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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Financial Instruments Carried at Fair Value on Recurring Basis

The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2021 and 2020, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands):


	Fair Value Measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	272,210	$	—	$	—	$	272,210

	Fair Value Measurements at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	6,996	$	—	$	—	$	6,996

Summary of Changes in Level 3 Fair Value Measurements

The following tables provide a summary of changes in Level 3 fair value measurements for the year ended December 31, 2021:


	Year Ended
	December 31, 2021
($ in thousands)
Derivative liability balance as of January 1, 2021	$	—
Initial recognition of derivative liability		3,369
Change in fair value recorded in earnings		6,231
Transfer to accounts payable		(9,600	)
Balance as of December 31, 2021	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details