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Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
As of June 30, 2023 and December 31, 2022, the recorded values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of the instruments.
Cash and cash equivalents held by the Company as of June 30, 2023 and December 31, 2022 were $324.8 million and $362.5 million, respectively, and were comprised of cash on hand, money market funds, and highly liquid investments with original contractual maturity dates of three months or less. Cash and money market funds are classified within Level 1 of the fair value hierarchy. Highly liquid investments such as commercial papers and corporate bonds are classified within Level 2 of the fair value hierarchy.
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022:
As of June 30, 2023
Level 1Level 2Level 3Total
Assets:
Available-for-Sale Investments
Asset-backed securities$— $6,136 $— $6,136 
Corporate notes and bonds— 27,280 — 27,280 
Total assets$— $33,416 $— $33,416 
Liabilities:
Common Stock Warrants
Private Common Stock Warrants$— $— $138 $138 
Total liabilities$— $— $138 $138 
As of December 31, 2022
Level 1Level 2Level 3Total
Assets:
Available-for-Sale Investments
Asset-backed securities$— $58,192 $— $58,192 
Corporate notes and bonds— 110,298 — 110,298 
Commercial paper— 10,479 — 10,479 
Foreign government securities— 5,027 — 5,027 
US government and agency securities86,898 — — 86,898 
Total assets$86,898 $183,996 $— $270,894 
Liabilities:
Common Stock Warrants
Private Common Stock Warrants$— $— $289 $289 
Total liabilities$— $— $289 $289 
Available-for-Sale Investments
Available-for-sale investments were classified within Level 1 or Level 2 because the Company’s use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The market values of Level 2 investments are determined based on observable inputs for the securities other than quoted prices, such as interest rates, yield curves, and credit spreads, or quoted prices for identical or similar securities in markets that are not considered active. There were no transfers between levels during the periods presented.
Private Common Stock Warrants
The Private Warrants were classified within Level 3 as they were valued based on a Black-Scholes pricing model, which involved the use of certain unobservable inputs, such as expected volatility estimated based on the average historical stock price volatility of comparable companies.
The following sets forth the activity for Private Warrants:
Private Warrants
Balance at December 31, 2022
$289 
Fair market value adjustment
(151)
Balance at June 30, 2023
$138