Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes the Company’s assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

			Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
As of December 31, 2020:
Assets
Cash equivalents	$	27,872	$	27,872	$	—	$	—
Liabilities
Development derivative liability (Note 7)	$	51,719	$	—	$	—	$	51,719
As of December 31, 2019:
Assets
Cash equivalents	$	73,761	$	73,761	$	—	$	—