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Fair value measurements
6 Months Ended
Jun. 30, 2023
Fair value measurements  
Fair value measurements

3. Fair value measurements

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 are as follows:

Quoted Prices

Significant

 

in Active

Other

Significant

 

Markets for

Observable

Unobservable

 

Identical Assets

Inputs

Inputs

Assets

    

Total

    

(Level 1)

    

(Level 2)

    

(Level 3)

 

June 30, 2023

(in thousands)

 

Money market funds included in cash and cash equivalents

    

$

238,434

    

$

238,434

    

$

    

$

Marketable securities:

U.S. Treasury notes

 

12,754

 

12,754

 

 

U.S. Government agency securities

4,317

4,317

Corporate bonds

1,975

1,975

Commercial paper

9,407

9,407

Total

$

266,887

$

255,505

$

11,382

$

December 31, 2022

Money market funds included in cash and cash equivalents

    

$

91,724

    

$

91,724

    

$

    

$

Marketable securities:

U.S. Treasury notes

19,889

 

19,889

Total

$

111,613

$

111,613

$

$

The Company measures the fair value of money market funds, U.S. Treasury notes, and U.S. Government agency securities based on quoted prices in active markets for identical securities. The Company measures the fair value of the Level 2 securities, commercial bonds and commercial paper, based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.