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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value of Financial Instruments [Abstract] |
Fair Value of Financial Instruments Measured on Recurring Basis | Items measured at fair value on a recurring basis are the Company’s investments. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:
|  | Fair Value Measurements as of |
|  | March 31, 2023 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 31,353 |  |  | $ | - |  |  | $ | - |  |  | $ | 31,353 |
Corporate Bonds |  |  | - |  |  |  | 3,778 |  |  |  | - |  |  |  | 3,778 |
United States Treasury securities |  |  | 7,670 |  |  |  | - |  |  |  | - |  |  |  | 7,670 |
|  |  | 39,023 |  |  |  | 3,778 |  |  |  | - |  |  |  | 42,801 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Paper |  |  | - |  |  |  | 5,147 |  |  |  | - |  |  |  | 5,147 |
United States Treasury securities |  |  | 228,443 |  |  |  | - |  |  |  | - |  |  |  | 228,443 |
Corporate Bonds |  |  | - |  |  |  | 54,159 |  |  |  | - |  |  |  | 54,159 |
Agency Bonds |  |  | - |  |  |  | 7,713 |  |  |  | - |  |  |  | 7,713 |
|  |  | 228,443 |  |  |  | 67,019 |  |  |  | - |  |  |  | 295,462 |
Total assets |  | $ | 267,466 |  |  | $ | 70,797 |  |  | $ | - |  |  | $ | 338,263 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability |  | $ | - |  |  | $ | - |  |  | $ | 815 |  |  | $ | 815 |
Total liabilities |  | $ | - |  |  | $ | - |  |  | $ | 815 |  |  | $ | 815 |
|  | Fair Value Measurements as of |
|  | December 31, 2022 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 90,527 |  |  | $ | - |  |  | $ | - |  |  | $ | 90,527 |
Commercial Paper |  |  | - |  |  |  | 3,899 |  |  |  | - |  |  |  | 3,899 |
United States Treasury Securities |  |  | 3,848 |  |  |  | - |  |  |  | - |  |  |  | 3,848 |
Corporate Bonds |  |  | - |  |  |  | 8,618 |  |  |  | - |  |  |  | 8,618 |
|  |  | 94,375 |  |  |  | 12,517 |  |  |  | - |  |  |  | 106,892 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Paper |  |  | - |  |  |  | 1,151 |  |  |  | - |  |  |  | 1,151 |
United States Treasury securities |  |  | 189,444 |  |  |  | - |  |  |  | - |  |  |  | 189,444 |
Corporate Bonds |  |  | - |  |  |  | 60,905 |  |  |  | - |  |  |  | 60,905 |
Agency Bonds |  |  | - |  |  |  | 7,653 |  |  |  | - |  |  |  | 7,653 |
|  |  | 189,444 |  |  |  | 69,709 |  |  |  | - |  |  |  | 259,153 |
Total assets |  | $ | 283,819 |  |  | $ | 82,226 |  |  | $ | - |  |  | $ | 366,045 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability |  | $ | - |  |  | $ | - |  |  | $ | 1,512 |  |  | $ | 1,512 |
Total liabilities |  | $ | - |  |  | $ | - |  |  | $ | 1,512 |  |  | $ | 1,512 |
Changes in Level 3 Liabilities Measured at Fair Value | The reconciliation of the Company’s warrant liability, which is recorded as part of Other Liabilities in the consolidated balance sheets, measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:
|  | Warrant Liability |
Balance, December 31, 2022 |  | $ | 1,512 |
Fair value adjustments |  |  | (697 | )
Balance, March 31, 2023 |  | $ | 815 |
Level 3 Fair Value of the Private Warrants | The fair value of the warrant liability has been estimated with the following assumptions:
|  | March 31, 2023 |  |  | December 31, 2022 |
Stock price |  | $ | 17.13 |  |  | $ | 18.39 |
Exercise price |  | $ | 65.23 |  |  | $ | 65.23 |
Expected volatility |  |  | 67.38 | % |  |  | 71.25 | %
Risk-free interest rate |  |  | 4.04 | % |  |  | 4.14 | %
Expected dividend yield |  |  | - |  |  |  | - |
Expected life (years) |  |  | 2.07 |  |  |  | 2.39 |
Fair value per warrant |  | $ | 1.32 |  |  | $ | 2.45 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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