| Schedule of Marketable Securities Classified as Available-for-sale Securities |
Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at June 30, 2021 and December 31, 2020 (in thousands):
|
|
|
June 30, 2021 |
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
Asset-backed securities |
|
$ |
38,644 |
|
|
$ |
3 |
|
|
$ |
(6 |
) |
|
$ |
38,641 |
|
|
U.S. treasury securities |
|
|
29,993 |
|
|
|
— |
|
|
|
(12 |
) |
|
|
29,981 |
|
|
Other government agency securities |
|
|
5,098 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
5,093 |
|
|
Commercial paper |
|
|
90,819 |
|
|
|
— |
|
|
|
— |
|
|
|
90,819 |
|
|
Corporate debt securities |
|
|
88,092 |
|
|
|
16 |
|
|
|
(18 |
) |
|
|
88,090 |
|
|
Total |
|
$ |
252,646 |
|
|
$ |
19 |
|
|
$ |
(41 |
) |
|
$ |
252,624 |
|
|
|
|
December 31, 2020 |
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
|
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
Asset-backed securities |
|
$ |
2,639 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,639 |
|
|
U.S. treasury securities |
|
|
1,300 |
|
|
|
— |
|
|
|
— |
|
|
|
1,300 |
|
|
Commercial paper |
|
|
6,795 |
|
|
|
— |
|
|
|
— |
|
|
|
6,795 |
|
|
Corporate debt securities |
|
|
6,562 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
6,562 |
|
|
Total |
|
$ |
17,296 |
|
|
$ |
1 |
|
|
$ |
(1 |
) |
|
$ |
17,296 |
|
|
| Schedule of Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis |
At June 30, 2021 and December 31, 2020, the fair values of the Company’s assets and liabilities, which are measured at fair value on a recurring basis, were determined using the following inputs (in thousands):
|
|
|
June 30, 2021 |
|
|
|
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Money market funds |
|
$ |
54,700 |
|
|
$ |
54,700 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Asset-backed securities |
|
|
38,641 |
|
|
|
— |
|
|
|
38,641 |
|
|
|
— |
|
|
U.S. treasury securities |
|
|
29,981 |
|
|
|
— |
|
|
|
29,981 |
|
|
|
— |
|
|
Other government agency securities |
|
|
5,093 |
|
|
|
— |
|
|
|
5,093 |
|
|
|
— |
|
|
Commercial paper |
|
|
90,819 |
|
|
|
— |
|
|
|
90,819 |
|
|
|
— |
|
|
Corporate debt securities |
|
|
88,090 |
|
|
|
— |
|
|
|
88,090 |
|
|
|
— |
|
|
Total |
|
$ |
307,324 |
|
|
$ |
54,700 |
|
|
$ |
252,624 |
|
|
$ |
— |
|
|
|
|
December 31, 2020 |
|
|
|
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Money market funds |
|
$ |
3,921 |
|
|
$ |
3,921 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Asset-backed securities |
|
|
2,640 |
|
|
|
— |
|
|
|
2,640 |
|
|
|
— |
|
|
U.S. treasury securities |
|
|
1,300 |
|
|
|
1,300 |
|
|
|
— |
|
|
|
— |
|
|
Commercial paper |
|
|
6,795 |
|
|
|
— |
|
|
|
6,795 |
|
|
|
— |
|
|
Corporate debt securities |
|
|
6,561 |
|
|
|
— |
|
|
|
6,561 |
|
|
|
— |
|
|
Total |
|
$ |
21,217 |
|
|
$ |
5,221 |
|
|
$ |
15,996 |
|
|
$ |
— |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock purchase rights liability |
|
$ |
25,224 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,224 |
|
|
| Schedule of Changes in Estimated Fair Value of Financial Instruments |
The following table provides a summary of changes in the estimated fair value of the financial instruments using significant Level 3 inputs (in thousands):
|
|
|
Series C
Convertible
Preferred
Stock
Purchase Right
Liability |
|
|
Balance at December 31, 2020 |
|
$ |
25,224 |
|
|
Change in fair value |
|
|
6,084 |
|
|
Reclassification to equity |
|
|
(31,308 |
) |
|
Balance at June 30, 2021 |
|
$ |
— |
|
|