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Fair value measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Financial instruments at fair value on a recurring basis
The following tables set forth the fair value of our financial instruments that were measured at fair value on a recurring basis (in thousands):
 September 30, 2023
 
Amortized
Cost
Gross Unrealized GainsGross Unrealized Losses
Estimated
Fair Value
   
 Level 1Level 2Level 3
Financial assets:       
Money market funds$163,424 $— $— $163,424 $163,424 $— $— 
U.S. Treasury notes18,848 — (1)18,847 18,847 — — 
U.S. government agency securities77,707 19 (7)77,719 — 77,719 — 
Total financial assets$259,979 $19 $(8)$259,990 $182,271 $77,719 $— 
Financial liabilities:
Convertible senior secured notes
$196,244 $— $— $196,244 
Contingent consideration
25 — — 25 
Total financial liabilities$196,269 $— $— $196,269 
 September 30, 2023
Reported as: 
Cash equivalents$153,324 
Restricted cash10,100 
Marketable securities96,566 
Total cash equivalents, restricted cash, and marketable securities$259,990 
Convertible senior secured notes$196,244 
Other long-term liabilities25 
Total liabilities$196,269 
 December 31, 2022
 
Amortized
Cost
Gross Unrealized GainsGross Unrealized Losses
Estimated
Fair Value
   
 Level 1Level 2Level 3
Financial assets:       
Money market funds$158,931 $— $— $158,931 $158,931 $— $— 
U.S. Treasury notes193,685 1 (123)193,563 193,563 — — 
U.S. government agency securities96,006 55 (13)96,048 — 96,048 — 
Total financial assets$448,622 $56 $(136)$448,542 $352,494 $96,048 $— 
Financial liabilities:
Stock payable liability$744 $— $— $744 
Contingent consideration25 — — 25 
Total financial liabilities$769 $— $— $769 
 December 31, 2022
Reported as: 
Cash equivalents$148,901 
Restricted cash10,030 
Marketable securities289,611 
Total cash equivalents, restricted cash, and marketable securities$448,542 
Other long-term liabilities$769 
Rollforward of stock payable liability and contingent consideration
The following tables include a rollforward of the stock payable liability, contingent consideration, and Senior Secured 2028 Notes classified within Level 3 of the fair value hierarchy (in thousands):
Three Months Ended September 30, 2023
 Stock Payable LiabilityContingent ConsiderationConvertible Senior Secured Notes
Fair value at June 30, 2023$251 $25 $249,571 
Issuance of convertible senior secured notes at fair value— — 100 
Changes in fair value(70)— (33,463)
Changes in fair value related to instrument-specific credit risk— — (16,529)
Settlements(181)— — 
Cash payments for interest— — (3,435)
Fair value at September 30, 2023
$— $25 $196,244 
    
Nine Months Ended September 30, 2023
 Stock Payable LiabilityContingent ConsiderationConvertible Senior Secured Notes
Fair value at December 31, 2022$744 $25 $— 
Issuance of convertible senior secured notes at fair value— — 301,171 
Changes in fair value(337)— (72,386)
Changes in fair value related to instrument-specific credit risk— — (25,366)
Settlements(407)— — 
Cash payments for interest— — (7,175)
Fair value at September 30, 2023
$— $25 $196,244 
Three Months Ended
September 30, 2022
 Stock Payable LiabilityContingent Consideration
Fair value at June 30, 2022$2,782 $25 
Change in fair value527 — 
Settlements(2,324)— 
Fair value at September 30, 2022
$985 $25 
Nine Months Ended
September 30, 2022
 Stock Payable LiabilityContingent Consideration
Fair value at December 31, 2021$20,925 $1,875 
Change in fair value(15,666)(1,850)
Settlements(4,274)— 
Fair value at September 30, 2022
$985 $25 
Summary of significant inputs in the binomial lattice model
Significant inputs into the binomial lattice model as of September 30, 2023 and March 7, 2023 were as follows:
September 30, 2023March 7, 2023
Stock price$0.61$1.65
Conversion price$2.58$2.58
Volatility110.0 %107.5 %
Risk-free interest rate4.71 %4.35 %
Credit spread17.92 %13.76 %
Cost of debt22.6 %18.1 %
Term (years)4.465.02