Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Inputs Used for Level 3 Liability

Below are inputs used for the Level 3 liability as of December 31, 2020:

	Redeemable Convertible Preferred Stock Tranche Liability
Value of Series A Preferred Stock per share	$	2.94
Risk-free rate		0.08	%
Expected volatility		85.7	%
Term (in years)		0.13

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following tables set forth the financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021
	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	381,965	$	381,965	$	—	$	—

	December 31, 2020
	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	19,782	$	19,782	$	—	$	—
Liabilities:
Redeemable convertible preferred stock    tranche liability	$	29,062	$	—	$	—	$	29,062

⁽¹⁾ Included within cash and cash equivalents on the condensed balance sheet.

Summary of Changes in Estimated Fair Value of Level 3 Financial Instruments

The following table provides a summary of changes in the estimated fair value of Level 3 financial instruments (in thousands):

	Redeemable Convertible Preferred Stock Tranche Liability
Balance as of December 31, 2020	$	29,062
Change in fair value		10,341
Settlement of Series A redeemable convertible    preferred stock tranche liability		(39,403	)
Balance as of June 30, 2021	$	—