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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	)

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- 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.

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