Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

			Fair Value Measurements at Reporting Date Using
	June 30,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2023
Assets:
Cash equivalents
Money market funds	$	5,144	$	5,144		—		—
Corporate debt securities		—		—		—		—
Total cash equivalents	$	5,144	$	5,144	$	—	$	—
Short-term investments:
US treasury bills		22,671		22,671		—		—
Corporate Bonds and U.S. Government Agency Securities		39,118		7,040		32,078		—
Total Short-term investments	$	61,789	$	29,711	$	32,078	$	—

			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2022
Assets:
Cash equivalents
Money market funds	$	22,580	$	22,580	$	—	$	—
Corporate debt securities		7,089		2,098		4,991		—
Total cash equivalents	$	29,669	$	24,678	$	4,991	$	—
Short-term investments:
US treasury bills		2,966		2,966		—		—
Corporate Bonds and U.S. Government Agency Securities		62,378		4,732		57,646		—
Total Short-term investments	$	65,344	$	7,698	$	57,646	$	—

As of June 30, 2023, the Company’s cash equivalents were invested in money market funds which were valued based on Level 1 inputs. As of December 31, 2022, the Company’s cash equivalents were invested in money market funds which were valued based on Level 1 inputs, and highly liquid corporate debt securities which were valued based on level 2 inputs. As of June 30, 2023 and December 31, 2022, the Company's short-term investments consisted of U.S. treasury bills which were valued based on Level 1 inputs and Corporate Bonds and U.S. Government Agency Securities which were valued based on Level 2 inputs. In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data for Level 2 investments. All available-for-sale securities have contractual maturities of less than one year. The Company did not have any financial assets or liabilities during any of the periods presented in the accompanying consolidated financial statements that required Level 3 inputs.

The carrying values of the Company’s accounts payable, accrued expenses and deferred revenue approximate their fair values due to the short-term nature of these liabilities and as such these are considered level 1 in the fair value hierarchy.