Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:

	December 31, 2022
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	17,980	$	—		$	17,980	$	17,980	$	—
Level 1
Money market funds		44,443		—			44,443		44,443		—
Level 2
U.S. Government securities		65,493		(1,518	)		63,975		—		63,975
U.S. Treasury securities		14,953		(111	)		14,842		—		14,842
Commercial paper		40,859		(100	)		40,759		4,997		35,762
Corporate bonds		143,669		(1,856	)		141,813		—		141,813
Subtotal		264,974		(3,585	)		261,389		4,997		256,392
Total assets	$	327,397	$	(3,585	)	$	323,812	$	67,420	$	256,392
Liabilities
Level 3
Warrant liabilities		90		—			90		—		—
Total liabilities	$	90	$	—		$	90	$	—	$	—

	December 31, 2021
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	2,765	$	—		$	2,765	$	2,765	$	—
Level 1
Money market funds		38,045		—			38,045		38,045		—
Level 2
U.S. Government securities		45,982		(66	)		45,916		—		45,916
U.S. Treasury securities		80,500		(7	)		80,493		26,000		54,493
Commercial paper		94,887		(15	)		94,872		—		94,872
Corporate bonds		182,338		(435	)		181,903		—		181,903
Municipal securities		1,017		(1	)		1,016		—		1,016
Subtotal		404,724		(524	)		404,200		26,000		378,200
Total assets	$	445,534	$	(524	)	$	445,010	$	66,810	$	378,200
Liabilities
Level 3
Warrant liabilities		1,060		—			1,060		—		—
Total liabilities	$	1,060	$	—		$	1,060	$	—	$	—

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:

	December 31, 2022			December 31, 2021
Fair value, beginning balance	$	1,060		$	—
Private placement warrant liability acquired as part of the merger		—			3,014
Change in the fair value included in other income (expense), net		(970	)		(1,954	)
Fair value, closing balance	$	90		$	1,060

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:

	December 31, 2022			December 31, 2021
Expected term (years)		3.2			4.2
Expected volatility		88.2	%		60.3	%
Risk-free interest rate		4.22	%		1.14	%
Dividend yield		0	%		0	%
Exercise Price	$	11.50		$	11.50