The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2021 and 2020 (in thousands): Total as of December 31, 2021 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 67,271 $ 67,271 $ — $ — Investments: Corporate securities 12,067 — 12,067 — Commercial paper 21,773 — 21,773 — Foreign government 1,322 — 1,322 — Total investments $ 35,162 $ — $ 35,162 $ — Liabilities Contingent value rights $ 22,531 $ — $ — $ 22,531 Warrant liabilities $ 1,769 $ — $ — $ 1,769 Total as of December 31, 2020 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 37,598 $ 37,598 $ — $ — Investments: U.S. government securities 64,386 64,386 — — Corporate securities 13,625 — 13,625 — Commercial paper 18,179 — 18,179 — Total investments $ 96,190 $ 64,386 $ 31,804 $ — Liabilities Warrant liabilities $ 159 $ — $ — $ 159 Warrant liability The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could have resulted in higher or lower fair value measurement. XERIS BIOPHARMA HOLDINGS, INC. Notes to Consolidated Financial Statements 113
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