FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

NOTE 4:-

FAIR VALUE MEASUREMENTS

The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. The Company did not have any transfers between fair value measurements levels in the years ended December 31, 2023, 2022 and 2021.

The following table sets forth the Company’s assets and liabilities that were measured at fair value as of December 31, 2023 and 2022, by level within the fair value hierarchy:

		Fair value measurements as of
Description	Fair Value Hierarchy	December 31, 2023			December 31, 2022
Assets:
Cash equivalents:
Money market accounts and funds	Level 1	$	72,510		$	22,583
Short-term investments:
Corporate debt securities	Level 2	$	3,651		$	21,636
Commercial paper	Level 2	$	2,074		$	8,565
U.S. government treasuries	Level 2	$	—		$	46,222
U.S. agency bonds	Level 2	$	—		$	20,491
Derivative instruments asset:
Derivative instruments designated as cash flow hedging instruments	Level 2	$	948		$	—

Liabilities:
Warrants liability:
Public Warrants	Level 1	$	(4,253	)	$	(2,856	)
Private Warrants	Level 3	$	(1,876	)	$	(3,900	)
Derivative instruments liability:
Derivative instruments designated as cash flow hedging instruments	Level 2	$	—		$	(313	)

The Company classifies its money market accounts and funds as Level 1 based on quoted market prices in active markets.

The Company classifies its short-term investments and derivative instruments within Level 2 as they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded.

The Company measures the fair value for Warrants by using a quoted price for the Public Warrants, which are classified as Level 1, and a Black-Scholes simulation model for the Private Warrants, which are classified as Level 3, due to the use of unobservable inputs.

The following table presents the changes in the fair value of Warrants liability:

Input	Private Warrants			Public Warrants			Total Warrants
Fair value as of December 31, 2022	$	3,900		$	2,856		$	6,756
Change from private to public holdings		(2,025	)		2,025			—
Change in fair value		1			(628	)		(627	)
Fair value as of December 31, 2023	$	1,876		$	4,253		$	6,129

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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