Fair Value Measurements and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	37,803	$	—	$	37,803
Corporate bonds		—		2,718		—		2,718
U.S. government securities		—		5,998		—		5,998
Total cash equivalents		—		46,519		—		46,519
Marketable securities:
Corporate bonds				7,928				7,928
Commercial paper		—		14,944		—		14,944
U.S. government securities		—		26,983		—		26,983
Total marketable securities		—		49,855		—		49,855
Total cash equivalents and marketable securities		—		96,374		—		96,374
Liabilities:
Derivative liability	$	—	$	—	$	995	$	995
	$	—	$	—	$	995	$	995

	Fair Value Measurements at December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	109,316	$	—	$	109,316
Corporate bonds		—		2,701		—		2,701
Total cash equivalents		—		112,017		—		112,017
Marketable securities:
Corporate bonds		—		11,479		—		11,479
Commercial paper		—		22,339		—		22,339
Total marketable securities		—		33,818		—		33,818
Total cash equivalents and marketable securities	$	—	$	145,835	$	—	$	145,835
Liabilities:
Derivative liability	$	—	$	—	$	802	$	802
	$	—	$	—	$	802	$	802

Summary of Gross Unrealized Gains and Losses of Marketable Securities

The following table summarizes the gross unrealized gains and losses of the Company’s marketable securities as of March 31, 2022, and December 31, 2021 (in thousands):

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets:
Corporate bonds	$	7,934	$	—	$	(6	)	$	7,928
Commercial paper		14,944		—		—			14,944
U.S. government securities		26,981		2		—			26,983
	$	49,859	$	2	$	(6	)	$	49,855

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets:
Corporate bonds	$	11,481	$	—	$	(2	)	$	11,479
Commercial paper		22,339		—		—			22,339
	$	33,820	$	—	$	(2	)	$	33,818