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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Fair Value Measurement of Liabilities of Measured on Recurring Basis

The following table sets forth the fair value measurements of liabilities that are measured at fair value on a recurring basis as of December 31, 2020 (in thousands). As of September 30, 2021, there were no liabilities that are measured at fair value on a recurring basis.

		As of December 31, 2020
		Level 1				Level 2				Level 3				Total
Liabilities:
Redeemable convertible preferred stock warrants liabilities		$	—			$	—			$	2,112			$	2,112
Total liabilities measured at fair value		$	—			$	—			$	2,112			$	2,112

Summary of Changes in Level 3 Fair Value Instruments

A summary of the changes in the fair value of the Company’s Level 3 financial instruments for the three and nine months ended September 30, 2021 and 2020, is as follows (in thousands):

		Redeemable convertible preferred stock warrants liabilities
Balance – December 31, 2020		$	2,112
Change in fair value			(555	)
Balance – March 31, 2021			1,557
Change in fair value			5,427
Balance – June 30, 2021			6,984
Change in fair value			1,989
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO			(8,973	)
Balance – September 30, 2021		$	—

		Redeemable convertible preferred stock warrants liabilities
Balance – December 31, 2019		$	236
Change in fair value			(92	)
Balance – March 31, 2020			144
Change in fair value			73
Balance – June 30, 2020			217
Change in fair value			194
Balance – September 30, 2020		$	411

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ 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 (b)
-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 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- 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

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