Fair Value Considerations (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of fair value financial assets measured on a recurring basis

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021:

	(Level 1)		(Level 2)		(Level 3)		Total
June 30, 2021
Assets:
Money market funds	$	31,496	$	—	$	—	$	31,496
U.S. government securities	12,059		—		—		12,059
Commercial paper	—		34,780		—		34,780
Total assets	$	43,555	$	34,780	$	—	$	78,335
Liabilities
Oberland facility	$	—	—		$	50,663	$	50,663
Debt derivative liabilities	—		—		3,776		3,776
Total liabilities	$	—	$	—	$	54,439	$	54,439

	(Level 1)		(Level 2)		(Level 3)		Total
December 31, 2020
Assets:
Money market funds	$	23,044	$	—	$	—	$	23,044
U.S. government securities	12,123		—		—		12,123
Corporate bonds	—		6,408		—		6,408
Commercial paper	—		36,668		—		36,668
Total assets	$	35,167	$	43,076	$	—	$	78,243
Liabilities
Oberland facility	—		—		36,855		36,855
Debt derivative liabilities	—		—		2,497		2,497
Total liabilities	$	—	$	—	$	39,352	$	39,352

Schedule of valuation of the debt derivative liability

The significant inputs that are included in the valuation of the Debt Derivative Liability - first tranche include:

	June 30, 2021			December 31, 2020
Input
Remaining term (years)	6			6.50
Maturity date	June 30, 2027			June 30, 2027
Coupon rate	9.50	%		9.50	%
Revenue participation payments	Maximum each year			Maximum each year
Discount rate	8.65	%	(1)	8.70	%	(1)
Probability of mandatory prepayment before 2024	5.0	%	(1)	5.0	%	(1)
Estimated timing of mandatory prepayment event before 2024	December 31, 2023		(1)	December 31, 2023		(1)
Probability of mandatory prepayment 2024 or after	15.0	%	(1)	15.0	%	(1)
Estimated timing of mandatory prepayment event 2024 or after	March 31, 2026		(1)	March 31, 2026		(1)
Probability of optional prepayment event	5.0	%	(1)	5.0	%	(1)
Estimated timing of optional prepayment event	December 31, 2025		(1)	December 31, 2025		(1)

(1)Represents a significant unobservable input

The significant inputs that are included in the valuation of the Debt Derivative Liability - second tranche include:

	June 30, 2021
Input
Remaining term (years)	7
Maturity date	June 30, 2028
Coupon rate	9.50	%
Revenue participation payments	Maximum each year
Discount rate	11.21	%	(1)
Probability of mandatory prepayment before 2024	5.0	%	(1)
Estimated timing of mandatory prepayment event before 2024	December 31, 2023		(1)
Probability of mandatory prepayment 2024 or after	15.0	%	(1)
Estimated timing of mandatory prepayment event 2024 or after	March 31, 2026		(1)
Probability of optional prepayment event	5.0	%	(1)
Estimated timing of optional prepayment event	December 31, 2025		(1)

(1)Represents a significant unobservable input

Schedule of the fair value of instruments classified as Level 3 measurements

The following represents the rollforward of the fair value of instruments classified as Level 3 measurements for the three and six months ended June 30, 2021:

Quarter Ending June 30, 2021
Beginning Balance, April 1, 2021	$	39,205
Addition of Oberland Facility - second tranche	13,827
Addition of debt derivative - second tranche	1,173
Change in fair value of Oberland Facility	150
Change in fair value of debt derivative	84
Ending Balance, June 30, 2021	$	54,439
Six Months Ending June 30, 2021
Beginning Balance, January 1, 2021	$	39,352
Addition of Oberland Facility - second tranche	13,827
Addition of debt derivative - second tranche	1,173
Change in fair value of Oberland Facility	(18)
Change in fair value of debt derivative	105
Ending Balance, June 30, 2021	$	54,439