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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of significant inputs in liability valuation
The significant inputs that are included in the valuation of the Debt Derivative Liability - first tranche include:
December 31, 2021December 31, 2020
Input
Remaining term (years)5.56.5
Maturity dateJune 30, 2027June 30, 2027
Coupon rate9.50% 9.50% 
Revenue participation paymentsMaximum each yearMaximum each year
Discount rate10.72% 18.70 %1
Probability of mandatory prepayment before 20245.0% 15.0% 1
Estimated timing of mandatory prepayment event before 2024December 31, 20231December 31, 20231
Probability of mandatory prepayment 2024 or after15.0% 115.0% 1
Estimated timing of mandatory prepayment event 2024 or afterMarch 31, 20261March 31, 20261
Probability of optional prepayment event5.0% 15.0% 1
Estimated timing of optional prepayment eventDecember 31, 20251December 31, 20251
1 Represents a significant unobservable input.
The significant inputs that are included in the valuation of the Debt Derivative Liability - second tranche include:
December 31, 2021
Input
Remaining term (years)6.5
Maturity dateJune 30, 2028
Coupon rate9.50% 
Revenue participation paymentsMaximum each year
Discount rate13.21 %(1)
Probability of mandatory prepayment before 20245.0% (1)
Estimated timing of mandatory prepayment event before 2024December 31, 2023(1)
Probability of mandatory prepayment 2024 or after15.0% (1)
Estimated timing of mandatory prepayment event 2024 or afterMarch 31, 2026(1)
Probability of optional prepayment event5.0% (1)
Estimated timing of optional prepayment eventDecember 31, 2025(1)
1 Represents a significant unobservable input.
Summary of fair value financial assets measured on a recurring basis
The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020:
(in thousands)Level 1Level 2Level 3Total
December 31, 2021
Assets:
Money market funds$22,012 $— $— $22,012 
U.S. government securities12,081 — — 12,081 
Commercial paper— 39,249 — 39,249 
Total assets$34,093 $39,249 $— $73,342 
Liabilities:
Debt derivative liabilities$— $— $5,562 $5,562 
Total liabilities$— $— $5,562 $5,562 
December 31, 2020Level 1Level 2Level 3Total
Assets:
Money market funds$23,044 $— $— $23,044 
U.S. government securities12,123 — — 12,123 
Corporate bonds— 6,408 — 6,408 
Commercial paper— 36,668 — 36,668 
Total assets$35,167 $43,076 $— $78,243 
Liabilities:
Debt derivative liability$— $— $2,497 $2,497 
Total liabilities$— $— $2,497 $2,497 
Schedule of fair value instruments classified Level 3
The changes in Level 3 liabilities measured at fair value on a recurring basis were as follows:

(in thousands) Common Stock Derivative Option LiabilityDebt Derivative Liabilities
Balance, December 31, 2019$— $— 
Acquired1752,387 
Change in fair value included in net loss7110 
Settlement(182)— 
Balance, December 31, 2020—2,497 
Acquired—3,037 
Change in fair value included in net loss—28 
Balance, December 31, 2021$—$5,562