Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	As of December 31, 2021
	TOTAL		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	72,449	$	72,449	$	—	$	—
Total cash equivalents		72,449		72,449		—		—
Corporate debt securities		1,010		—		1,010		—
Investments		1,010		—		1,010		—
Total	$	73,459	$	72,449	$	1,010	$	—

	As of December 31, 2022
	TOTAL		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	65,875	$	65,875	$	—	$	—
Total cash equivalents		65,875		65,875		—		—
Commercial Paper		16,741		—		16,741		—
United States Treasury securities		15,775		15,775		—		—
United States Government Agency securities		14,609		—		14,609		—
Investments		47,125		15,775		31,350		—
Total	$	113,000	$	81,650	$	31,350	$	—
Liabilities:
Derivative liability	$	7,517	$	—	$	—	$	7,517
Total	$	7,517	$	—	$	—	$	7,517

Schedule of Changes in Fair Value of Level 3 Derivative Liability

Changes in the fair value of the Company’s Level 3 derivative liability for the year ended December 31, 2022 are as follows:

At December 31, 2021	$	—
Initial fair value of derivative liability		8,852
Change in fair value of derivative liability		(1,335	)
At December 31, 2022	$	7,517

Schedule of Quantitative Information about Significant Unobservable Inputs

A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company's derivative liability that are categorized within Level 3 of the fair value hierarchy is as follows:

	October 13, 2022	December 31, 2022
Net sales discount rate	23.3%	22.3%
Net sales volatility	80.0%	80.0%
Risk-free rate	4.2%	4.0%
Recovery rate	80.0%	80.0%