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Fair Value Measurements
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):
June 30, 2022
Level 1Level 2Level 3Total
Cash and cash equivalents:
Cash$3,810 $— $— $3,810 
Cash equivalents265,996 — — $265,996 
Total cash and cash equivalents$269,806 $— $— $269,806 
Loan facility derivative liability$— $— $1,570 $1,570 
December 31, 2021
Level 1Level 2Level 3Total
Cash and cash equivalents:
Cash$13,621 $— $— $13,621 
Cash equivalents290,699 — — 290,699 
Total cash and cash equivalents$304,320 $— $— $304,320 
Loan facility derivative liability$— $— $1,496 $1,496 
Cash equivalents consist primarily of money market funds and treasury securities.
There were no transfers in and out of Level 3 during the three and six months ended June 30, 2022 and year ended December 31, 2021.
The fair value of the loan facility derivative liability was determined using a discounted cash flow calculation discounted at 10%.
The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Beginning of the period$1,533 $1,825 $1,496 $1,782 
Issued— — — — 
Change in fair value37 (38)74 
End of the period$1,570 $1,787 $1,570 $1,787