Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):

			Fair Value Measurements at June 30, 2021
			(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents(1)	$	94,966	$	94,966	$	—	$	—
Commercial paper	222,328		—		222,328		—
U.S. Government-sponsored enterprise	63,174		—		63,174		—
U.S. Treasury securities	104,916		104,916		—		—
Corporate debt securities	53,296		—		53,296		—
Supranational bonds	3,010		—		3,010		—
Total assets	$	541,690	$	199,882	$	341,808	$	—
Liabilities
Common stock warrants	$	2,789	$	—	$	—	$	2,789
Total liabilities	$	2,789	$	—	$	—	$	2,789

			Fair Value Measurements at December 31, 2020
			(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents(1)	$	87,300	$	87,300	$	—	$	—
Commercial paper	108,896		—		108,896		—
U.S. Government-sponsored enterprise	52,350		—		52,350		—
U.S. Treasury securities	143,254		143,254		—		—
Corporate debt securities	85,823		—		85,823		—
Total assets	$	477,623	$	230,554	$	247,069	$	—
Liabilities
Common stock warrants	$	14,261	$	—	$	—	$	14,261
Total liabilities	$	14,261	$	—	$	—	$	14,261

(1)Generally, cash equivalents include money market funds and investments with a maturity of three months or less from the date of purchase.

Schedule of Assumptions Used to Estimate Fair Values of Common Stock Warrants

The assumptions used to estimate the fair values of the outstanding Series A warrants at June 30, 2021 and December 31, 2020 are presented below:

	Series A Warrants
	June 30, 2021		December 31, 2020
Risk-free interest rate	0.1	%	0.1	%
Expected dividend yield	0.0	%	0.0	%
Expected volatility	50.3	%	55.3	%
Remaining term (in years)	1.3		1.8

Schedule of Changes in Fair Value of Total Level 3 Financial Assets

The following table presents a summary of changes in the fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2021 and 2020:

	Six Months Ended June 30,
	2021		2020
Balance at beginning of the period	$	14,261	$	23,509
Loss recognized from the change in fair value of common stock warrants	962		16,258
Common stock warrants exercised during the period	(12,434)		(142)
Balance at end of the period	$	2,789	$	39,625