Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Assets Measured or Disclosed at Fair Value on Recurring Basis

Assets measured or disclosed at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 are summarized below:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
March 31, 2022
Assets:
Cash and cash equivalents	$	174,562	$	—	$	—	$	174,562
	$	174,562	$	—	$	—	$	174,562
Liabilities:
Derivative liability	$	—	$	—	$	1,110	$	1,110
	$	—	$	—	$	1,110	$	1,110

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2021
Assets:
Cash and cash equivalents	$	149,800	$	—	$	—	$	149,800
	$	149,800	$	—	$	—	$	149,800
Liabilities:
Derivative liability	$	—	$	—	$	1,820	$	1,820
	$	—	$	—	$	1,820	$	1,820

Fair Value Derivative Liability

The following table provides a roll-forward of the fair value of the derivative liability (in thousands):

Balance at December 31, 2021	$	1,820
Change in fair value of derivative liability, recorded as other expense	(710)
Balance at March 31, 2022	$	1,110