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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. At December 31, 2022 and 2021, the carrying amount of accounts receivable, other current assets, accounts payable, and accrued and other current liabilities approximated their estimated fair value due to their relatively short maturities. There were no assets or liabilities classified as Level 3 as of December 31, 2022 and 2021. The following table provides the financial instruments measured at fair value on a recurring basis (in thousands):
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market fund | $ | 10,618 |  | $ | — |  |  | $ | — |  | $ | 10,618
Commercial paper | — |  | 2,988 |  |  | — |  | 2,988
Debt securities: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 16,892 |  |  | — |  |  | 16,892
Commercial paper | — |  |  | 18,922 |  |  | — |  |  | 18,922
U.S. government bonds | — |  |  | 105,259 |  |  | — |  |  | 105,259
Certificate of deposits | — |  |  | 9,986 |  |  | — |  |  | 9,986
Treasury bills | — |  |  | 9,516 |  |  | — |  |  | 9,516 |
Other | — |  |  | 1,499 |  |  | — |  |  | 1,499 |
Total financial assets | $ | 10,618 |  |  | $ | 165,062 |  |  | $ | — |  |  | $ | 175,680 |
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market fund | $ | 127,261 |  |  | $ | — |  |  | $ | — |  |  | $ | 127,261 |
Debt securities: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 42,133 |  |  | — |  |  | 42,133
Commercial paper | — |  |  | 20,743 |  |  | — |  |  | 20,743
U.S. government bonds | — |  |  | 86,130 |  |  | — |  |  | 86,130
Certificate of deposits | — |  |  | 21,507 |  |  | — |  |  | 21,507
Other | — |  |  | 2,495 |  |  | — |  |  | 2,495 |
Total financial assets | $ | 127,261 |  |  | $ | 173,008 |  |  | $ | — |  |  | $ | 300,269 |
The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s short-term investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data. Fair Value of Convertible Promissory Notes The convertible notes are recorded at face value less unamortized debt issuance costs (see Note 13 — Convertible Promissory Notes for additional details) on the consolidated balance sheet as of December 31, 2022. As of December 31, 2022, the estimated fair value of the convertible notes was $293.1 million based on Level 2 quoted bid prices of the convertible notes in an over-the-counter market on the last trading date of the reporting period.

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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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