Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Assets and Liabilities Measured on Recurring Basis

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values:


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	251	$	—	$	—	$	251
Commercial paper	—		88		—		88
Certificates of deposit	—		41		—		41
Corporate bonds	—		71		—		71
U.S. government agency securities	—		80		—		80
Treasury securities	—		154		—		154
Asset-backed securities	—		82		—		82
	$	251	$	516	$	—	$	767
Liabilities:
Warrants to purchase common stock	$	—	$	—	$	72	$	72

	$	—	$	—	$	72	$	72


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	483	$	—	$	—	$	483
Commercial paper	—		140		—		140
Certificates of deposit	—		104		—		104
Corporate bonds	—		109		—		109
U.S. government agency securities	—		33		—		33
Treasury securities	—		60		—		60
Asset-backed securities	—		28		—		28
	$	483	$	474	$	—	$	957
Liabilities:
Warrants to purchase common stock	$	—	$	—	$	68	$	68
Contingent consideration	—		—		4		4
	$	—	$	—	$	72	$	72

Schedule of Measurement Inputs and Valuation Techniques

The following table indicates the weighted-average assumptions made in estimating the fair value as of September 30, 2023 and December 31, 2022:


	September 30, 2023			December 31, 2022
Risk-free interest rate	4.7		%	4.1		%
Contractual term (in years)	4			4
Expected volatility	68.3		%	60.3		%
Expected dividend yield	—		%	—		%
Exercise price per share	$	17.16		$	17.16

Schedule of Liabilities Measured on Recurring and Nonrecurring Basis

The following tables provide a roll-forward of the aggregate fair value of our common stock warrant liability for which fair value is determined using Level 3 inputs:


	Common Stock Warrant Liability
Balance as of December 31, 2022	$	68


Change in fair value	5
Settlement	(1)

Balance as of September 30, 2023	$	72


	Common Stock Warrant Liability
Balance as of December 31, 2021	$	181
Change in fair value	(102)
Settlement	(18)
Balance as of September 30, 2022	$	61