Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

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):

	Total		Fair Value Measurements at Reporting Date
			Level 1		Level 2		Level 3
As of March 31, 2021:
Assets
Cash equivalents	$	76,730	$	76,730	$	—	$	—
Liabilities
Development derivative liability (Note 7)	$	68,260	$	—	$	—	$	68,260
As of December 31, 2020:
Assets
Cash equivalents	$	27,872	$	27,872	$	—	$	—
Liabilities
Development derivative liability (Note 7)	$	51,719	$	—	$	—	$	51,719