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Fair Value Measurements
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair value measurements

Note 3. Fair value measurements

 

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

 

 

 

 

 

 

Fair value measurements as of September 30, 2023 using

 

 

 

 

 

 

Quoted prices in

 

 

Significant

 

 

Significant

 

 

 

 

 

 

active markets

 

 

other

 

 

unobservable

 

 

 

September 30,

 

 

for identical

 

 

observable

 

 

inputs

 

 

 

2023

 

 

assets (level 1)

 

 

inputs (level 2)

 

 

(level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

106,643

 

 

$

106,643

 

 

$

 

 

$

 

US treasury securities(2)

 

 

96,063

 

 

 

96,063

 

 

 

 

 

 

 

US government agency securities(2)

 

 

16,874

 

 

 

 

 

 

16,874

 

 

 

 

Corporate debt securities(2)

 

 

2,732

 

 

 

 

 

 

2,732

 

 

 

 

Commercial paper(2)

 

 

68,137

 

 

 

 

 

 

68,137

 

 

 

 

US treasury securities(3)

 

 

37,144

 

 

 

37,144

 

 

 

 

 

 

 

US government agency securities(3)

 

 

9,747

 

 

 

 

 

 

9,747

 

 

 

 

Total fair value of assets

 

$

337,340

 

 

$

239,850

 

 

$

97,490

 

 

$

 

 

(1)
Included as cash and cash equivalents on the condensed consolidated balance sheets.
(2)
Included as short-term marketable securities on the condensed consolidated balance sheets.
(3)
Included as long-term marketable securities on the condensed consolidated balance sheets.

 

 

 

 

 

 

 

 

Fair value measurements as of December 31, 2022 using

 

 

 

 

 

 

Quoted prices in

 

 

Significant

 

 

Significant

 

 

 

 

 

 

active markets

 

 

other

 

 

unobservable

 

 

 

December 31,

 

 

for identical

 

 

observable

 

 

inputs

 

 

 

2022

 

 

assets (level 1)

 

 

inputs (level 2)

 

 

(level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

255,080

 

 

$

255,080

 

 

$

 

 

$

 

US treasury securities(2)

 

 

127,476

 

 

 

127,476

 

 

 

 

 

 

 

US government agency securities(2)

 

 

1,468

 

 

 

 

 

 

1,468

 

 

 

 

Corporate debt securities(2)

 

 

3,301

 

 

 

 

 

 

3,301

 

 

 

 

Commercial paper(2)

 

 

18,519

 

 

 

 

 

 

18,519

 

 

 

 

Supranational debt securities(2)

 

 

639

 

 

 

 

 

 

639

 

 

 

 

Total fair value of assets

 

$

406,483

 

 

$

382,556

 

 

$

23,927

 

 

$

 

 

(1)
Included as cash and cash equivalents on the condensed consolidated balance sheets.
(2)
Included as short-term marketable securities on the condensed consolidated balance sheets.

 

The carrying amounts of the Company’s financial instruments, including cash, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities, approximate fair value due to their short maturities. As of September 30, 2023 and December 31, 2022, the Company held a $2.0 million equity investment in Affini-T Therapeutics, Inc. (Affini-T) at cost. No adjustments have been made to the value of the Company’s investment in Affini-T since its initial measurement either due to impairment or based on observable price changes. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.

 

Cash equivalents consist of money market funds, short-term marketable securities consist of US treasury securities, US government agency securities, corporate debt securities, commercial paper and supranational debt securities, and long-term marketable securities consist of US treasury securities and US government agency securities. The Company obtains pricing information from its investment manager and generally determines the fair value of marketable securities using standard observable inputs, including reported trades, broker/dealer quotes, and bid and/or offers.