| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020 were as follows (in thousands):
|
|
|
|
|
|
|
Active
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
|
Markets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
Description
|
|
December 31, 2021
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
57,213
|
|
|
$
|
57,213
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Money market funds
|
|
|
35,089
|
|
|
|
35,089
|
|
|
|
—
|
|
|
|
—
|
|
|
Corporate debt securities - due in one year or less
|
|
|
30,088
|
|
|
|
—
|
|
|
|
30,088
|
|
|
|
—
|
|
|
US Treasury obligation - due in one year or less
|
|
|
7,979
|
|
|
|
7,979
|
|
|
|
—
|
|
|
|
—
|
|
|
US Treasury obligation - due in more than one year to five years
|
|
|
3,986
|
|
|
|
3,986
|
|
|
|
—
|
|
|
|
—
|
|
|
Corporate debt securities - due in more than one year to five years
|
|
|
9,052
|
|
|
|
—
|
|
|
|
9,052
|
|
|
|
—
|
|
|
Total
|
|
$
|
143,407
|
|
|
$
|
104,267
|
|
|
$
|
39,140
|
|
|
$
|
—
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability
|
|
$
|
3,029
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,029
|
|
|
Total
|
|
$
|
3,029
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,029
|
|
|
|
|
|
|
|
|
Active
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
|
Markets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
Description
|
|
December 31, 2020
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
47,579
|
|
|
$
|
47,579
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Money market funds
|
|
|
126,405
|
|
|
|
126,405
|
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
$
|
173,984
|
|
|
$
|
173,984
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability
|
|
$
|
19,711
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,711
|
|
|
Total
|
|
$
|
19,711
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,711
|
|
|
| Summary of Changes in Level 3 Warrant Liability Measured at Fair Value on Recurring Basis |
The following table reflects the change in the Company’s Level 3 Warrant liability for the years ended December 31, 2021 and December 31, 2020 (in thousands):
|
|
|
December 31, 2021
|
|
|
|
December 31, 2020
|
|
|
Fair value of warrant liability as of beginning of year
|
|
$
|
19,711
|
|
|
|
$
|
19,336
|
|
|
Change in fair value
|
|
|
(16,682
|
)
|
|
|
|
375
|
|
|
Fair value of warrant liability as of end of year
|
|
$
|
3,029
|
|
|
|
$
|
19,711
|
|
|