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Fair Value Measurements (Tables)

3 Months Ended

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.

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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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