Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

. FAIR VALUE MEASUREMENTS

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values:

	March 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents	$	36,462	$	—	$	—	$	36,462
Short-term investments:
Treasury notes		27,469		—		—		27,469
Treasury bills		32,853		—		—		32,853
Commercial paper		—		119,796		—		119,796
Corporate debt securities		—		41,150		—		41,150
Agency bonds		—		9,843		—		9,843
Total short-term investments		60,322		170,789		—		231,111
Restricted cash equivalents		719		—		—		719
Total financial assets	$	97,503	$	170,789	$	—	$	268,292

	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents	$	23,567	$	9,989	$	—	$	33,556
Short-term investments:
Treasury notes		27,159		—		—		27,159
Treasury bills		59,334		—		—		59,334
Commercial paper		—		134,375		—		134,375
Corporate debt securities		—		58,753		—		58,753
Agency bonds		—		4,798		—		4,798
Total short-term investments		86,493		197,926		—		284,419
Restricted cash equivalents		719		—		—		719
Total financial assets	$	110,779	$	207,915	$	—	$	318,694

The Company classifies its money market funds, treasury notes and treasury bills as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices for identical assets in active markets without any valuation adjustment. The Company classifies its commercial paper, corporate debt securities, and agency bonds as Level 2 assets under the fair value hierarchy, as these assets have been valued using information obtained through a third-party pricing service at each balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources.