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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
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.
March 31, 2022
(in thousands) Fair Value Level 1 Level 2 Level 3
Assets
Money market funds $ 166,585  $ 166,585  $ —  $ — 
U.S. treasury securities 16,021  16,021  —  — 
Commercial paper 34,464  —  34,464  — 
Corporate bonds 13,746  —  13,746  — 
Total assets measured at fair value $ 230,816  $ 182,606  $ 48,210  $ — 
Liabilities
Derivative liability $ 3,064  $ —  $ —  $ 3,064 
Total liabilities measured at fair value $ 3,064  $ —  $ —  $ 3,064 
December 31, 2021
(in thousands) Fair Value Level 1 Level 2 Level 3
Assets
Money market funds $ 90,355  $ 90,355  $ —  $ — 
Commercial paper 87,964  —  87,964  — 
Corporate bonds 26,484  —  26,484  — 
Total assets measured at fair value $ 204,803  $ 90,355  $ 114,448  $ — 
Liabilities
Derivative liability $ 3,020  $ —  $ —  $ 3,020 
Total liabilities measured at fair value $ 3,020  $ —  $ —  $ 3,020 
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:
(in thousands) Derivative Liability
Fair value as of December 31, 2021 $ 3,020 
Change in fair value 44 
Fair value as of March 31, 2022 $ 3,064