Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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

The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:

	June 30, 2022
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	4,423	$	—		$	4,423	$	4,423	$	—
Level 1
Money market funds		72,630		—			72,630		72,630		—
Level 2
U.S. Government securities		58,480		(1,206	)		57,274		—		57,274
U.S. Treasury securities		25,400		(80	)		25,320		—		25,320
Commercial paper		69,098		(392	)		68,706		5,995		62,711
Corporate bonds		152,822		(2,251	)		150,571		—		150,571
Subtotal		305,800		(3,929	)		301,871		5,995		295,876
Total assets	$	382,853	$	(3,929	)	$	378,924	$	83,048	$	295,876
Liabilities
Level 3
Warrant liabilities		273		—			273		—		—
Total liabilities	$	273	$	—		$	273	$	—	$	—

	December 31, 2021
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	2,765	$	—		$	2,765	$	2,765	$	—
Level 1
Money market funds		38,045		—			38,045		38,045		—
Level 2
U.S. Government securities		45,982		(66	)		45,916		—		45,916
U.S. Treasury securities		80,500		(7	)		80,493		26,000		54,493
Commercial paper		94,887		(15	)		94,872		—		94,872
Corporate bonds		182,338		(435	)		181,903		—		181,903
Municipal securities		1,017		(1	)		1,016		—		1,016
Subtotal		404,724		(524	)		404,200		26,000		378,200
Total assets	$	445,534	$	(524	)	$	445,010	$	66,810	$	378,200
Liabilities
Level 3
Warrant liabilities		1,060		—			1,060		—		—
Total liabilities	$	1,060	$	—		$	1,060	$	—	$	—

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousand):

	June 30, 2022			December 31, 2021
Fair value, beginning balance	$	1,060		$	—
Private placement warrant liability acquired as part of the merger		—			3,014
Change in the fair value included in other income, net		(787	)		(1,954	)
Fair value, closing balance	$	273		$	1,060

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:

	June 30, 2022			December 31, 2021
Expected term (years)		3.7			4.2
Expected volatility		70.8	%		60.3	%
Risk-free interest rate		2.97	%		1.14	%
Dividend yield		0	%		0	%
Exercise Price	$	11.50		$	11.50