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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities, Measured at Fair Value

The following table summarizes the Company’s financial assets (cash equivalents, marketable securities and liabilities) at fair value as of December 31, 2021 (in thousands):

			Fair Value as of December 31, 2021						Basis for Fair Value Measurements
									(Level 1)						(Level 2)						(Level 3)
Assets:
Money market funds, included in cash and cash equivalents			$	16,498					$	16,498					$	—					$	—
Fixed income mutual funds, included in short-term investments			96,397						96,397						—						—
Total			$	112,895					$	112,895					$	—					$	—

There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2021.

The following table summarizes the Company’s financial assets (cash equivalents, marketable securities and liabilities) at fair value as of December 31, 2020 (in thousands):

			Fair Value as of December 31, 2020						Basis for Fair Value Measurements
									(Level 1)						(Level 2)						(Level 3)
Assets:
Money market funds, included in cash and cash equivalents			$	5,062					$	5,062					$	—					$	—
Fixed income mutual funds, included in short-term investments			11,689						11,689						—						—
Total			$	16,751					$	16,751					$	—					$	—
Liabilities:
Redeemable convertible preferred stock warrant liability			369						—						—						369
Total			$	369					$	—					$	—					$	369

Schedule of Debt Securities, Available-for-sale

The following is a summary of the Company’s available-for-sale debt securities (in thousands):

			December 31,
			2021						2020
Cost basis			$	96,702					$	11,656
Unrealized gain (loss)			(305)						33
Fair value			$	96,397					$	11,689

Schedule of Fair Value Liabilities Measured at Level 3

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

			Derivative Instrument						Redeemable Convertible Preferred Stock Warrant Liability
Fair value as of January 1, 2020			$	4,719					$	—
Recognition of redeemable convertible preferred stock warrant liability			—						550
Recognition of derivative instrument related to 2020 Convertible Notes			1,669						—
Change in fair value included in other income (expense), net			(149)						(181)
Extinguishment of derivative instrument			(6,239)						—
Fair value as of December 31, 2020			$	—					$	369
Change in fair value included in other income (expense), net			—						5,236
Net exercise of redeemable convertible preferred stock warrants			—						(5,605)
Fair value as of December 31, 2021			$	—					$	—

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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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.

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