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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	47,448	$	47,448	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	16,821		—		16,821		—
Corporate bonds	1,945		—		1,945		—
Commercial paper	14,833		—		14,833		—

Total assets	$	81,047	$	47,448	$	33,599	$	—

Liabilities:
Warrant liabilities	$	33,473	$	—	$	—	$	33,473
Total liabilities	$	33,473	$	—	$	—	$	33,473


	December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	66,563	$	66,563	$	—	$	—
Marketable securities:
Corporate bonds	2,006		—		2,006		—
Commercial paper	11,992		—		11,992		—

Total assets	$	80,561	$	66,563	$	13,998	$	—

Liabilities:
Warrant liabilities	$	25,423	$	—	$	—	$	25,423
Total liabilities	$	25,423	$	—	$	—	$	25,423

Schedule of Cash and Cash Equivalents

The Company’s consolidated statements of cash flows include the following as of September 30, 2022 and 2021 (in thousands):


	September 30,
	2022		2021
Cash and cash equivalents	$	112,843	$	114,645

Long-term restricted cash	1,600		1,379
Total cash, cash equivalents, and restricted cash	$	114,443	$	116,024

Schedule of Restricted Cash and Cash Equivalents

The Company’s consolidated statements of cash flows include the following as of September 30, 2022 and 2021 (in thousands):


	September 30,
	2022		2021
Cash and cash equivalents	$	112,843	$	114,645

Long-term restricted cash	1,600		1,379
Total cash, cash equivalents, and restricted cash	$	114,443	$	116,024

Schedule of Fair Value Measurement Inputs and Valuation Techniques

A summary of the Black-Scholes valuation model assumptions used to record the fair value of the 2019 Warrants liability is as follows:


	September 30,		December 31,
	2022		2021
Risk-free interest rate	4.22	%	0.97	%
Dividend yield	—		—
Expected life (in years)	2.23		2.98
Expected volatility	83.26	%	96.10	%

A summary of the Black-Scholes valuation model assumptions used to record the fair value of the 2022 Warrants liability is as follows:


			At Issuance
	September 30,		April 11,
	2022		2022
Risk-free interest rate	4.06	%	2.79	%
Dividend yield	—		—
Expected life (in years)	4.53		5.00
Expected volatility	95.66	%	96.00	%

Schedule Of Changes In The Warrant Liabilities

The following table reflects a roll-forward of fair value for the Company’s Level 3 warrant liabilities (see Note 10), for the nine months ended September 30, 2022 (in thousands):


	Warrant liabilities
Fair value as of December 31, 2021	$	25,423
Issuances	15,379
Exercises	—
Change in fair value	(7,329)
Fair value as of September 30, 2022	$	33,473