Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables summarize financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of March 31, 2023 and December 31, 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	March 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
Assets:
Money market funds	$	46,618	$	—	$	—	$	46,618
U.S. treasury securities	—		175,416		—		175,416
Convertible debt securities (See Note 7)	—		—		4,109		4,109
Total assets	$	46,618	$	175,416	$	4,109	$	226,143
Liabilities:
Contingent consideration	$	—	$	—	$	191	$	191
Total liabilities	$	—	$	—	$	191	$	191

	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)		Significant Other Observable Inputs (Level 2 Inputs)		Significant Unobservable Inputs (Level 3 Inputs)		Total
Assets:
Money market funds	$	36,222	$	—	$	—	$	36,222
U.S. treasury securities	—		153,501		—		153,501
Corporate securities	—		4,273		—		4,273
Convertible debt securities (See Note 5)	—		—		3,652		3,652
Total assets	$	36,222	$	157,774	$	3,652	$	197,648
Liabilities:
Contingent consideration	$	—	$	—	$	227	$	227
Total liabilities	$	—	$	—	$	227	$	227

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

A rollforward of the fair value measurements of the convertible notes for the three months ended March 31, 2023 and 2022, is as follows:

Balance as of December 31, 2022	$	3,652
Additional investment in convertible notes	323
Change in fair value included in other income, net	134
Balance as of March 31, 2023	$	4,109

Balance as of December 31, 2021	$	500
Additional investment in convertible notes	2,000
Change in fair value included in other income, net	661
Balance as of March 31, 2022	$	3,161

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table represents the key inputs used in the fair value calculation:

	As of
	March 31, 2023		December 31, 2022
Risk free interest rate	5.17	%	4.72	%
Projected year of payment	2023		2023
Revenue volatility	21.0	%	20.1	%
Discount rate	10.06	%	9.72	%

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

A rollforward of the fair value measurements of the contingent consideration liability for the three months ended March 31, 2023 and 2022 is as follows:

Balance as of December 31, 2022	$	227
Change in fair value and expense recognized for service period rendered	(36)
Payments made	—
Balance as of March 31, 2023	$	191

Balance as of December 31, 2021	$	424
Change in fair value and expense recognized for service period rendered	106
Payments made	—
Balance as of March 31, 2022	$	530