Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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

The following tables present the Company's financial assets and liabilities measured at fair value on a recurring basis and their assigned levels within the fair value hierarchy (in thousands):

	March 31, 2022
	Level 1		Level 2		Level 3		Total
Money market funds(1)	$	70,843	$	—	$	—	$	70,843
Total assets	$	70,843	$	—	$	—	$	70,843
Warrant liabilities	$	—	$	—	$	75	$	75
Total liabilities	$	—	$	—	$	75	$	75

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Money market funds(1)	$	87,252	$	—	$	—	$	87,252
Total assets	$	87,252	$	—	$	—	$	87,252
Warrant liabilities	—		—		114		114
Total liabilities	$	—	$	—	$	114	$	114

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(1) Included in cash and cash equivalents on the condensed consolidated balance sheets. This balance includes cash requirements settled on a nightly basis.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a summary of changes in the fair value of the Company’s common stock warrant liability (in thousands):

	March 31, 2022		December 31, 2021
Balance, beginning of the period	$	114	$	10,704
Net exercise of warrants	—		(13,509)
Change in fair value	(39)		2,919
Balance, end of the period	$	75	$	114

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the common stock warrant liability was estimated using the following assumptions:

	March 31, 2022	December 31, 2021
Weighted average strike price	$7.60	$7.60
Contractual term (years)	6.4	6.7
Volatility (annual)	119.0%	124.0%
Risk-free rate	2.4%	1.4%
Dividend yield (per share)	0.0%	0.0%