Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Assets measured or disclosed at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 are summarized below:


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
September 30, 2021
Assets:
Cash and cash equivalents	$	207,204	$	—	$	—	$	207,204

	$	207,204	$	—	$	—	$	207,204
Liabilities:
Derivative liability	$	—	$	—	$	1,930	$	1,930
	$	—	$	—	$	1,930	$	1,930


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2020
Assets:
Cash and cash equivalents	$	228,698	$	—	$	—	$	228,698
U.S. government debt securities	—		39,992		—		39,992
	$	228,698	$	39,992	$	—	$	268,690
Liabilities:
Derivative liability	$	—	$	—	$	2,420	$	2,420
	$	—	$	—	$	2,420	$	2,420

The following table provides a roll-forward of the fair value of the derivative liability (in thousands):


Balance at December 31, 2020	$	2,420
Change in fair value of derivative liability, recorded as other expense	80
Balance at March 31, 2021	$	2,500
Change in fair value of derivative liability, recorded as other income	(570)
Balance at June 30, 2021	$	1,930
Change in fair value of derivative liability, recorded as other income	—
Balance at September 30, 2021	$	1,930