Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
The following tables present the fair value of the Co
m
pany’s financial assets
 
me
a
sured at fair value on a recurring basis using the above input categories (in thousands):
 
    
As of September 30, 2021
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Assets:
                                   
Cash equivalents:
                                   
Money market funds
   $ 39,716      $ —        $ —        $ 39,716  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total cash equivalents
     39,716        —          —          39,716  
Marketable securities:
                                   
U.S. and foreign co
m
mercial paper
     —          29,676        —          29,676  
U.S. and foreign corporate debt securities
     —          6,566        —          6,566  
Asset-backed securities
     —          8,583        —          8,583  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total marketable securities
     —          44,825        —          44,825  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets measured at fair value
   $ 39,716      $ 44,825      $ —        $ 84,541  
    
 
 
    
 
 
    
 
 
    
 
 
 
   
    
As of December 31, 2020
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Cash equivalents:
                                   
Money market funds
   $ 22,415      $ —        $ —        $ 22,415  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total cash equivalents
     22,415        —          —          22,415  
Marketable securities:
                                   
U.S. treasury securities
     —          15,499        —          15,499  
U.S. and foreign commercial paper
     —          38,561        —          38,561  
U.S. and foreign corporate debt securities
     —          29,189        —          29,189  
U.S. agency securities
     —          23,994        —          23,994  
Asset-backed securities
     —          7,885        —          7,885  
Supranational debt securities
     —          3,002        —          3,002  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total marketable securities
     —          118,130        —          118,130  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total assets measured at fair value
   $ 22,415      $ 118,130      $ —        $ 140,545  
    
 
 
    
 
 
    
 
 
    
 
 
 
Computation of Basic and Diluted Net Loss per Share
In all periods presented, the Company’s outstanding stock options were excluded from the calculation of net loss per share because their effect would be antidilutive. The following table sets forth the computation of basic and diluted net loss per
 
share (in thousands, except share and per share amounts):
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
 
  
September 30,
 
  
September 30,
 
 
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Numerator:
  
     
  
     
  
     
  
     
                             
Net loss
   $ (22,682    $ (11,421 )    $ (63,455    $ (35,235 )
Denominator:
                                   
Weighted average number of common stock shares outstanding
     69,022,937        68,887,092        68,985,112        68,884,894  
Net loss per share
   $ (0.33 )    $ (0.17 )    $ (0.92 )    $ (0.51 )
 
Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share
The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands):
 
 
  
Three Months Ended
 
  
Nine Months Ended
 
 
  
September 30,
 
  
September 30,
 
 
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Common stock options
     10,704        8,126        10,704        8,126  
Incentive awards
     101        101        101        101  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
     10,805        8,227        10,805        8,227