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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents and Investments

The following tables summarize the estimated value of cash equivalents and restricted cash (in thousands):

			June 30, 2023
			Adjusted Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value						Cash and cash equivalents						Restricted cash						Short-term investments
Cash			$	4,559					$	—					$	—					$	4,559					$	4,559					$	—					$	—
Level 1:
Money market funds			35,529						—						—						35,529						32,193						3,336						—
Subtotal			35,529						—						—						35,529						32,193						3,336						—
Level 2:
U.S. Treasury securities			6,482						—						—						6,482						—						—						6,482
U.S. agency securities			13,907						1						(1)						13,907						—						—						13,907
Commercial Paper			2,494						—						—						2,494						—						—						2,494
Corporate debt securities			—						—						—						—						—						—						—
Subtotal			22,883						1						(1)						22,883						—						—						22,883
Total			$	62,971					$	1					$	(1)					$	62,971					$	36,752					$	3,336					$	22,883

			December 31, 2022
			Adjusted Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value						Cash and cash equivalents						Restricted cash						Short-term investments
Level 1:
Money market funds			$	45,412					$	—					$	—					$	45,412					$	42,046					$	3,366					$	—
Subtotal			45,412						—						—						45,412						42,046						3,366						—
Level 2:
U.S. Treasury securities			14,866						4						(3)						14,867						—						—						14,867
U.S. agency securities			5,938						—						—						5,938						3,983						—						1,955
Commercial Paper			28,122						—						—						28,122						5,994						—						22,128
Corporate debt securities			7,590						1						(1)						7,590						5,598						—						1,992
Subtotal			56,516						5						(4)						56,517						15,575						—						40,942
Total			$	101,928					$	5					$	(4)					$	101,929					$	57,621					$	3,366					$	40,942

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

						Contingent Earnout Liability
Fair value as of December 31, 2022						$	(227)
Change in fair value included in other income (expense)						207
Fair value as of June 30, 2023						$	(20)

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- References

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of the components of cash, cash equivalents, and investments.

+ References

No definition available.

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