Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Investments Measured and Recognized at Fair Value

The following table summarizes, by major security type, the Company's cash, cash equivalents, and investments that are measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2022 (in thousands):

		June 30, 2022
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Assets:
Cash and cash equivalents:
Cash	Level 1	$	47,754	$	—	$	—		$	47,754
Money market funds	Level 1		43,850		—		—			43,850
U.S. Treasury securities	Level 1		3,748		—		(1	)		3,747
Corporate debt securities and commercial paper	Level 2		12,995		—		(1	)		12,994
Total cash and cash equivalents			108,347		—		(2	)		108,345
Investments:
U.S. Treasury securities	Level 1		71,285		1		(216	)		71,070
Corporate debt securities and commercial paper	Level 2		63,447		9		(67	)		63,389
Total investments			134,732		10		(283	)		134,459
Total assets measured at fair value on a recurring basis		$	243,079	$	10	$	(285	)	$	242,804

Schedule of Significant Unobservable Inputs Used in the Fair Value Measurements for the Derivative Liability

The following table summarizes information about the significant unobservable inputs used in the fair value measurements for the derivative liability:

	March 19, 2021
Probability of financing		100	%
Probability of dissolution		—
Time to liquidity (years)		—
Discount rate		7.6	%

Schedule of Reconciliation of the Fair Value of the Derivative Liability Using Level 3 Significant Unobservable Inputs

The following table provides a reconciliation of the fair value of the derivative liability using Level 3 significant unobservable inputs (in thousands):

	Derivative Liability
Fair value at December 31, 2020	$	(1,604	)
Change in fair value of embedded derivative liability		(205	)
Reclassification of derivative liability into convertible preferred stock resulting from conversion of convertible promissory note		1,809
Fair value at June 30, 2021	$	—