Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):

	FAIR VALUE MEASUREMENTS AS OF MARCH 31, 2023
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Money market funds	$	9,014	$	—	$	—	$	9,014
U.S. treasury securities		5,957		—		—		5,957
Commercial paper		—		16,308		—		16,308
Corporate bonds		—		1,500		—		1,500
Total Assets	$	14,971	$	17,808	$	—	$	32,779

	FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2022
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Money market funds	$	19,881	$	—	$	—	$	19,881
U.S. treasury securities		8,378		—		—		8,378
Commercial paper		—		25,094		—		25,094
Corporate bonds		—		3,015		—		3,015
Total Assets	$	28,259	$	28,109	$	—	$	56,368

The Company classifies its money market funds and U.S. treasury securities as Level 1 assets since it measures fair value using quoted prices in active markets for identical assets. The Level 2 assets include commercial paper and corporate bonds and are valued based on quoted prices for similar assets in active markets and inputs other than quoted prices that are derived from observable market data. The Company did not hold any Level 3 assets during the periods presented.

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1 and Level 2 assets during the periods presented.