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Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:
December 31, 2022
Level 1Level 2Level 3Total Fair Value
Cash equivalents
Money market funds$462,459 $— $— $462,459 
Marketable securities
U.S. treasury securities378,002 — — 378,002 
U.S. agency securities— 29,059 — 29,059 
Commercial paper— 28,815 — 28,815 
Corporate debt securities— 4,982 — 4,982 
Total assets$840,461 $62,856 $— $903,317 
December 31, 2021
Level 1Level 2Level 3Total Fair Value
Cash equivalents
Money market funds$1,213,543 $— $— $1,213,543 
Marketable securities
U.S. treasury securities418,284 — — 418,284 
Commercial paper— 13,878 — 13,878 
Asset-backed securities— 2,002 — 2,002 
Corporate debt securities— 18,711 — 18,711 
Total assets$1,631,827 $34,591 $— $1,666,418 
The Company classifies money market funds, commercial paper, U.S. treasury securities, U.S. agency securities, asset-backed securities and corporate securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Immediately prior to the completion of the IPO in June 2021, the outstanding redeemable convertible preferred stock warrants were converted to Class B common stock warrants and the fair value of the liability as of that date was reclassified into the Company’s Class B common stock and additional paid-in capital.
The fair value of the redeemable convertible preferred stock warrant liabilities was estimated using the following assumptions:
June 9,
2021
Dividend yield0.00%
Expected volatility49.93%
Expected term (in years)2.34
Risk-free interest rate0.31%
Fair value of Series B redeemable convertible preferred stock$27.00
The following table sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities:
December 31,
2021
Balance, beginning of the period$2,517 
Remeasurement of redeemable convertible preferred stock warrant liabilities2,921 
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering(5,438)
Balance, end of the period$— 
There were no transfers of financial instruments between the fair value hierarchy levels during the years ended December 31, 2022 and 2021.