Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Financial Instruments

Schedule of assets and liabilities measured fair value on recurring basis

Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):

	As of September 30, 2021
	Quoted Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds	$	1,847	$	—	$	—	$	1,847
Reverse repurchase agreements		—		39,000		—		39,000
Total assets	$	1,847	$	39,000	$	—	$	40,847

	As of December 31, 2020
	Quoted Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds	$	22,999	$	—	$	—	$	22,999
Short-term investments:
Reverse repurchase agreements		—		20,000		—		20,000
Total assets	$	22,999	$	20,000	$	—	$	42,999

Summary of warrant liability was valued based on significant inputs not observable in the market, which represents a Level 3

The Company estimated the fair value of the warrant liability using Black-Scholes option-pricing models and assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions including the fair value per share of the underlying security, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying security (in thousands).

	September 30, 2021
Balance at beginning of year	$	—
Issuance of warrant		4,332
Decrease in the fair value of the warrant		(864)
Reclassification of warrant liability to additional paid in-capital		(3,468)
Ending balance	$	—