Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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:

	September 30, 2022
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	4,915	$	—		$	4,915	$	4,915	$	—
Level 1
Money market funds		51,312		—			51,312		51,312		—
Level 2
U.S. Government securities		62,485		(1,782	)		60,703		—		60,703
U.S. Treasury securities		21,926		(143	)		21,783		—		21,783
Commercial paper		108,463		(293	)		108,170		61,658		46,512
Corporate bonds		106,392		(2,463	)		103,929		—		103,929
Subtotal		299,266		(4,681	)		294,585		61,658		232,927
Total assets	$	355,493	$	(4,681	)	$	350,812	$	117,885	$	232,927
Liabilities
Level 3
Warrant liabilities		138		—			138		—		—
Total liabilities	$	138	$	—		$	138	$	—	$	—

	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	$	—
Level 1
Money market funds		38,045		—			38,045		38,045		—
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
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):

	September 30, 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, net		(922	)		(1,954	)
Fair value, closing balance	$	138		$	1,060

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:

	September 30, 2022			December 31, 2021
Expected term (years)		3.5			4.2
Expected volatility		80.5	%		60.3	%
Risk-free interest rate		4.16	%		1.14	%
Dividend yield		0	%		0	%
Exercise Price	$	11.50		$	11.50