Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Assets and Liabilities Measured or Disclosed on a Recurring Basis

The following table sets forth the fair value of our financial assets and liabilities that are measured or disclosed on a recurring basis by level within the fair value hierarchy (in thousands):

	September 30, 2021
	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	68,326	$	68,326	$	—	$	—
Commercial paper	51,172		—		51,172		—
Corporate bonds	11,101		—		11,101		—
Asset-backed securities	5,340		—		5,340		—
Total	$	135,939	$	68,326	$	67,613	$	—
Liabilities:
Derivative liability for Exit Fee	$	680	$	—	$	—	$	680
Total	$	680	$	—	$	—	$	680

	December 31, 2020
	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	88,151	$	88,151	$	—	$	—
Commercial paper	62,729		—		62,729		—
Corporate bonds	26,658		—		26,658		—
U.S. government-sponsored agency bonds	9,279		—		9,279		—
U.S. treasury notes	1,000		—		1,000		—
Total	$	187,817	$	88,151	$	99,666	$	—
Liabilities:
Derivative liability for Exit Fee	$	1,376	$	—	$	—	$	1,376
Total	$	1,376	$	—	$	—	$	1,376