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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

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-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

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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)
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-Publisher FASB
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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=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

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