Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis – The following assets and liabilities are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	98,008	$	—	$	—	$	98,008
Total	$	98,008	$	—	$	—	$	98,008

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	105,220	$	—	$	—	$	105,220
Total	$	105,220	$	—	$	—	$	105,220
Liabilities:
Derivative liability	$	—	$	—	$	173	$	173
Total	$	—	$	—	$	173	$	173

(1) Money market funds are included in cash and cash equivalents in the condensed balance sheets as of June 30, 2022 and December 31, 2021.

summary of the changes in the fair value of the Companies Level 3 financial instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

	Derivative liability
Fair value as of January 1, 2022	$	173
Change in fair value included in other expense, net		(173	)
Fair value as of June 30, 2022	$	—