Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Fair Value Disclosures [Abstract] |
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| 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 as of June 30, 2023 (in thousands):
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Cash equivalents |
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|
|
|
|
|
|
| Money market funds |
$ |
40,985 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40,985 |
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|
|
|
|
|
|
|
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| Short-term investments |
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|
|
|
|
|
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| US government and agency securities |
16,465 |
|
|
20,726 |
|
|
— |
|
|
37,191 |
|
| Commercial paper |
— |
|
|
21,593 |
|
|
— |
|
|
21,593 |
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| Total |
$ |
57,450 |
|
|
$ |
42,319 |
|
|
$ |
— |
|
|
$ |
99,769 |
|
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 (in thousands):
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Level 1 |
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Level 2 |
|
Level 3 |
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Total |
| Cash equivalents |
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|
|
|
|
|
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| Money market funds |
$ |
41,213 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
41,213 |
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| Commercial paper |
— |
|
|
8,980 |
|
|
— |
|
|
8,980 |
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| Short-term investments |
|
|
|
|
|
|
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| US government and agency securities |
24,944 |
|
|
11,663 |
|
|
— |
|
|
36,607 |
|
| Commercial paper |
— |
|
|
14,733 |
|
|
— |
|
|
14,733 |
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| Total |
$ |
66,157 |
|
|
$ |
35,376 |
|
|
$ |
— |
|
|
$ |
101,533 |
|
|
| Debt Securities, Available-for-Sale |
The following tables summarize the Company's short-term investments on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands):
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June 30, 2023 |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| Short-term investments |
|
|
|
|
|
|
|
| US government and agency securities |
$ |
37,232 |
|
|
$ |
1 |
|
|
$ |
(42) |
|
|
$ |
37,191 |
|
| Commercial paper |
21,593 |
|
|
— |
|
|
— |
|
|
21,593 |
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| Total |
$ |
58,825 |
|
|
$ |
1 |
|
|
$ |
(42) |
|
|
$ |
58,784 |
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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 tables summarize the Company’s cash and cash equivalents on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands):
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June 30, 2023 |
|
Amortized Cost |
|
Gross Unrealized Gains |
|
Gross Unrealized Losses |
|
Fair Value |
| Cash |
$ |
11,140 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,140 |
|
| Cash equivalents |
|
|
|
|
|
|
|
| Money market funds |
40,985 |
|
|
— |
|
|
— |
|
|
40,985 |
|
|
|
|
|
|
|
|
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| Total |
$ |
52,125 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,125 |
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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 |
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