Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	As of March 31, 2023
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	3,968	$	—	$	3,968
Marketable investments (2)		—		16,759		16,759
Total Assets	$	3,968	$	16,759	$	20,727


	As of December 31, 2022
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	5,800	$	—	$	5,800
Marketable investments (2)		—		19,688		19,688
Total Assets	$	5,800	$	19,688	$	25,488

(1)

Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)

Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.