Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

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

Summary of fair value measurements on a recurring basis and the level of inputs

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 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
	Fair Value Measured as of December 31, 2021:
	Level 1		Level 2		Level 3		Total
Assets:
Cash, cash equivalents, and restricted cash:
Cash and money market funds(1)	$	123,690	$	—	$	—	$	123,690
Commercial paper		—		125,335		—		125,335
US government and agency		—		150,000		—		150,000
Total cash, cash equivalents and restricted cash		123,690		275,335				399,025
Short-term investments:
Commercial paper		—		78,272		—		78,272
Corporate notes and bonds		—		14,818		—		14,818
Municipal bonds				2,000				2,000
US government and agency		—		28,353		—		28,353
Total short-term investments		—		123,443		—		123,443
Long-term investments:
Corporate notes and bonds		—		65,135		—		65,135
US government and agency		—		14,975		—		14,975
Total long-term investments		—		80,110		—		80,110
Total Assets	$	123,690	$	478,888	$	—	$	602,578
Liabilities:
Public warrants	$	33,962	$	—	$	—	$	33,962

(1) Includes money market funds associated with the Company’s overnight investment sweep account and collateralizing letters of credit.

Summary of fair value measurements inputs

The following table provides quantitative information regarding Level 3 fair value measurement inputs for the private placement warrants as of the date the private placement warrants were exercised.

	December 3, 2021
Exercise price	$	11.50
Stock price	$	18.78
Volatility		74.10	%
Term		4.83
Risk-free rate		1.10	%
Dividend yield		—	%