FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures

NOTE 5: FAIR VALUE MEASUREMENTS

In accordance with ASC 820, the Company measures its cash equivalents and marketable securities at fair value using the market approach valuation technique. Cash equivalents and marketable securities are classified within Level 1 or Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments.

		Fair Value Measurements As Of
Description	Fair Value Hierarchy	December 31, 2022		December 31, 2021
Measured at fair value on a recurring basis:
Assets:
Cash equivalents:
Money market funds	Level 1	$	16,489	$	—
Short-term marketable securities:
Corporate bonds	Level 2	$	9,239	$	—
Municipal securities	Level 2	$	1,747	$	—
U.S. Treasury	Level 2	$	16,195	$	—
Commercial paper	Level 2	$	11,237	$	—
Agency bonds	Level 2	$	2,925	$	—
Liabilities:
Derivative instruments liability included in accrued expenses and other current liabilities:
Options and forward contracts designated as hedging instruments	Level 2	$	120	$	—

Prior to the Company's IPO, the warrants to purchase preferred and common stock were measured at fair value using Level 3 inputs upon issuance and at each reporting date. Inputs used to determine the estimated fair value of the warrants to purchase preferred and common stock as of the valuation date included expected term, the risk-free interest rate, volatility, and the fair value of underlying shares.

The following table sets forth a summary of the changes in the fair value of the warrants to purchase preferred and common stock:

	Year Ended December 31,
	2021		2020
Balance at January 1	$	56,780	$	17,111
Issuance of warrants	—		1,221
Reclassification of warrant to common stocks to equity	—		(3,057)
Reclassification of warrant to preferred stocks to mezzanine equity	(1,149)		—
Change in fair value of warrants	15,046		41,505
Conversion of warrants to common stock upon initial public offering	(70,677)		—
Balance at December 31,	$	—	$	56,780

On February 3, 2021, SVB Financial Group (“SVB”) converted a Warrant to Purchase Stock issued on February 3, 2011 (the “Series C Warrant”) into shares of the Company’s Series C Convertible Preferred Stock pursuant to the cashless conversion mechanism described in the Series C Warrant. The conversion was exercised for all 31,414 shares covered by the Series C Warrant and resulted in the net issuance of 27,011 shares of the Company’s Series C Convertible Preferred Stock. Pursuant to the terms of the Series C Warrant, the number of net shares issued was determined by dividing (a) the aggregate fair market value of the shares otherwise issuable upon exercise of the Series C Warrant minus the aggregate exercise price of such shares by (b) the fair market value of one share of the Company’s Series C Convertible Preferred Stock.

Upon the closing of the Company’s IPO, the warrants to purchase preferred and common stock were converted into 7,067,699 shares of common stock. The final re-measurement of the warrants was based upon the publicly available stock price on the conversion date.