Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	Fair Value Measured as of
	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)	$	28,863	$	—	$	—	$	28,863
US government and agency		—		33,645		—		33,645
Total cash, cash equivalents and restricted cash	$	28,863	$	33,645	$	—	$	62,508
Short-term investments:
Commercial paper		—		3,989		—		3,989
Corporate notes and bonds		—		109,165		—		109,165
US government and agency		—		202,122		—		202,122
Total short-term investments	$	—	$	315,276	$	—	$	315,276
Long-term investments:
Corporate notes and bonds		—		13,597		—		13,597
US government and agency		—		45,493		—		45,493
Total long-term investments	$	—	$	59,090	$	—	$	59,090
Total Assets	$	28,863	$	408,011	$	—	$	436,874
Liabilities
Public warrants	$	14,378	$	—	$	—	$	14,378

	Fair Value Measured as of
	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)	$	25,131	$	—	$	—	$	25,131
US government and agency		—		12,950		—		12,950
Total cash, cash equivalents and restricted cash	$	25,131	$	12,950	$	—	$	38,081
Short-term investments:
Commercial paper		—		16,360		—		16,360
Corporate notes and bonds		—		130,423		—		130,423
Municipal bonds		—		4,947		—		4,947
US government and agency		—		168,046		—		168,046
Total short-term investments	$	—	$	319,776	$	—	$	319,776
Long-term investments:
Corporate notes and bonds		—		44,554		—		44,554
US government and agency		—		55,935		—		55,935
Total long-term investments	$	—	$	100,489	$	—	$	100,489
Total Assets	$	25,131	$	433,215	$	—	$	458,346
Liabilities
Public warrants	$	23,004	$	—	$	—	$	23,004

(1)Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards.

Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the period. On March 31, 2024, the closing trading price of the public warrants was $2.75 per warrant.