Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities, measured at fair value on a recurring basis, as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Fair Value Measured Using
	(Level 1)		(Level 2)		(Level 3)		Total Balance
Assets
Cash equivalents:
Money market funds	$	334,895	$	—	$	—	$	334,895
Long-term marketable securities:
Corporate equity securities	4,833		—		—		4,833
Corporate debt securities	—		500		—		500
Total	$	339,728	$	500	$	—	$	340,228
Liabilities
Common stock warrant liability	$	—	$	—	$	195	$	195

	December 31, 2020
	Fair Value Measured Using
	(Level 1)		(Level 2)		(Level 3)		Total Balance
Assets
Cash equivalents:
Money market funds	$	85,797	$	—	$	—	$	85,797
Liabilities
Common stock warrant liability	$	—	$	—	$	447	$	447

Summary of Issuances, Exercises, Changes in Fair Value and Reclassifications of Level 3 Financial Instruments

The following table presents the issuances, exercises, changes in fair value and reclassifications of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis (in thousands):

	(Level 3)
	Common Stock Warrant Liability
Balance as of December 31, 2020	$	447
Exercise of warrants	(202)
Change in estimated fair value	(50)
Balance as of September 30, 2021	$	195

Summary of Common Stock Warrant Liability Valuation Assumptions

Common Stock Warrant Liability Valuation Assumptions:

	September 30, 2021			December 31, 2020
Private Placement Common Stock Warrant Liability
Stock Price	$	63.37		$	72.45
Exercise Price	$	1.12		$	1.12
Remaining term (in years)	1.54			2.28
Volatility	66.00		%	73.00		%
Risk-free interest rate	0.19		%	0.14		%