Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	Fair value measurements at reporting date using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2022
Assets included in:
Cash and cash equivalents
Money market securities	$	129,100	$	—	$	—	$	129,100
Marketable securities
Corporate debt securities	—		45,762		—		45,762
Asset-backed securities	—		2,904		—		2,904
U.S. treasury securities	—		14,675		—		14,675
Total fair value	$	129,100	$	63,341	$	—	$	192,441

	Fair value measurements at reporting date using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2021
Assets included in:
Cash and cash equivalents
Money market securities	$	121,162	$	—	$	—	$	121,162
Marketable securities
Commercial paper	—		47,939		—		47,939
Corporate debt securities	—		24,694		—		24,694
Asset-backed securities	—		19,143		—		19,143
U.S. treasury securities	—		11,918		—		11,918
Total fair value	$	121,162	$	103,694	$	—	$	224,856

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used in the estimation of the fair value of the tranche liability as a forward contract as of each of the dates indicated:

	June 17, 2021	December 31, 2020
Risk-free interest rate	0.07%	0.12%
Expected time to Milestone Closing (in years)	0.8	1.3
Probability of achievement of Milestone Closing	100%	65%

The following assumptions were used in the estimation of the fair value of the warrant liability using the OPM backsolve method as of each of the dates indicated:

	June 22, 2021	December 31, 2020
Risk-free interest rate	0.25%	0.13%
Expected term (in years)	2.0	2.0
Expected volatility	90%	90%
Expected dividend yield	0%	0%

As of December 31, 2020, management, with the assistance of an independent third-party valuation firm, estimated the fair value of a share of common stock utilizing the following assumptions:

Risk-free interest rate	0.13%
Expected time to liquidity event (in years)	2.0
Expected volatility	90%
Expected dividend yield	0%

Summary of the Tranche Liability and Warrant Liability Measured at Fair Value using Level 3 Significant Unobservable Inputs

The following table provides a reconciliation of the tranche liability and warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):

	Series A-1 Preferred Stock Warrant		Series B Tranche Rights		Total
Balance, January 1, 2021	$	380	$	5,033	$	5,413
Change in fair value	5,000		76,157		81,157
Settlement of tranche liability due to issuance of Milestone Shares	—		(81,190)		(81,190)
Settlement of warrant liability upon exercise of warrant	(5,380)		—		(5,380)
Balance, December 31, 2021	$	—	$	—	$	—