Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

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

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

			Fair Value Measurements at December 31, 2022 Using:
Assets:	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	24,082	$	24,082	$	—	$	—
Short-term investments:
U.S. Treasury securities		32,143		32,143		—		—
U.S. government-sponsored enterprise securities		66,089		—		66,089		—
Long-term investments:
U.S. Treasury securities		7,238		7,238		—		—
U.S. government-sponsored enterprise securities		34,643		—		34,643		—
Total assets	$	164,195	$	63,463	$	100,732	$	—

			Fair Value Measurements at December 31, 2021 Using:
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	79,000	$	79,000	$	—	$	—
Total assets	$	79,000	$	79,000	$	—	$	—

Summary of Significant Quantitative Inputs Used in the Valuation of the Preferred Stock Tranche Rights

The following reflects the ranges of significant quantitative inputs used in the valuation of the Preferred Stock Tranche Rights during the year ended December 31, 2021, which reflects the inputs used at remeasurement prior to settlement in January 2021:

	Year Ended December 31, 2021
Implied fair value of Series A-1 Preferred Stock	$2.35
Discount rate	N/A
Time to milestone event (years)		0.00
Probability of tranche closing	100%

The following reflects the ranges of significant quantitative inputs used in the valuation of the Anti-dilution Right during the year ended December 31, 2021:

	Year Ended December 31, 2021
Volatility	125%
Risk-free rate	0.0% - 0.1%
Discount rate	47.5%
Implied issuance price of Series B Preferred Stock	$0.84 - $6.11
Probability of settlement	10% - 100%

Summary of Fair Value of the Preferred Stock Tranche Rights Measured At Fair Value On a Recurring Basis Using Level 3 Significant Unobservable Inputs

The following provides a roll forward of the fair value of the Preferred Stock Tranche Rights measured at fair value on a recurring basis using Level 3 significant unobservable inputs (in thousands):

Balance at December 31, 2020	$	318
Change in fair value		50
Fair value recognized as Series A-1 Preferred Stock upon settlement of Preferred Stock Tranche Rights		(368	)
Balance at December 31, 2021	$	—

The following provides a roll forward of the fair value of the Anti-dilution Right measured at fair value on a recurring basis using Level 3 significant unobservable inputs (in thousands):

Balance at December 31, 2020	$	—
Issuance of Anti-dilution Right		233
Change in fair value of Anti-dilution Right		30
Fair value recognized as Series B Preferred Stock upon settlement of Anti-dilution Right		(263	)
Balance at December 31, 2021	$	—