Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands):

	March 31, 2023
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	24,674	$	24,674	$	—	$	—
Commercial paper		2,391		—		2,391		—
Corporate debt securities		2,822		—		2,822		—
U.S. government treasuries		3,987		3,987		—		—
Total cash equivalents		33,874		28,661		5,213		—
Short-term marketable securities:
U.S. government treasuries		22,122		22,122		—		—
Asset backed securities		484		—		484		—
U.S. government debt securities		26,980		—		26,980		—
Certificates of deposit		948		—		948		—
Commercial paper		28,760		—		28,760		—
Corporate debt securities		19,386		—		19,386		—
Total short-term marketable securities		98,680		22,122		76,558		—
Total	$	132,554	$	50,783	$	81,771	$	—

	December 31, 2022
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	38,191	$	38,191	$	—	$	—
Total cash equivalents		38,191		38,191		—		—
Short-term marketable securities:
Certificates of deposit		949		—		949		—
Commercial paper		33,328		—		33,328		—
Corporate debt securities		21,853		—		21,853		—
U.S. government treasuries		35,540		35,540		—		—
U.S. government debt securities		24,719		—		24,719		—
Total short-term marketable securities		116,389		35,540		80,849		—
Long-term marketable securities:
Corporate debt securities		932		—		932		—
U.S. government treasuries		3,099		3,099		—		—
Total long-term marketable securities		4,031		3,099		932		—
Total	$	158,611	$	76,830	$	81,781	$	—

The Company measures the fair value of money market funds and U.S. treasuries based on quoted prices in active markets for identical securities. Commercial paper, corporate debt securities, certificates of deposits, asset backed securities, and U.S. government debt securities are valued taking into consideration valuations obtained from third-party pricing services. These pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of, and broker/dealer quotes on, the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.

There were no transfers between Level 1 and Level 2 during the periods presented. See Note 3 for further information regarding the amortized cost of the Company’s financial instruments.