XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.23.3

Available-for-sale Securities and Fair Value on Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Summary of Available-for-Sale Securities | The following is a summary of available-for-sale securities at September 30, 2023 (in thousands):
|  | September 30, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Allowance for Credit Loss |  |  | Fair Value |
Money market funds |  | $ | 4,170 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,170 |
United States government agency securities |  |  | 26,270 |  |  |  | — |  |  |  | (587 | ) |  |  | — |  |  |  | 25,683 |
Corporate debt securities |  |  | 34,043 |  |  |  | — |  |  |  | (1,089 | ) |  |  | — |  |  |  | 32,954 |
Mortgage-backed securities |  |  | 3,428 |  |  |  | — |  |  |  | (448 | ) |  |  |  |  |  | 2,980 |
Total available-for-sale securities |  | $ | 67,911 |  |  | $ | — |  |  | $ | (2,124 | ) |  | $ | — |  |  | $ | 65,787 |
The following is a summary of available-for-sale securities at December 31, 2022 (in thousands):
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Allowance for Credit Loss |  |  | Fair Value |
Money market funds |  | $ | 14,472 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,472 |
United States government agency securities |  |  | 27,200 |  |  |  | 41 |  |  |  | (818 | ) |  |  | — |  |  |  | 26,423 |
Corporate debt securities |  |  | 38,496 |  |  |  | 2 |  |  |  | (1,703 | ) |  |  | — |  |  |  | 36,795 |
Mortgage-backed securities |  |  | 3,660 |  |  |  | 7 |  |  |  | (316 | ) |  |  | — |  |  |  | 3,351 |
Total available-for-sale securities |  | $ | 83,828 |  |  | $ | 50 |  |  | $ | (2,837 | ) |  | $ | — |  |  | $ | 81,041 |
Available-for-Sale Debt Securities by Original Contractual Maturity | Available-for-sale securities at September 30, 2023 and December 31, 2022, consisted of the following by contractual maturity (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 30,414 |  |  | $ | 29,797 |  |  | $ | 28,284 |  |  | $ | 27,907 |
Greater than one year and less than five years |  |  | 37,497 |  |  |  | 35,990 |  |  |  | 55,544 |  |  |  | 53,134 |
Total available-for-sale securities |  | $ | 67,911 |  |  | $ | 65,787 |  |  | $ | 83,828 |  |  | $ | 81,041 |
Available-for-Sale Marketable Securities in Unrealized Position | The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| September 30, 2023 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 2,075 |  |  | $ | (39 | ) |  | $ | 30,879 |  |  | $ | (1,050 | ) |  | $ | 32,954 |  |  | $ | (1,089 | )
United States government agency securities |  | 8,253 |  |  |  | (115 | ) |  |  | 17,430 |  |  |  | (471 | ) |  |  | 25,683 |  |  |  | (586 | )
Mortgage-backed securities |  | 425 |  |  |  | (21 | ) |  |  | 2,555 |  |  |  | (428 | ) |  |  | 2,980 |  |  |  | (449 | )
Total | $ | 10,753 |  |  | $ | (175 | ) |  | $ | 50,864 |  |  | $ | (1,949 | ) |  | $ | 61,617 |  |  | $ | (2,124 | )
| December 31, 2022 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 16,500 |  |  | $ | (544 | ) |  | $ | 20,050 |  |  | $ | (1,159 | ) |  | $ | 36,550 |  |  | $ | (1,703 | )
United States government agency securities |  | 9,869 |  |  |  | (234 | ) |  |  | 11,362 |  |  |  | (584 | ) |  |  | 21,231 |  |  |  | (818 | )
Mortgage-backed securities |  | 1,725 |  |  |  | (98 | ) |  |  | 1,416 |  |  |  | (218 | ) |  |  | 3,141 |  |  |  | (316 | )
Total | $ | 28,094 |  |  | $ | (876 | ) |  | $ | 32,828 |  |  | $ | (1,961 | ) |  | $ | 60,922 |  |  | $ | (2,837 | )
Fair Values of Financial Assets and Liabilities | The fair values of the Company’s financial assets and liabilities were determined using the following inputs at September 30, 2023 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 4,170 |  |  | $ | 4,170 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 25,683 |  |  |  | — |  |  |  | 25,683 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 32,954 |  |  |  | — |  |  |  | 32,954 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 2,980 |  |  |  | — |  |  |  | 2,980 |  |  |  | — |
Total short-term investments |  |  |  | $ | 65,787 |  |  | $ | 4,170 |  |  | $ | 61,617 |  |  | $ | — |
The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2022 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 14,472 |  |  | $ | 14,472 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 26,423 |  |  |  | — |  |  |  | 26,423 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 36,795 |  |  |  | — |  |  |  | 36,795 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 3,351 |  |  |  | — |  |  |  | 3,351 |  |  |  | — |
Total short-term investments |  |  |  | $ | 81,041 |  |  | $ | 14,472 |  |  | $ | 66,569 |  |  | $ | — |
Summary of Loss Recognized in Condensed Consolidated Statements of Operations Due to Changes in Fair Value of Warrant | The following table provides a summary of the total loss recognized in the Company’s condensed consolidated statements of operations due to changes in the fair value of the warrant (in thousands):
| Three Months Ended |  |  | Nine Months Ended |
| September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Loss from changes in the fair value of level 3 investments | $ | — |  |  | $ | (9 | ) |  | $ | — |  |  | $ | (245 | )

X
- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarningsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration