Available-for-sale Securities and Fair Value on Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at March 31, 2023 (in thousands):

	March 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	7,845	$	—	$	—		$	—	$	7,845
United States government agency securities		27,222		69		(623	)		—		26,668
Corporate debt securities		38,492		4		(1,443	)		—		37,053
Mortgage-backed securities		3,603		11		(259	)		—		3,355
Total available-for-sale securities	$	77,162	$	84	$	(2,325	)	$	—	$	74,921

The following is a summary of available-for-sale securities at December 31, 2022 (in thousands):

	December 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	14,472	$	—	$	—		$	—	$	14,472
United States government agency securities		27,200		41		(818	)		—		26,423
Corporate debt securities		38,496		2		(1,703	)		—		36,795
Mortgage-backed securities		3,660		7		(316	)		—		3,351
Total available-for-sale securities	$	83,828	$	50	$	(2,837	)	$	—	$	81,041

Available-for-Sale Debt Securities by Original Contractual Maturity

Available-for-sale securities at March 31, 2023 and December 31, 2022, consisted of the following by contractual maturity (in thousands):

	March 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	23,954	$	23,573	$	28,284	$	27,907
Greater than one year and less than five years		53,208		51,348		55,544		53,134
Total available-for-sale securities	$	77,162	$	74,921	$	83,828	$	81,041

Available-for-Sale Marketable Securities in Unrealized Position

The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	March 31, 2023
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	11,183	$	(233	)	$	26,804	$	(1,210	)	$	37,987	$	(1,443	)
United States government agency securities		8,107		(98	)		12,732		(525	)		20,839		(623	)
Mortgage-backed securities		1,557		(52	)		1,585		(207	)		3,142		(259	)
Total	$	20,847	$	(383	)	$	41,121	$	(1,942	)	$	61,968	$	(2,325	)

	December 31, 2022
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	16,500	$	(544	)	$	20,050	$	(1,159	)	$	36,550	$	(1,703	)
United States government agency securities		9,869		(234	)		11,362		(584	)		21,231		(818	)
Mortgage-backed securities		1,725		(98	)		1,416		(218	)		3,141		(316	)
Total	$	28,094	$	(876	)	$	32,828	$	(1,961	)	$	60,922	$	(2,837	)

Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at March 31, 2023 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	7,845	$	7,845	$	—	$	—
United States government agency securities	Short-term investments		26,668		—		26,668		—
Corporate debt securities	Short-term investments		37,053		—		37,053		—
Mortgage-backed securities	Short-term investments		3,355		—		3,355		—
Total short-term investments		$	74,921	$	7,845	$	67,076	$	—

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2022 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	14,472	$	14,472	$	—	$	—
United States government agency securities	Short-term investments		26,423		—		26,423		—
Corporate debt securities	Short-term investments		36,795		—		36,795		—
Mortgage-backed securities	Short-term investments		3,351		—		3,351		—
Total short-term investments		$	81,041	$	14,472	$	66,569	$	—

Summary of Gain Recognized in Condensed Consolidated Statements of Operations Due to Changes in Fair Value of Warrant

The following table provides a summary of the total gain recognized in the Company’s condensed consolidated statements of operations due to changes in the fair value of the warrant (in thousands):

	Three Months Ended
	2023		2022
Gain from changes in the fair value of level 3 investments	$	—	$	280