Available-for-sale Securities and Fair Value on Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at June 30, 2021 (in thousands):

	June 30, 2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	24,188	$	—	$	—		$	—	$	24,188
United States government agency securities		16,037		11		(1	)		—		16,047
Corporate debt securities		47,457		308		(1	)		—		47,764
Total available-for-sale securities	$	87,682	$	319	$	(2	)	$	—	$	87,999

The following is a summary of available-for-sale securities at December 31, 2020 (in thousands):

	December 31, 2020
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	6,203	$	—	$	—		$	—	$	6,203
United States government agency securities		29,570		66		—			—		29,636
Corporate debt securities		66,756		611		(3	)		—		67,364
Total available-for-sale securities	$	102,529	$	677	$	(3	)	$	—	$	103,203

Available-for-Sale Debt Securities by Original Contractual Maturity

Available-for-sale securities at June 30, 2021 and December 31, 2020, consisted of the following by contractual maturity (in thousands):

	June 30, 2021				December 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	70,417	$	70,572	$	64,857	$	65,117
Greater than one year and less than five years		17,265		17,427		37,672		38,086
Total available-for-sale securities	$	87,682	$	87,999	$	102,529	$	103,203

Available-for-Sale Marketable Securities in Unrealized Position

The following table shows all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	June 30, 2021
	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt securities	$	3,073	$	(1	)	$	—	$	—	$	3,073	$	(1	)
United States government agency securities	$	999	$	(1	)	$	—	$	—	$	999	$	(1	)
Total available-for-sale securities	$	4,072	$	(2	)	$	—	$	—	$	4,072	$	(2	)

	December 31, 2020
	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt securities	$	5,105	$	(3	)	$	—	$	—	$	5,105	$	(3	)

Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at June 30, 2021 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	24,188	$	24,188	$	—	$	—
United States government agency securities	Short-term investments		16,047		—		16,047		—
Corporate debt securities	Short-term investments		47,764		—		47,764		—
Total short-term investments			87,999		24,188		63,811		—
Warrants	Other assets		824		—		—		824
Total financial assets		$	88,823	$	24,188	$	63,811	$	824

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2020 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	6,203	$	6,203	$	—	$	—
United States government agency securities	Short-term investments		30,683		—		30,683		—
Corporate debt securities	Short-term investments		66,317		—		66,317		—
Total financial assets			103,203		6,203		97,000		—
Warrants	Other assets		422		—		—		422
Total financial assets		$	103,625	$	6,203	$	97,000	$	422

Summary of Gain Recognized in Consolidated Statements of Operations Due to Changes in Fair Value of Warrant

The following table provides a summary of the total gain recognized in the Company’s consolidated statements of operations due to changes in the fair value of the warrant (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Gain from changes in the fair value of level 3 investments	$	182	$	—	$	402	$	—