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Fair Value Measurements
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):
September 30, 2023
Level 1Level 2Level 3Total
Cash and cash equivalents:
Cash$9,303 $— $— $9,303 
Cash equivalents277,784 — — $277,784 
Total cash and cash equivalents$287,087 $— $— $287,087 
Loan facility derivative liability$— $— $1,859 $1,859 
December 31, 2022
Level 1Level 2Level 3Total
Cash and cash equivalents:
Cash$8,870 $— $— $8,870 
Cash equivalents212,989 — — 212,989 
Total cash and cash equivalents$221,859 $— $— $221,859 
Loan facility derivative liability$— $— $1,779 $1,779 
Cash equivalents consist primarily of money market deposit funds and U.S. treasury bills.
There were no transfers in and out of Level 3 during the three and nine months ended September 30, 2023 and year ended December 31, 2022.
The following table sets forth a summary of the changes in the estimated fair value of the Company’s loan facility derivative liability, classified as Level 3 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Beginning of the period$1,832 $1,570 $1,779 $1,496 
Change in fair value27 39 80 113 
End of the period$1,859 $1,609 $1,859 $1,609