Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and 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 December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents (1)	$	48,286	$	48,286	$	—	$	—
U.S. Treasury securities	221,724		221,724		—		—
Commercial paper	218,381		—		218,381		—
U.S. Government-sponsored enterprises	50,686		—		50,686		—
Corporate debt securities	58,836		—		58,836		—
Supranational bonds	3,003		—		3,003		—
Total assets	$	600,916	$	270,010	$	330,906	$	—
Liabilities
Common stock warrants	$	147	$	—	$	—	$	147
Total liabilities	$	147	$	—	$	—	$	147

	Fair Value Measurements at December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents (1)	$	87,300	$	87,300	$	—	$	—
U.S. Treasury securities	143,254		143,254		—		—
Commercial paper	108,896		—		108,896		—
U.S. Government-sponsored enterprises	52,350		—		52,350		—
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 December 31, 2021 and 2020 are presented below:

	Series A Warrants
	December 31, 2021		December 31, 2020
Risk-free interest rate	0.3	%	0.1	%
Expected dividend yield	0.0%		0.0%
Expected volatility	39.1	%	55.3	%
Expected term (in years)	0.8		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 years ended December 31, 2021 and 2020:

	2021		2020
Balance at beginning of year	$	14,261	$	23,509
Loss recognized from the change in fair value of common stock warrants	1,386		17,087
Common stock warrants exercised during the period	(15,500)		(26,335)
Balance at end of year	$	147	$	14,261