| Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:
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March 31, 2022 |
|
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|
Adjusted Cost |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Cash and Cash Equivalent |
|
|
Marketable Securities |
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|
(in thousands) |
|
Assets |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Cash |
|
$ |
10,496 |
|
|
$ |
— |
|
|
$ |
10,496 |
|
|
$ |
10,496 |
|
|
$ |
— |
|
|
|
|
|
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|
|
|
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|
Level 1 |
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|
|
|
|
|
|
|
|
|
|
|
|
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Money market funds |
|
|
21,031 |
|
|
|
— |
|
|
|
21,031 |
|
|
|
21,031 |
|
|
|
— |
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|
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|
|
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|
|
|
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Level 2 |
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|
|
|
|
|
|
|
|
|
|
|
|
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U.S. Government securities |
|
|
51,475 |
|
|
|
(838 |
) |
|
|
50,637 |
|
|
|
— |
|
|
|
50,637 |
|
U.S. Treasury securities |
|
|
67,968 |
|
|
|
(58 |
) |
|
|
67,910 |
|
|
|
25,983 |
|
|
|
41,927 |
|
Commercial paper |
|
|
98,197 |
|
|
|
(200 |
) |
|
|
97,997 |
|
|
|
4,989 |
|
|
|
93,008 |
|
Corporate bonds |
|
|
167,292 |
|
|
|
(1,882 |
) |
|
|
165,410 |
|
|
|
— |
|
|
|
165,410 |
|
Municipal securities |
|
|
1,007 |
|
|
|
(1 |
) |
|
|
1,006 |
|
|
|
— |
|
|
|
1,006 |
|
Subtotal |
|
|
385,939 |
|
|
|
(2,979 |
) |
|
|
382,960 |
|
|
|
30,972 |
|
|
|
351,988 |
|
Total assets |
|
$ |
417,466 |
|
|
$ |
(2,979 |
) |
|
$ |
414,487 |
|
|
$ |
62,499 |
|
|
$ |
351,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Level 3 |
|
|
|
|
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|
|
|
|
|
|
|
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|
Warrant liabilities |
|
|
426 |
|
|
|
— |
|
|
|
426 |
|
|
|
— |
|
|
|
— |
|
Total liabilities |
|
$ |
426 |
|
|
$ |
— |
|
|
$ |
426 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
Adjusted Cost |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Cash and Cash Equivalent |
|
|
Marketable Securities |
|
|
|
(in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
2,765 |
|
|
$ |
— |
|
|
$ |
2,765 |
|
|
$ |
2,765 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
38,045 |
|
|
|
— |
|
|
|
38,045 |
|
|
|
38,045 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
Level 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government securities |
|
|
45,982 |
|
|
|
(66 |
) |
|
|
45,916 |
|
|
|
— |
|
|
|
45,916 |
|
U.S. Treasury securities |
|
|
80,500 |
|
|
|
(7 |
) |
|
|
80,493 |
|
|
|
26,000 |
|
|
|
54,493 |
|
Commercial paper |
|
|
94,887 |
|
|
|
(15 |
) |
|
|
94,872 |
|
|
|
— |
|
|
|
94,872 |
|
Corporate bonds |
|
|
182,338 |
|
|
|
(435 |
) |
|
|
181,903 |
|
|
|
— |
|
|
|
181,903 |
|
Municipal securities |
|
|
1,017 |
|
|
|
(1 |
) |
|
|
1,016 |
|
|
|
— |
|
|
|
1,016 |
|
Subtotal |
|
|
404,724 |
|
|
|
(524 |
) |
|
|
404,200 |
|
|
|
26,000 |
|
|
|
378,200 |
|
Total assets |
|
$ |
445,534 |
|
|
$ |
(524 |
) |
|
$ |
445,010 |
|
|
$ |
66,810 |
|
|
$ |
378,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liabilities |
|
|
1,060 |
|
|
|
— |
|
|
|
1,060 |
|
|
|
— |
|
|
|
— |
|
Total liabilities |
|
$ |
1,060 |
|
|
$ |
— |
|
|
$ |
1,060 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Summary of Changes in Fair Value of Level 3 Financial Instruments |
The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousand):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
Fair value, beginning balance |
|
$ |
1,060 |
|
|
$ |
— |
|
Private placement warrant liability acquired as part of the merger |
|
|
— |
|
|
|
3,014 |
|
Change in the fair value included in other income (expense), net |
|
|
(634 |
) |
|
|
(1,954 |
) |
Fair value, closing balance |
|
$ |
426 |
|
|
$ |
1,060 |
|
|