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Fair Value Measurement
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurement

5. Fair Value Measurement

 

The following tables represent the Company’s financial assets measured at fair value on a recurring basis and indicate the level of fair value hierarchy utilized to determine such fair values (in thousands):

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date
Using

 

Description

 

December 31, 2022

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (included in cash and cash
   equivalents)

 

$

26,587

 

 

$

26,587

 

 

$

 

 

$

 

Commercial paper

 

 

78,336

 

 

 

 

 

 

78,336

 

 

 

 

U.S. Treasury securities

 

 

16,615

 

 

 

16,615

 

 

 

 

 

 

 

Total assets

 

$

121,538

 

 

$

43,202

 

 

$

78,336

 

 

$

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date
Using

 

Description

 

December 31,
2021

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (included in cash and cash
   equivalents)

 

$

14,302

 

 

$

14,302

 

 

$

 

 

$

 

Commercial paper

 

 

78,457

 

 

 

 

 

 

78,457

 

 

 

 

U.S. Treasury securities

 

 

5,026

 

 

 

5,026

 

 

 

 

 

 

 

U.S. government agency debt securities

 

 

5,002

 

 

 

 

 

 

5,002

 

 

 

 

Total assets

 

$

102,787

 

 

$

19,328

 

 

$

83,459

 

 

$

 

 

There have been no transfers between fair value levels during the years ended December 31, 2022 and December 31, 2021.