Schedule of Fair Value of Financial Instruments |
The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy.
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| March 31, 2022 |
(in thousands) |
Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
Assets |
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Money market funds |
$ |
166,585 |
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| $ |
166,585 |
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| $ |
— |
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| $ |
— |
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U.S. treasury securities |
16,021 |
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| 16,021 |
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| — |
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| — |
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Commercial paper |
34,464 |
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| — |
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| 34,464 |
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| — |
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Corporate bonds |
13,746 |
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| — |
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| 13,746 |
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| — |
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Total assets measured at fair value |
$ |
230,816 |
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| $ |
182,606 |
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| $ |
48,210 |
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| $ |
— |
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Liabilities |
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Derivative liability |
$ |
3,064 |
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| $ |
— |
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| $ |
— |
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| $ |
3,064 |
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Total liabilities measured at fair value |
$ |
3,064 |
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| $ |
— |
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| $ |
— |
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| $ |
3,064 |
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| December 31, 2021 |
(in thousands) |
Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
Assets |
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Money market funds |
$ |
90,355 |
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| $ |
90,355 |
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| $ |
— |
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| $ |
— |
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Commercial paper |
87,964 |
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| — |
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| 87,964 |
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| — |
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Corporate bonds |
26,484 |
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| — |
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| 26,484 |
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| — |
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Total assets measured at fair value |
$ |
204,803 |
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| $ |
90,355 |
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| $ |
114,448 |
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| $ |
— |
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Liabilities |
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Derivative liability |
$ |
3,020 |
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| $ |
— |
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| $ |
— |
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| $ |
3,020 |
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Total liabilities measured at fair value |
$ |
3,020 |
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| $ |
— |
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| $ |
— |
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| $ |
3,020 |
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Summary of Changes in Fair Value of Financial Instruments |
The following table summarizes the change in the fair value of our Level 3 financial instrument:
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(in thousands) |
Derivative Liability |
Fair value as of December 31, 2021 |
$ |
3,020 |
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Change in fair value |
44 |
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Fair value as of March 31, 2022 |
$ |
3,064 |
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