Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	34,604	$	—	$	—	$	34,604
Short-term investments:
Corporate bonds	—		88,755		—		88,755
Government and government agency	—		38,970		—		38,970
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	35,460	$	127,725	$	—	$	163,185
Liabilities
Earn-out liability	$	—	$	—	$	4,776	$	4,776
Total liabilities	$	—	$	—	$	4,776	$	4,776

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 liability	$	—	$	—	$	2,975	$	2,975
Total liabilities	$	—	$	—	$	2,975	$	2,975

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 liability is as follows (in thousands):

Balance at December 31, 2022	$	2,975
Change in fair value due to revaluation and service-based vesting	1,801
Balance at June 30, 2023	$	4,776