 |  |  |  | — |  |  |  | 900 |  |  |  | — |
US treasury securities(2) |  |  | 38,492 |  |  |  | 38,492 |  |  |  | — |  |  |  | — |
Corporate debt securities(2) |  |  | 3,793 |  |  |  | — |  |  |  | 3,793 |  |  |  | — |
Commercial paper(2) |  |  | 11,040 |  |  |  | — |  |  |  | 11,040 |  |  |  | — |
Total fair value of assets |  | $ | 111,463 |  |  | $ | 95,730 |  |  | $ | 15,733 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock purchase right liability |  |  | 1,615 |  |  |  | — |  |  |  | — |  |  |  | 1,615 |
Total fair value of liabilities |  | $ | 1,615 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,615 |
(1) Included as cash and cash equivalents on the consolidated balance sheets. (2) Included as short-term investments on the consolidated balance sheets.
Summary of Assumptions Used to Determine Fair Value of Preferred Stock Purchase Right Liability | The assumptions used in the Black-Scholes option pricing model to determine the fair value of the preferred stock purchase right liability at settlement date and December 31, 2020 were as follows:
|  | January 20, 2021(1) |  |  | December 31, 2020 |
Fair value of underlying preferred stock |  | $ | 6.11 |  |  | $ | 6.11 |
Risk-free interest rate |  |  | 0.07 | % |  |  | 0.08 | %
Expected volatility |  |  | 74.4 | % |  |  | 71.8 | %
Expected term (in years) |  |  | 0.00 |  |  |  | 0.08 |
Expected dividend yield |  |  | — | % |  |  | — | %
(1) The date the purchase right liability was settled.

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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration