Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

5. Fair Value of Financial Assets and Liabilities

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

	Fair Value Measurements as of December 31, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	69,374	$	—	$	69,374
Available-for-sale securities		—		58,338		—		58,338
	$	—	$	127,712	$	—	$	127,712

	Fair Value Measurements as of December 31, 2021:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	75,224	$	—	$	75,224
Available-for-sale securities		—		88,643		—		88,643
	$	—	$	163,867	$	—	$	163,867

As of December 31, 2022 and December 31, 2021 the fair values of the Company’s cash equivalents and available-for-sale securities were determined using Level 2 inputs. During the year ended December 31, 2022 and December 31, 2021, there were no transfers between Level 1, Level 2 and Level 3, respectively.

The fair value of the Company’s cash, restricted cash, accounts payable, accrued expenses and other current liabilities approximate their carrying value due to their short-term maturities.