Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Note 5. Fair Value Measurements

The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	4,506	$	—	$	—		$	4,506
Money market funds		40,062		—		—			40,062	Level 1
Commercial paper		27,294		—		(6	)		27,288	Level 2
U.S. agency securities		5,350		2		—			5,352	Level 2
U.S. government securities		9,961		3		—			9,964	Level 2
Total cash and cash equivalents		87,173		5		(6	)		87,172
Short-term investments:
Commercial paper		11,156		—		(32	)		11,124	Level 2
U.S. agency securities		6,847		—		(35	)		6,812	Level 2
U.S. government securities		44,018		2		(189	)		43,831	Level 2
Total short-term investments		62,021		2		(256	)		61,767
Total assets measured at fair value	$	149,194	$	7	$	(262	)	$	148,939


	December 31, 2022
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	5,615	$	—	$	—		$	5,615
Money market funds		31,401		—		—			31,401	Level 1
Commercial paper		47,135		—		(15	)		47,120	Level 2
U.S. government securities		4,991		1		—			4,992	Level 2
Total cash and cash equivalents		89,142		1		(15	)		89,128
Short-term investments:
Commercial paper		13,097		—		(51	)		13,046	Level 2
U.S. agency securities		9,445		—		(105	)		9,340	Level 2
U.S. government securities		56,658		1		(515	)		56,144	Level 2
Total short-term investments		79,200		1		(671	)		78,530
Total assets measured at fair value	$	168,342	$	2	$	(686	)	$	167,658

The Company’s marketable debt securities at March 31, 2023 have maturities due in one year or less. No security has been in a continuous unrealized loss position for more than 12 months and the Company does not consider any of its marketable debt securities to be impaired.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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