Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	30,525	$	—	$	—	$	30,525
Government bonds	—		14,328		—		14,328
Short-term investments:
Corporate bonds	—		120,701		—		120,701
Government bonds	—		19,726		—		19,726
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	31,381	$	154,755	$	—	$	186,136
Liabilities
Earn-out liabilities	$	—	$	—	$	739	$	739
Total liabilities	$	—	$	—	$	739	$	739

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	59,761	$	—	$	—	$	59,761
Government bonds	—		7,664		—		7,664
Short-term investments:
Corporate bonds	—		146,002		—		146,002
Asset-backed bonds	—		29,488		—		29,488
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	60,617	$	183,154	$	—	$	243,771
Liabilities
Earn-out liabilities	$	—	$	—	$	1,999	$	1,999
Total liabilities	$	—	$	—	$	1,999	$	1,999

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used to determine the fair value at inception:

	HHL
Revenue risk-adjusted discount rate	9.1	%
Revenue volatility	50.0	%
Counterparty discount rate	5.0	%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The change in the fair value of earn-out liabilities is as follows (in thousands):

Balance at December 31, 2021	$	1,999
Change in fair value due to revaluation and service-based vesting	(1,260)
Balance at September 30, 2022	$	739