Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of fair value of the financial instruments that are measured at fair value on a recurring basis

The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis:

 

 

 

Fair Value Measurements
as of December 31, 2021

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

186,816

 

 

$

—

 

 

$

—

 

Certificates of deposit

 

 

3,918

 

 

 

—

 

 

 

—

 

U.S. Treasury bonds

 

 

15,110

 

 

 

—

 

 

 

—

 

 

 

$

205,844

 

 

$

—

 

 

$

—

 

 

 

 

Fair Value Measurements
as of December 31, 2020

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

220,383

 

 

$

—

 

 

$

—

 

U.S. Treasury bonds

 

 

23,144

 

 

 

—

 

 

 

—

 

 

 

$

243,527

 

 

$

—

 

 

$

—

 
Summary of changes in fair value for which fair value was determined by Level 3 inputs

The following table sets forth a summary of changes in fair value of the Company’s derivative liability for which fair value was determined by Level 3 inputs:

 

 

 

Warrants

 

 

Redeemable
Convertible
Preferred Stock
Liability

 

Balance as of December 31, 2019

 

$

461

 

 

$

3,174

 

Exercise of warrants

 

 

(137

)

 

 

—

 

Change in fair value

 

 

296

 

 

 

11,386

 

Retirement of liability

 

 

(620

)

 

 

(14,560

)

Balance as of December 31, 2020

 

$

—

 

 

$

—

 
Mandatorily Redeemable Preferred Stock [Member]  
Schedule of Fair Value Measurement Valuation Assumptions

The Redeemable Convertible Preferred Stock Liability was measured at fair value under the following assumptions through redemption on October 6, 2020:

 

 

 

2020

 

Exercise price

 

$

11.21

 

Term (in years)

 

0.02-0.75

 

Risk-free interest rate

 

0.08%-0.11%

 

Dividend yield

 

 

—

 

Volatility

 

 

—

%
Warrant [Member]  
Schedule of Fair Value Measurement Valuation Assumptions The Warrants were measured at fair value under the following assumption immediately prior to retirement:

 

 

 

2020

 

Exercise price

 

$

9.32

 

Term (in years)

 

 

0.32

 

Risk-free interest rate

 

 

0.10

%

Dividend yield

 

 

—

 

Volatility

 

 

120.00

%