Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of company's financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis

The following table sets forth the Company’s financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis as of the dates indicated (in thousands):

				As of March 31, 2021
	Balance Sheet Location	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	Cash and cash equivalents	$	477	$	477	$	—	$	—
Marketable equity securities	Prepaid expenses and other current assets		5,354		5,354		—		—
Embedded derivative	Long-term debt		16,740		—		—		16,740
Total financial assets		$	22,571	$	5,831	$	—	$	16,740
Financial Liability:
Convertible security	Deferred acquisition costs, current	$	47,200	$	—	$	—	$	47,200

					As of December 31, 2020
	Balance Sheet Location		Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds		Cash and cash equivalents	$	6,413	$	6,413	$	—	$	—
Embedded derivative		Long-term debt		5,680		—		—		5,680
Total financial assets			$	12,093	$	6,413	$	—	$	5,680
Financial Liability:
Convertible security		Deferred acquisition costs, current	$	46,500	$	—	$	—	$	46,500

Summary of reconciliation of the Company's financial asset and liability measured at fair value

The following table presents a reconciliation of the Company’s financial asset and liability measured at fair value as of March 31, 2021 using significant unobservable inputs (Level 3), and the change in fair value (in thousands):

	Embedded Derivative			Convertible Security
Balance as of December 31, 2020	$	5,680		$	46,500
Addition related to the issuance of term loans in February 2021		5,630			—
Extinguishment of term loans in February 2021		(1,130	)		—
Change in fair value recognized in earnings		6,560			700
Balance as of March 31, 2021	$	16,740		$	47,200