Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table provides the assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such value as of September 30, 2022 and December 31, 2021:

	As of
	September 30, 2022
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	67,478	$	67,478	$	—	$	—
Commercial paper		798		—		798		—
Total cash equivalents at fair value		68,276		67,478		798		—
Short-term investments:
U.S. Government agency securities		14,223		14,223		—		—
Commercial paper and corporate bonds		22,851		—		22,851		—
Total short-term investments at fair value		37,074		14,223		22,851		—
Total assets at fair value	$	105,350	$	81,701	$	23,649	$	—

	As of
	December 31, 2021
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Assets:
Money market funds	$	84,102	$	84,102	$	—	$	—
Liabilities:
Contingent earnout	$	524	$	—	$	—	$	524

Schedule of Rollforward of the Estimate Fair Values for Instruments

The following tables present the rollforward of the estimated fair values for instruments classified by the Company within Level 3 of the fair value hierarchy defined above, measured using significant unobservable inputs:

	Warrant liabilities		Forward obligation		Contingent earnout			Total
	(in thousands)
December 31, 2021	$	—	$	—	$	524		$	524
Payment of contingent earnout		—		—		(524	)		(524	)
September 30, 2022	$	—	$	—	$	—		$	—

	Warrant liabilities		Forward obligation		Contingent earnout			Total
	(in thousands)
December 31, 2020	$	1,914	$	2,750	$	930		$	5,594
Payment of contingent earnout		—		—		(667	)		(667	)
Addition		2,135		—		—			2,135
Change in fair value		176		550		12			738
September 30, 2021	$	4,225	$	3,300	$	275		$	7,800

Summary of Short-Term Investments

The following table summarizes the Company's short-term investments, considered available-for-sale, as of September 30, 2022. The Company did not hold any short-term investments as of December 31, 2021.

	As of
	September 30, 2022
	Fair Value		Cost Basis		Unrealized Losses Recognized in AOCI
Short-term investments:
U.S. Treasury securities	$	—	$	—	$	—
U.S. Government agency securities		14,223		14,271		(48	)
Commercial paper and corporate bonds		22,851		22,852		(1	)
Total short-term investments at fair value	$	37,074	$	37,123	$	(49	)

Summary of Warrants Issued and Outstanding

Warrants issued and outstanding at December 31, 2021 included the following:

Number of warrants		Exercise price per share
	27,397	$	10.95
	54,793	$	17.80
	249,313	$	20.08
	331,503

Summary of Fair Values Determined Using Black-Scholes Option-Pricing Model

As of September 30, 2021, warrants fully vested and outstanding had estimated fair values ranging from $8.13 to $14.45. Fair values were determined using the Black-Scholes option-pricing model with the following input assumptions for the nine months ended September 30, 2021:

	Nine Months Ended
	September 30, 2021
Expected volatility range (weighted average)	78.60% to 84.81% (82.78%)
Dividend yield	0.00%
Risk-free interest rates range (weighted average)	0.34% to 1.51% (1.35%)
Expected term range (average)	2.25 years to 9.89 years (8.25 years)