Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables represent the Company’s fair value hierarchy for financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020 (in thousands):

	Basis for Fair Value Measurements						Fair Value as of
	(Level 1)		(Level 2)		(Level 3)		December 31, 2021
Assets
Money market funds	$	36,556	$	—	$	—	$	36,556
Commercial paper		—		37,535		—		37,535
Corporate bonds		—		94,864		—		94,864
US Treasuries		—		30,029		—		30,029
Total	$	36,556	$	162,428	$	—	$	198,984
Liabilities
Derivative liability	$	—	$	—	$	214	$	214
Total	$	—	$	—	$	214	$	214

	Basis for Fair Value Measurements						Fair Value as of
	(Level 1)		(Level 2)		(Level 3)		December 31, 2020
Assets
Money market funds	$	276,726	$	—	$	—	$	276,726
Total	$	276,726	$	—	$	—	$	276,726
Liabilities
Derivative liability	$	—	$	—	$	122	$	122
Total	$	—	$	—	$	122	$	122

Summary of Changes in Fair Value of Level 3 Derivative Liability

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 derivative liability (in thousands):

Balance as of December 31, 2019	$	101
Change in fair value included in other income (expense), net		21
Balance as of December 31, 2020	$	122
Change in fair value included in other income (expense), net		92
Balance as of December 31, 2021	$	214