Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	Fair Value Measured as of
	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)	$	8,030	$	—	$	—	$	8,030
US government and agency		—		31,523		—		31,523
Total cash, cash equivalents and restricted cash	$	8,030	$	31,523	$	—	$	39,553
Short-term investments:
Commercial paper		—		39,980		—		39,980
Corporate notes and bonds		—		133,242		—		133,242
Municipal bonds		—		4,873		—		4,873
US government and agency		—		168,758		—		168,758
Total short-term investments	$	—	$	346,853	$	—	$	346,853
Long-term investments:
Corporate notes and bonds		—		65,113		—		65,113
US government and agency		—		36,002		—		36,002
Total long-term investments	$	—	$	101,115	$	—	$	101,115
Total Assets	$	8,030	$	479,491	$	—	$	487,521
Liabilities
Public warrants	$	30,599	$	—	$	—	$	30,599

	Fair Value Measured as of
	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)	$	46,367	$	—	$	—	$	46,367
Total cash, cash equivalents and restricted cash	$	46,367	$	—	$	—	$	46,367
Short-term investments:
Commercial paper		—		129,698		—		129,698
Corporate notes and bonds		—		120,447		—		120,447
Municipal bonds		—		4,911		—		4,911
US government and agency		—		56,374		—		56,374
Total short-term investments	$	—	$	311,430	$	—	$	311,430
Long-term investments:
Corporate notes and bonds		—		150,763		—		150,763
Municipal bonds		—		4,721		—		4,721
US government and agency		—		26,517		—		26,517
Total long-term investments	$	—	$	182,001	$	—	$	182,001
Total Assets	$	46,367	$	493,431	$	—	$	539,798
Liabilities
Public warrants	$	3,819	$	—	$	—	$	3,819

(1)Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards.

Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the period. On September 30, 2023, the closing trading price of the public warrants was $5.85 per warrant.