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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]  
Schedule of Fair Value Hierarchy for Assets and Liabilities

The following table presents the Company’s fair value hierarchy for its assets and liabilities items that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, by level within the fair value hierarchy (in thousands):

 

 

 

Fair Value Measurement at June 30, 2022 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (money market)

 

$

67,969

 

 

$

 

 

$

 

 

$

67,969

 

Restricted cash (non-current)

 

 

927

 

 

$

 

 

$

 

 

$

927

 

 

 

$

68,896

 

 

$

 

 

$

 

 

$

68,896

 

 

 

 

Fair Value Measurement at December 31, 2021 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (money market)

 

$

67,942

 

 

$

 

 

$

 

 

$

67,942

 

Restricted cash (non-current)

 

 

927

 

 

$

 

 

$

 

 

$

927

 

 

 

$

68,869

 

 

$

 

 

$

 

 

$

68,869

 

Rollforward of Changes in Fair Value of Financial Liabilities

The following table sets forth a rollforward of changes in the fair value of financial liabilities classified as Level 3 in the fair valued hierarchy (in thousands):

 

 

 

Related Party
Antidilution
Obligation

 

 

Series A
Preferred Stock
Tranche
Obligation

 

 

Total

 

Ending balance at December 31, 2020

 

$

4,247

 

 

$

303

 

 

$

4,550

 

Change in fair value

 

 

252

 

 

 

21

 

 

 

273

 

Issuance of Series A preferred shares in partial settlement of
   related party antidilution obligation

 

 

 

 

 

 

 

 

 

Ending balance at March 31, 2021

 

$

4,499

 

 

$

324

 

 

$

4,823

 

Change in fair value through the settlement date

 

 

584

 

 

 

7

 

 

 

591

 

Reclassification of Series A preferred stock tranche obligation
   and related party antidilution obligation upon settlement

 

 

(5,083

)

 

 

(331

)

 

 

(5,414

)

Ending balance at May 1, 2021

 

$

 

 

$

 

 

$