Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments, Assets and Liabilities

The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy:

	As of June 30, 2022
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	36,302	$	36,302	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		214,477		—		214,477		—
U.S. agency securities		6,195		—		6,195		—
Total assets	$	256,974	$	36,302	$	220,672	$	—
Liabilities
Success payment liability	$	1,756	$	—	$	—	$	1,756
Total liabilities	$	1,756	$	—	$	—	$	1,756

	As of December 31, 2021
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	58,127	$	58,127	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		277,341		—		277,341		—
U.S. agency securities		18,771		—		18,771		—
Total assets	$	354,239	$	58,127	$	296,112	$	—
Liabilities
Success payment liability	$	4,371	$	—	$	—	$	4,371
Total liabilities	$	4,371	$	—	$	—	$	4,371

Schedule of Fair Value Liabilities Measured on Recurring Basis

The primary inputs used in valuing the success payments liability associated with the Company’s realization of a certain valuation threshold, were as follows:

	At June 30, 2022			At December 31, 2021
Fair value of common stock (per share)	$	15.28		$	36.87
Equity volatility		88	%		77	%

Schedule of Reconciliation of Changes in Fair Value of Financial Instruments

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2022 is as follows:

(in thousands)	Success payment liability
Balance at December 31, 2021	$	4,371
Changes in fair value		(2,615	)
Balance at June 30, 2022	$	1,756

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the six months ended June 30, 2021 is as follows:

(in thousands)	Antidilution rights liability			Success payment liability		Total
Balance at December 31, 2020	$	6,916		$	2,806	$	9,722
Issuance of common stock		(32,490	)		-		(32,490	)
Changes in fair value		25,574			9,654		35,228
Balance at June 30, 2021	$	—		$	12,460	$	12,460