Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Fair Value of Cash Equivalents, Short-term Investments and Long-term Investments

The following tables reflect the Company’s financial asset balances measured on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	54,549	$	—	$	—		$	54,549
Commercial paper	2		63,829		—		(3	)		63,826
Total cash equivalents		$	118,378	$	—	$	(3	)	$	118,375
Short-term investments:
Commercial paper	2		116,581		—		(15	)		116,566
U.S. government debt and agency    securities	2		49,258		21		—			49,279
Corporate bonds	2		10,528		—		(6	)		10,522
Total short-term investments		$	176,367	$	21	$	(21	)	$	176,367
Long-term investments:
U.S. government debt and agency    securities	2		53,436		31		—			53,467
Total long-term investments		$	53,436	$	31	$	—		$	53,467

	December 31, 2020
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	5	$	—	$	—		$	5
Commercial paper	2		44,318		—		(2	)		44,316
U.S. government debt and agency    securities	2		4,999		—		—			4,999
U.S. treasury bills	2		4,450		—		—			4,450
Total cash equivalents		$	53,772	$	—	$	(2	)	$	53,770
Short-term investments:
Commercial paper	2		77,272		1		(4	)		77,269
U.S. government debt and agency    securities	2		31,835		7		—			31,842
U.S. treasury bills	2		14,029		—		(3	)		14,026
Corporate bonds	2		920		—		—			920
Total short-term investments		$	124,056	$	8	$	(7	)	$	124,057
Long-term investments:
U.S. government debt and agency    securities	2		78,924		32		—			78,956
U.S. treasury bills	2		4,551		2		—			4,553
Total long-term investments		$	83,475	$	34	$	—		$	83,509

Grant Liability

Schedule of Fair Value Liabilities, Activity

The following table presents the activity for the grant liability for the year ended December 31, 2020 (in thousands):

	Year Ended December 31, 2020
Fair value at beginning of period	$	1,036
Change in fair value of grant liability		464
Grant liability settled upon completion of IPO		(1,500	)
Fair value at end of period	$	—

Derivative Liability

Schedule of Fair Value Liabilities, Activity

The following table presents the activity for the derivative liability for the year ended December 31, 2020 (in thousands):

	Year Ended December 31, 2020
Fair value at beginning of period	$	999
Derivative liability recorded upon issuance of    convertible notes		774
Change in fair value of derivative liability		132
Derivative liability settled upon conversion of    convertible notes		(1,905	)
Fair value at end of period	$	—