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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of Assets Measured at Fair Value on a Recurring Basis | The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):
| March 31, 2021
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 58,158 |  |  | $ | 58,158 |  |  | $ | — |  |  | $ | — |
Marketable securities: |  |  |  |  |  |  |
Corporate bonds | 2,031 |  |  | — |  |  | 2,031 |  |  | — |
Commercial paper | 20,374 |  |  | — |  |  | 20,374 |  |  | — |
Total assets | $ | 80,563 |  |  | $ | 58,158 |  |  | $ | 22,405 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrant liabilities | $ | 45,455 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,455 |
Total liabilities | $ | 45,455 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,455 |
| December 31, 2020
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 80,576 |  |  | $ | 80,576 |  |  | $ | — |  |  | $ | — |
Total assets | $ | 80,576 |  |  | $ | 80,576 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrant liabilities | $ | 28,708 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,708 |
Total liabilities | $ | 28,708 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,708 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | A summary of the Black-Scholes pricing model assumptions used to record the fair value of the warrant liability is as follows:
| March 31,
| 2021
Risk-free interest rate | 0.35 | %
Dividend yield | — |
Expected life (in years) | 3.73
Expected volatility | 101.13 | %
Schedule Of Changes In The Warrant Liabilities | The following table reflects a roll-forward of fair value for the Company’s Level 3 warrant liabilities (see Note 10), for the three months ended March 31, 2021 (in thousands):
| Warrant liabilities
Fair value as of December 31, 2020 | $ | 28,708 |
Change in fair value | 16,747 |
Fair value as of March 31, 2021 | $ | 45,455 |
Schedule of Cash and Cash Equivalents | The Company’s consolidated statement of cash flows includes the following as of March 31, 2021 and 2020 (in thousands):
| March 31, |
| 2021 |  | 2020 |  |  |  |  |
Cash and cash equivalents | $ | 125,407 |  |  | $ | 72,606 |  |  |  |  |  |
Short-term restricted cash | — |  |  | 279 |  |  |  |  |  |
Long-term restricted cash | 1,379 |  |  | 1,379 |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ | 126,786 |  |  | $ | 74,264 |  |  |  |  |  |
Schedule of Restricted Cash and Cash Equivalents | The Company’s consolidated statement of cash flows includes the following as of March 31, 2021 and 2020 (in thousands):
| March 31, |
| 2021 |  | 2020 |  |  |  |  |
Cash and cash equivalents | $ | 125,407 |  |  | $ | 72,606 |  |  |  |  |  |
Short-term restricted cash | — |  |  | 279 |  |  |  |  |  |
Long-term restricted cash | 1,379 |  |  | 1,379 |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ | 126,786 |  |  | $ | 74,264 |  |  |  |  |  |

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- 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
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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 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
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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=117815213&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=117815213&loc=d3e19207-110258 + Details
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