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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Disclosures | NOTE 5: FAIR VALUE MEASUREMENTS In accordance with ASC 820, the Company measures its cash equivalents and marketable securities at fair value using the market approach valuation technique. Cash equivalents and marketable securities are classified within Level 1 or Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments.
|  |  |  | Fair Value Measurements As Of
Description |  | Fair Value Hierarchy |  | December 31, 2022 |  | December 31, 2021
Measured at fair value on a recurring basis: |  |  |  |  |  |
Assets: |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |
Money market funds |  | Level 1 |  | $ | 16,489 |  |  | $ | — |
Short-term marketable securities: |  |  |  |  |  |
Corporate bonds |  | Level 2 |  | $ | 9,239 |  |  | $ | — |
Municipal securities |  | Level 2 |  | $ | 1,747 |  |  | $ | — |
U.S. Treasury |  | Level 2 |  | $ | 16,195 |  |  | $ | — |
Commercial paper |  | Level 2 |  | $ | 11,237 |  |  | $ | — |
Agency bonds |  | Level 2 |  | $ | 2,925 |  |  | $ | — |
Liabilities: |  |  |  |  |  |
Derivative instruments liability included in accrued expenses and other current liabilities: |  |  |  |  |  |
Options and forward contracts designated as hedging instruments |  | Level 2 |  | $ | 120 |  |  | $ | — |
Prior to the Company's IPO, the warrants to purchase preferred and common stock were measured at fair value using Level 3 inputs upon issuance and at each reporting date. Inputs used to determine the estimated fair value of the warrants to purchase preferred and common stock as of the valuation date included expected term, the risk-free interest rate, volatility, and the fair value of underlying shares. T he following table sets forth a summary of the changes in the fair value of the warrants to purchase preferred and common stock:
|  | Year Ended December 31,
|  | 2021 |  | 2020
Balance at January 1 |  | $ | 56,780 |  |  | $ | 17,111 |
Issuance of warrants |  | — |  |  | 1,221 |
Reclassification of warrant to common stocks to equity |  | — |  |  | (3,057) |
Reclassification of warrant to preferred stocks to mezzanine equity |  | (1,149) |  |  | — |
Change in fair value of warrants |  | 15,046 |  |  | 41,505 |
Conversion of warrants to common stock upon initial public offering |  | (70,677) |  |  | — |
Balance at December 31, |  | $ | — |  |  | $ | 56,780 |
On February 3, 2021, SVB Financial Group (“SVB”) converted a Warrant to Purchase Stock issued on February 3, 2011 (the “Series C Warrant”) into shares of the Company’s Series C Convertible Preferred Stock pursuant to the cashless conversion mechanism described in the Series C Warrant. The conversion was exercised for all 31,414 shares covered by the Series C Warrant and resulted in the net issuance of 27,011 shares of the Company’s Series C Convertible Preferred Stock. Pursuant to the terms of the Series C Warrant, the number of net shares issued was determined by dividing (a) the aggregate fair market value of the shares otherwise issuable upon exercise of the Series C Warrant minus the aggregate exercise price of such shares by (b) the fair market value of one share of the Company’s Series C Convertible Preferred Stock. Upon the closing of the Company’s IPO, the warrants to purchase preferred and common stock were converted into 7,067,699 shares of common stock. The final re-measurement of the warrants was based upon the publicly available stock price on the conversion date.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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