Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements for Items

The following tables present a summary of fair value measurements for financial instruments at March 31, 2023 and December 31, 2022, respectively:

March 31, 2023	Level 1		Level 2		Level 3		Total fair value
	(in thousands)
U.S. government and government agencies	$	—	$	185,389	$	—	$	185,389
Corporate debt securities	—		106,285		—		106,285
Warrants receivable	—		—		900		900
Total assets at fair value	$	—	$	291,674	$	900	$	292,574

December 31, 2022	Level 1		Level 2		Level 3		Total fair value
	(in thousands)
U.S. government and government agencies	$	—	$	228,467	$	—	$	228,467
Corporate debt securities	—		98,399		—		98,399
Warrants receivable	—		—		900		900
Total assets at fair value	$	—	$	326,866	$	900	$	327,766

Schedule of Changes in Balances of Level 3 Financial Liabilities

The changes in balances of Clover's Level 3 financial assets and liabilities during the three months ended March 31, 2023 were as follows:

	Warrants receivable		Total
	(in thousands)
Balance, December 31, 2022	$	900	$	900
Receipts	—		—
Settlements	—		—
Transfers in	—		—
Transfers out	—		—
Total realized losses (gains)	—		—
Balance, March 31, 2023	$	900	$	900