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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTSFair 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 March 31, 2023 and December 31, 2022, 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.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides the financial instruments measured at fair value (in thousands):
March 31, 2023
Level 1Level 2Level 3Fair Value
Assets
Cash equivalents:
Money market fund$62,416$— $—$62,416
Commercial paper— 6,961 — 6,961 
Treasury bills— 2,750 — 2,750 
Agency bonds— 5,027 — 5,027 
Debt securities:
Corporate debt securities— 13,433 — 13,433
Commercial paper— 16,845 — 16,845
U.S. government bonds— 30,852 — 30,852
Certificate of deposits— 4,694 — 4,694
Treasury bills— 10,763 — 10,763
Agency bonds— 11,091 — 11,091 
Total financial assets$62,416 $102,416 $— $164,832 

December 31, 2022
Level 1Level 2Level 3Fair Value
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 
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 10 — Convertible Notes for additional details) on the condensed consolidated balance sheets as of March 31, 2023. As of March 31, 2023 and December 31, 2022, the estimated fair value of the convertible notes was $260.9 million and $293.1 million, respectively, 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.