Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Liabilities measured at fair value by level

The following table summarizes the Company’s liabilities measured at fair value as of the dates presented, by level within the fair value hierarchy (in thousands):

	Level 1		Level 2		Level 3
March 31, 2021
Promissory note	$	—	$	—	$	16,128
December 31, 2020
Promissory note	$	—	$	—	$	15,392
December 31, 2019
Promissory note	$	—	$	—	$	16,169

Changes in fair value of promissory notes

The following table includes the changes in fair value of the promissory note which are Level 3 on the fair value hierarchy (in thousands):

January 1, 2019	$	15,852
Interest expense accrued	150
Increase in fair value	167
December 31, 2019	16,169
Interest expense accrued	150
Decrease in fair value	(927)
December 31, 2020	15,392
Interest expense accrued	37
Increase in fair value	699
March 31, 2021	$	16,128

Fair value of prommissory note

The following table summarizes assumptions used for fair value of promissory note for the periods presented:

	As of March 31, 2021	As of December 31,
		2020	2019
Stock price	$3.75	$3.00	$3.01
Time	1.5 years	1.75 years	0.25 years
Risk-free rate	0.12%	0.12%	1.55%
Volatility	50.6%	62.3%	38.2%