Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	73,384	$	73,384	$	—	$	—
Total assets	$	73,384	$	73,384	$	—	$	—
Liabilities:
Warrant liabilities	$	16,878	$	—	$	—	$	16,878
Total liabilities	$	16,878	$	—	$	—	$	16,878

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds (included in cash equivalents)	$	53,552	$	53,552	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries		13,557		—		13,557		—
Corporate bonds		1,951		—		1,951		—
Commercial paper		12,656		—		12,656		—
Total assets	$	81,716	$	53,552	$	28,164	$	—
Liabilities:
Warrant liabilities	$	19,140	$	—	$	—	$	19,140
Total liabilities	$	19,140	$	—	$	—	$	19,140

Schedule of Cash and Cash Equivalents

The Company’s consolidated statements of cash flows include the following as of June 30, 2023 and 2022 (in thousands):

	June 30,
	2023		2022
Cash and cash equivalents	$	112,027	$	138,057
Short-term restricted cash		1,600		—
Long-term restricted cash		1,377		1,379
Total cash, cash equivalents, and restricted cash	$	115,004	$	139,436

Schedule of Restricted Cash and Cash Equivalents

The Company’s consolidated statements of cash flows include the following as of June 30, 2023 and 2022 (in thousands):

	June 30,
	2023		2022
Cash and cash equivalents	$	112,027	$	138,057
Short-term restricted cash		1,600		—
Long-term restricted cash		1,377		1,379
Total cash, cash equivalents, and restricted cash	$	115,004	$	139,436

Schedule of Fair Value Measurement Inputs and Valuation Techniques

A summary of the Black-Scholes pricing model assumptions used to record the fair value of the 2019 Warrants liability is as follows:

	June 30,			December 31,
	2023			2022
Risk-free interest rate		5.40	%		4.74	%
Dividend yield		—			—
Expected life (in years)		1.48			1.98
Expected volatility		82.80	%		79.92	%

A summary of the Black-Scholes pricing model assumptions used to record the fair value of the 2022 Warrants liability is as follows:

	June 30,			December 31,
	2023			2022
Risk-free interest rate		4.49	%		4.22	%
Dividend yield		—			—
Expected life (in years)		3.78			4.28
Expected volatility		91.59	%		98.05	%

Schedule Of Changes In The Warrant Liabilities

The following table reflects a roll-forward of fair value for the Company’s Level 3 warrant liabilities (see Note 10 to these unaudited consolidated financial statements), for the six months ended June 30, 2023 (in thousands):

	Warrant liabilities
Fair value as of December 31, 2022	$	19,140
Change in fair value		(2,262	)
Fair value as of June 30, 2023	$	16,878