Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Assets Measured on Recurring Basis |
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy for the year ended March 31, 2023 (in thousands):
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|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Cash equivalents |
|
|
|
|
|
|
|
| Money market funds |
$ |
46,257 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
46,257 |
|
|
|
|
|
|
|
|
|
| Short-term investments |
|
|
|
|
|
|
|
| US government and agency securities |
20,212 |
|
|
16,170 |
|
|
— |
|
|
36,382 |
|
| Commercial paper |
— |
|
|
20,147 |
|
|
— |
|
|
20,147 |
|
| Total |
$ |
66,469 |
|
|
$ |
36,317 |
|
|
$ |
— |
|
|
$ |
102,786 |
|
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy for the year ended December 31, 2022 (in thousands):
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|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Cash equivalents |
|
|
|
|
|
|
|
| Money market funds |
$ |
41,213 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
41,213 |
|
| Commercial paper |
— |
|
|
8,980 |
|
|
— |
|
|
8,980 |
|
| Short-term investments |
|
|
|
|
|
|
|
| US government and agency securities |
24,944 |
|
|
11,663 |
|
|
— |
|
|
36,607 |
|
| Commercial paper |
— |
|
|
14,733 |
|
|
— |
|
|
14,733 |
|
| Total |
$ |
66,157 |
|
|
$ |
35,376 |
|
|
$ |
— |
|
|
$ |
101,533 |
|
|
| Debt Securities, Available-for-Sale |
The following table summarizes the Company's short-term investments on the consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands):
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March 31, 2023 |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| Short-term investments |
|
|
|
|
|
|
|
| US government and agency securities |
$ |
36,353 |
|
|
$ |
32 |
|
|
$ |
(2) |
|
|
$ |
36,383 |
|
| Commercial paper |
20,147 |
|
|
— |
|
|
— |
|
|
20,147 |
|
| Total |
$ |
56,500 |
|
|
$ |
32 |
|
|
$ |
(2) |
|
|
$ |
56,530 |
|
|
|
|
|
|
|
|
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December 31, 2022 |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| Short-term investments |
|
|
|
|
|
|
|
| US government and agency securities |
$ |
36,595 |
|
|
$ |
18 |
|
|
$ |
(6) |
|
|
$ |
36,607 |
|
| Commercial paper |
14,733 |
|
|
— |
|
|
— |
|
|
14,733 |
|
| Total |
$ |
51,328 |
|
|
$ |
18 |
|
|
$ |
(6) |
|
|
$ |
51,340 |
|
|
| Schedule of Cash and Cash Equivalents |
The following table summarizes the Company’s cash and cash equivalents on the consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands):
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|
March 31, 2023 |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| Cash |
$ |
9,824 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,824 |
|
| Cash equivalents |
|
|
|
|
|
|
|
| Money market funds |
46,257 |
|
|
— |
|
|
— |
|
|
46,257 |
|
|
|
|
|
|
|
|
|
| Total |
$ |
56,081 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56,081 |
|
|
|
|
|
|
|
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|
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|
December 31, 2022 |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| Cash |
$ |
11,804 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,804 |
|
| Cash equivalents |
|
|
|
|
|
|
|
| Money market funds |
41,213 |
|
|
— |
|
|
— |
|
|
41,213 |
|
| Commercial paper |
8,980 |
|
|
— |
|
|
— |
|
|
8,980 |
|
| Total |
$ |
61,997 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
61,997 |
|
|