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Financial Instruments and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 were as follows (in thousands):
Quoted Price in
Active Markets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Assets:
Money market funds
$145,712 $— $— $145,712 
Total assets
$145,712 $— $— $145,712 
Liabilities
Success payment liability$— $— $863 $863 
Total liabilities$— $— $863 $863 
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 were as follows (in thousands):
Quoted Price in
Active Markets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Assets:
Money market funds
$157,531 $— $— $157,531 
Total assets
$157,531 $— $— $157,531 
Liabilities
Success payment liability$— $— $— $— 
Total liabilities$— $— $— $— 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles the change in fair value of the success payment liability during the six months ended June 30, 2022 based on Level 3 inputs (in thousands):
Six Months Ended
June 30, 2022
Balance at December 31, 2021$— 
Additions1,125 
Change in fair value(262)
Balance at June 30, 2022$863 
Fair Value, Liabilities Measured on Recurring Basis Management determined the fair value of the success payment liability as of June 30, 2022 using the following significant unobservable inputs:
June 30, 2022
Probability of Success Fee Event80 %
Expected term (in years)
0.83 - 1.25
Discount rate6.7 %