Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 that are measured at fair value on a recurring basis as of December 31, 2023, is as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Money market funds	$	42,492	$	—	$	—	$	42,492
Short-term investments:
U.S. Treasury bills	63,833		—		—		63,833
Corporate bonds	—		39,169		—		39,169
Government and government agency	—		20,610		—		20,610
Asset-backed bonds	—		706		—		706
Restricted cash:
Money market funds	856		—		—		856
Total assets	$	107,181	$	60,485	$	—	$	167,666

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 liabilities is as follows (in thousands):

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
Change in fair value due to revaluation and service-based vesting	4,437
Reclassification to earn-out payable	(7,412)
Balance at December 31, 2023	$	—