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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2021 and 2020 (in thousands):

 

 

December 31, 2021

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

38,522

 

$

  —

 

$

  —

 

$

38,522

Total financial assets

$

38,522

 

$

  —

 

$

  —

 

$

38,522

Liability:

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

$

  —

 

$

  —

 

$

14,094

 

$

14,094

Total financial liabilities

$

  —

 

$

  —

 

$

14,094

 

$

14,094

 

 

December 31, 2020

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

14,638

 

$

  —

 

$

  —

 

$

14,638

Total financial assets

$

14,638

 

$

  —

 

$

  —

 

$

14,638

Liability:

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

$

  —

 

$

  —

 

$

38,007

 

$

38,007

Contingent consideration liability

 

  —

 

 

  —

 

 

23,667

 

 

23,667

Redeemable convertible preferred stock warrant liability

 

  —

 

 

  —

 

 

42

 

 

42

Total financial liabilities

$

  —

 

$

  —

 

$

61,716

 

$

61,716

Schedule Of Convertible Notes Derivative Liabilities Determined Using Assumptions

The convertible notes derivative liabilities were determined using the following assumptions:

 

 

 

December 31,

 

 

2020

Expected exit date

 

6/30/2022

Discount rate

 

21.0%

 

Schedule of Change in Fair Value of the Redeemable Convertible Preferred Stock Warrant Liability, Derivative Liabilities and Contingent Consideration Liability

The change in fair value of the redeemable convertible preferred stock warrant liability, derivative liabilities and contingent consideration liability are summarized below (in thousands)

 

 

 

Redeemable
convertible
preferred
stock
warrant
liability

 

 

Derivative
liabilities

 

 

Contingent
consideration
liability

Beginning fair value, January 1, 2020

$

75

 

$

39,499

 

$

  —

Recognition

 

  —

 

 

6,848

 

 

23,842

Change in fair value

 

(33)

 

 

(8,340)

 

 

(175)

Ending fair value, December 31, 2020

 

42

 

 

38,007

 

 

23,667

Beginning fair value, January 1, 2021

 

42

 

 

38,007

 

 

23,667

Change in fair value

 

328

 

 

(38,007)

 

 

427

Payment of Development Milestone

 

  —

 

 

  —

 

 

(10,000)

Conversion into common stock warrant

 

  (370)

 

 

  —

 

 

  —

Ending fair value, December 31, 2021

$

  —

 

$

  —

 

$

14,094