Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Assets Measured or Disclosed at Fair Value on Recurring Basis

Assets measured or disclosed at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are summarized below:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
September 30, 2022
Assets:
Cash and cash equivalents	$	144,761	$	—	$	—	$	144,761
	$	144,761	$	—	$	—	$	144,761
Liabilities:
Derivative liability	$	—	$	—	$	760	$	760
	$	—	$	—	$	760	$	760

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2021
Assets:
Cash and cash equivalents	$	149,800	$	—	$	—	$	149,800
	$	149,800	$	—	$	—	$	149,800
Liabilities:
Derivative liability	$	—	$	—	$	1,820	$	1,820
	$	—	$	—	$	1,820	$	1,820

Fair Value Derivative Liability

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

Balance at December 31, 2021	$	1,820
Change in fair value of derivative liability, recorded as other income	(710)
Balance at March 31, 2022	$	1,110
Change in fair value of derivative liability, recorded as other income	—
Balance at June 30, 2022	$	1,110
Change in fair value of derivative liability, recorded as other income	(350)
Balance at September 30, 2022	$	760