Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following table summarizes, by major security type, the Company's cash, cash equivalents, and investments that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 (in thousands):

		December 31, 2022
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Assets:
Cash and cash equivalents:
Cash	Level 1	$	23,376	$	—	$	—		$	23,376
Money market funds	Level 1		35,470		—		—			35,470
Total cash and cash equivalents			58,846		—		—			58,846
Investments:
U.S. Treasury securities	Level 1		82,277		3		(331	)		81,949
U.S. Agency securities	Level 2		14,044		28		—			14,072
Corporate debt securities and commercial paper	Level 2		63,543		—		(103	)		63,440
Total investments			159,864		31		(434	)		159,461
Total assets measured at fair value on a recurring basis		$	218,710	$	31	$	(434	)	$	218,307

Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes information about the significant unobservable inputs used in the fair value measurements for the derivative liability:

	March 19, 2021
Probability of financing		100	%
Probability of dissolution		—
Time to liquidity (years)		—
Discount rate		7.6	%

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

The following table provides a reconciliation of the fair value of the derivative liability using Level 3 significant unobservable inputs (in thousands):

	Derivative Liability
Fair value at December 31, 2020	$	(1,604	)
Change in fair value of embedded derivative liability		(205	)
Reclassification of derivative liability into convertible preferred stock resulting from conversion of convertible promissory note		1,809
Fair value at December 31, 2021	$	—