| Fair Value Measurements |
3. Fair Value Measurements The Company measures the following financial assets at fair value on a recurring basis. The fair value of these assets was determined as follows (in thousands):
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Balance at March 31, 2022 |
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Quoted Prices
in Active
Markets for
Identical Assets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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Cash equivalents: |
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Money market mutual funds |
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$ |
10,130 |
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$ |
10,130 |
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$ |
— |
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$ |
— |
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Total cash equivalents |
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$ |
10,130 |
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$ |
10,130 |
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$ |
— |
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$ |
— |
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Available-for-sale securities: |
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US Treasury securities |
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$ |
108,579 |
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$ |
— |
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$ |
108,579 |
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$ |
— |
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Agency bonds |
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15,079 |
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— |
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15,079 |
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— |
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Total available-for-sale securities |
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$ |
123,658 |
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$ |
— |
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$ |
123,658 |
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$ |
— |
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Available-for-sale securities, long-term: |
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US Treasury securities |
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$ |
5,003 |
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$ |
— |
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$ |
5,003 |
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$ |
— |
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Total available-for-sale securities, long-term |
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$ |
5,003 |
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|
$ |
— |
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|
$ |
5,003 |
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$ |
— |
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Balance at
December 31,
2021 |
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
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Cash equivalents: |
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Money market mutual funds |
|
$ |
31,726 |
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|
$ |
31,726 |
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|
$ |
— |
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|
$ |
— |
|
Total cash equivalents |
|
$ |
31,726 |
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|
$ |
31,726 |
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|
$ |
— |
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|
$ |
— |
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Available-for-sale securities: |
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US Treasury securities |
|
$ |
61,373 |
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$ |
— |
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$ |
61,373 |
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$ |
— |
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Corporate debt securities |
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33,806 |
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— |
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33,806 |
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— |
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Agency bonds |
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15,114 |
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— |
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15,114 |
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— |
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Commercial paper |
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1,999 |
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— |
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1,999 |
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— |
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Total available-for-sale securities |
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$ |
112,292 |
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$ |
— |
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$ |
112,292 |
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$ |
— |
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Available-for-sale securities, long-term: |
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US Treasury securities |
|
$ |
13,547 |
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$ |
— |
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|
$ |
13,547 |
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|
$ |
— |
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Total available-for-sale securities, long-term |
|
$ |
13,547 |
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|
$ |
— |
|
|
$ |
13,547 |
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|
$ |
— |
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Money market funds were valued by the Company using quoted prices in active markets for identical securities, which represent a Level 1 measurement within the fair value hierarchy. During the three months ended March 31, 2022 and the year ended December 31, 2021 there were no transfers between Level 1, Level 2 and Level 3.
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