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FAIR VALUE MEASUREMENTS
 12 Months Ended
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 1Level 2Level 3Total
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 1Level 2Level 3Total
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.