Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2022 and December 31, 2021 (in thousands):

Description	March 31, 2022		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	105,382	$	105,382	$	—	$	—
Marketable securities:
Commercial paper		11,877		—		11,877		—
Corporate bonds		7,041		—		7,041		—
U.S. Government agencies		5,981		—		5,981		—
Total financial assets	$	130,281	$	105,382	$	24,899	$	—
Financial liabilities
Warrant Liability	$	127	$	—	$	—	$	127
Total financial liabilities	$	127	$	—	$	—	$	127

Description	December 31, 2021		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	24,063	$	24,063	$	—	$	—
Total financial assets	$	24,063	$	24,063	$	—	$	—
Financial liabilities
Warrant Liability	$	83	$	—	$	—	$	83
Total financial liabilities	$	83	$	—	$	—	$	83

Summary of Changes in Fair Value of Common Stock Warrants

The following table set forth a summary of changes in the fair value of the common stock warrants, which represents a recurring fair value measurement that is classified within Level 3 of the fair value hierarchy. Changes in fair value are recognized in other (expense) income as “Change in fair value of warrant liability” in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):

Common Stock (12,686 warrants)
Fair value at December 31, 2021	$	83
Change in fair value		44
Fair value at March 31, 2022	$	127