Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair value of financial instruments

6.Fair value of financial instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy

is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):

			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	December 31,		assets		inputs		inputs
	2021		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	345,679	$	345,679	$	—	$	—
Total	$	345,679	$	345,679	$	—	$	—

			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	December 31,		assets		inputs		inputs
Description:	2022		(level 1)		(level 2)		(level 3)
Cash equivalents:
U.S. Treasury	$	29,930	$	29,930	$	—	$	—
Federal agency securities		19,908		-		19,908		-
Commercial paper		5,955		-		5,955		-
Money market funds		117,437		117,437		-		-
Short-term investments:
U.S. Treasury		9,786		9,786		-		-
Federal agency securities		11,626		-		11,626		-
Commercial paper		23,136		-		23,136		-
Total	$	217,778	$	157,153	$	60,625	$	—

The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented.

The table above does not include the Company's investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the consolidated balance sheet as of December 31, 2022.