Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Inputs Used for Level 3 Liability

Below are inputs used for the Level 3 liabilities in the year ended December 31, 2020:

 

 

 

Redeemable

Convertible

Preferred Stock

Tranche Liability

 

 

 

As of

December 31,

2020(1)

 

Value of Series A Preferred Stock per share

 

$

2.94

 

Risk-free rate

 

 

0.08

%

Expected volatility

 

 

85.7

%

Term (in years)

 

 

0.13

 

 

(1)Includes assumptions for the tranche settled on December 28, 2020.

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 December 31, 2021 and 2020 (in thousands):

 

 

 

December 31, 2021

 

 

 

Total Fair

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

376,976

 

 

$

376,976

 

 

$

 

 

$

 

 

 

 

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 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 December 31, 2021

 

$