Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	24,606	$	—	$	—	$	24,606
Government bonds	—		11,315		—		11,315
Short-term investments:
Corporate bonds	—		99,566		—		99,566
Government and government agency	—		33,287		—		33,287
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	25,462	$	144,168	$	—	$	169,630
Liabilities
Earn-out liabilities	$	—	$	—	$	2,975	$	2,975
Total liabilities	$	—	$	—	$	2,975	$	2,975

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
Government 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, 2020	$	—
HHL acquisition	1,208
Apostrophe acquisition	32,650
Change in fair value due to revaluation and service-based vesting	10,975
Reclassification to earn-out payable	(42,834)
Balance at December 31, 2021	1,999
Change in fair value due to revaluation and service-based vesting	976
Balance at December 31, 2022	$	2,975