Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	110,937	$	—	$	110,937
Available-for-sale securities		—		20,860		—		20,860
	$	—	$	131,797	$	—	$	131,797

	Fair Value Measurements as of December 31, 2022 Using:
	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

As of March 31, 2023 and December 31, 2022, the fair values of the Company’s cash equivalents and available-for-sale securities were determined using Level 2 inputs. During the three months ended March 31, 2023 and the year ended December 31, 2022, there were no transfers between Level 1, Level 2 and Level 3.

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