Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table represents the fair value hierarchy for our financial assets (cash equivalents and marketable securities) and liabilities measured at fair value on a recurring basis (in thousands):

	Level 1		Level 2		Level 3		Total
December 31, 2022
Assets
Money market funds	$	172,418	$	-	$	-	$	172,418
U.S. treasuries		-		42,308		-		42,308
U.S. government agency securities		-		88,032		-		88,032
Corporate debt securities		-		292,051		-		292,051
Total assets	$	172,418	$	422,391	$	-	$	594,809
	Level 1		Level 2		Level 3		Total
December 31, 2021
Assets
Money market funds	$	429,194	$	-	$	-	$	429,194
U.S. treasuries		-		4,004		-		4,004
U.S. government agency securities		-		26,548		-		26,548
Corporate debt securities		-		79,209		-		79,209
Total assets	$	429,194	$	109,761	$	-	$	538,955
Liabilities
Warrant liability	$	-	$	-	$	18,016	$	18,016

Summary of Changes in Fair Value Warrant liability

The following table provides a summary of changes in the fair value warrant liability for year ended December 31, 2022 and 2021 (in thousands):

Balance at December 31, 2020	$	10,736
Decrease in fair value of warrants exercised		(4,765	)
Warrants exercised		(42,074	)
Increase in the estimated fair value of warrant liability upon revaluation		54,119
Balance at December 31, 2021	$	18,016
Decrease in fair value of warrants exercised or expired		(1,801	)
Warrants exercised or expired		(16,215	)
Balance at December 31, 2022	$	-