Investments and fair value measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):

As of December 31, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	130,377	$	—	$	—
U.S. government securities	—		48,900		—
Total cash equivalents	$	130,377	$	48,900	$	—
Marketable securities:
U.S. government securities	$	—	$	151,687	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	12,104
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	462

As of December 31, 2021	Level 1		Level 2		Level 3
Non-current assets:
Strategic investments	$	—	$	—	$	10,000
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	818

Summary of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):

As of December 31, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	130,377	$	—	$	—
U.S. government securities	—		48,900		—
Total cash equivalents	$	130,377	$	48,900	$	—
Marketable securities:
U.S. government securities	$	—	$	151,687	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	12,104
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	462

As of December 31, 2021	Level 1		Level 2		Level 3
Non-current assets:
Strategic investments	$	—	$	—	$	10,000
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	818

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs, remeasurement of redeemable convertible preferred stock warrants, and strategic investment impairment are recognized in the consolidated statements of operations, is as follows (in thousands):

	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2019	$	108	$	36	$	—
Change in fair value of redeemable convertible preferred stock warrants	52		—		—
Vesting and remeasurement of SARs, net	—		232		—
Balance— December 31, 2020	160		268		—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of SARs, net	—		550		—
Purchases of strategic investments	—		—		10,000
Balance— December 31, 2021	—		818		10,000
Vesting and remeasurement of SARs, net	—		(294)		—
Purchases of strategic investments	—		—		5,000
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— December 31, 2022	$	—	$	462	$	12,104

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs, remeasurement of redeemable convertible preferred stock warrants, and strategic investment impairment are recognized in the consolidated statements of operations, is as follows (in thousands):

	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2019	$	108	$	36	$	—
Change in fair value of redeemable convertible preferred stock warrants	52		—		—
Vesting and remeasurement of SARs, net	—		232		—
Balance— December 31, 2020	160		268		—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of SARs, net	—		550		—
Purchases of strategic investments	—		—		10,000
Balance— December 31, 2021	—		818		10,000
Vesting and remeasurement of SARs, net	—		(294)		—
Purchases of strategic investments	—		—		5,000
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— December 31, 2022	$	—	$	462	$	12,104