Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following table summarizes the financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, and the basis for that measurement, by level within the fair value hierarchy:

		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
June 30, 2022
Financial assets:
Cash equivalents	Money market funds	$	21,699	$	—	$	—	$	21,699
Cash equivalents	Corporate bonds		—		1,999		—		1,999
Marketable securities	U.S. treasury securities		19,740		—		—		19,740
Marketable securities	Corporate bonds		—		15,395		—		15,395
Marketable securities	Commercial paper		—		19,022		—		19,022
Total assets		$	41,439	$	36,416	$	—	$	77,855

		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
December 31, 2021
Financial assets:
Cash equivalents	Money market funds	$	35,835	$	—	$	—	$	35,835
Total assets		$	35,835	$	—	$	—	$	35,835
Financial liabilities:
Term loan derivative liability		$	—	$	—	$	114	$	114
Total liabilities		$	—	$	—	$	114	$	114

The following table represents a roll-forward of the fair value of Level 3 instruments (significant unobservable inputs):

	June 30, 2022			December 31, 2021
Financial liabilities
Balance at beginning of period	$	114		$	196
Change in fair value of term loan derivative liability		147			(82	)
Net settlements (see Note 7)		(261	)		—
Balance at end of period	$	—		$	114