XML 39 R30.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
|  | Fair Value (in thousands) Measured as of December 31, 2021 Using: |
|  | Adjusted Cost |  |  | Unrealized losses |  |  | Fair Value |  |  | Cash and Cash Equivalent |  |  | Marketable Securities |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,863 |  |  | $ | — |  |  | $ | 4,863 |  |  | $ | 4,863 |  |  | $ | — |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ | 26,491 |  |  | $ | (68 | ) |  | $ | 26,423 |  |  | $ | — |  |  | $ | 26,423 |
Corporate bonds |  |  | 48,643 |  |  |  | (150 | ) |  |  | 48,493 |  |  |  | — |  |  |  | 48,493 |
Commercial paper |  |  | 45,145 |  |  |  | — |  |  |  | 45,145 |  |  |  | — |  |  |  | 45,145 |
U.S. Government securities |  |  | 29,936 |  |  |  | (173 | ) |  |  | 29,763 |  |  |  | — |  |  |  | 29,763 |
Total financial assets |  | $ | 155,078 |  |  | $ | (391 | ) |  | $ | 154,687 |  |  | $ | 4,863 |  |  | $ | 149,824 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private placement warrant liability |  | $ | — |  |  | $ | — |  |  | $ | 155 |  |  | $ | — |  |  | $ | — |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 155 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock and series A preferred stock warrant liability |  | $ | — |  |  | $ | — |  |  | $ | 93 |  |  | $ | — |  |  | $ | — |
Embedded derivative liability |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | — |  |  |  | — |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 110 |  |  | $ | — |  |  | $ | — |
Summary of the Changes in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in fair value of the Company’s Level 3 financial instruments for the year ended December 31, 2021 (in thousands):
|  | Embedded Derivative |  |  | Common Stock and Series A Preferred Stock Warrant Liability |  |  | Total |
Balance at December 31, 2020 |  | $ | 17 |  |  | $ | 93 |  |  | $ | 110 |
(Gain) loss in fair value included in other income (expense, net) |  |  | (17 | ) |  |  | (93 | ) |  |  | (110 | )
Balance at December 31, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Embedded Derivative |  |  | Common Stock and Series A Preferred Stock Warrant Liability |  |  | Total |
Balance at December 31, 2019 |  | $ | — |  |  | $ | — |  |  | $ | — |
Initial fair value of embedded derivative |  |  | 1,520 |  |  |  | — |  |  |  | 1,520 |
(Gain)/loss in fair value included in other income (expense, net) |  |  | (1,503 | ) |  |  | 93 |  |  |  | (1,410 | )
Balance at December 31, 2020 |  | $ | 17 |  |  | $ | 93 |  |  | $ | 110 |
Key Inputs into the Black-Sholes Option Pricing Model | The key inputs into the Black-Scholes option-pricing model for the common stock and series A preferred stock warrant liability valued at December 31, 2020 are as follows:
|  | December 31, 2020 |
Expected term (years) |  |  | 5.8 |
Expected volatility |  |  | 45.6 | %
Risk-free interest rate |  |  | 0.4 | %
Dividend yield |  |  | — | %
Exercise price |  | $ | 15.03 |

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 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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=123874694&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=123874694&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration