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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

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- References

No definition available.

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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

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