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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Summary of short-term investments measured at fair value on a recurring basis

The following tables summarize, by major security type, the Company's cash equivalents and short-term investments that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, in thousands:

 

 

 

 

March 31, 2023

 

 

 

Maturities
(years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

1 or less

 

$

16,171

 

 

$

 

 

$

 

 

$

16,171

 

  U.S. Treasury securities

 

1 or less

 

 

1,000

 

 

 

 

 

 

 

 

 

1,000

 

Total cash equivalents

 

 

 

 

17,171

 

 

 

 

 

 

 

 

 

17,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

1 or less

 

 

24,839

 

 

 

 

 

 

(22

)

 

 

24,817

 

U.S. Treasury securities

 

2 or less

 

 

21,167

 

 

 

 

 

 

(54

)

 

 

21,113

 

U.S. Agency bonds

 

2 or less

 

 

16,314

 

 

 

 

 

 

(11

)

 

 

16,303

 

Total short-term investments

 

 

 

 

62,320

 

 

 

 

 

 

(87

)

 

 

62,233

 

Total

 

 

 

$

79,491

 

 

$

 

 

$

(87

)

 

$

79,404

 

 

 

 

 

 

December 31, 2022

 

 

 

Maturities
(years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

1 or less

 

$

15,492

 

 

$

 

 

$

 

 

$

15,492

 

Total cash equivalents

 

 

 

 

15,492

 

 

 

 

 

 

 

 

 

15,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

1 or less

 

 

19,785

 

 

 

 

 

 

(109

)

 

 

19,676

 

Commercial paper

 

1 or less

 

 

27,739

 

 

 

 

 

 

(34

)

 

 

27,705

 

Corporate debt securities

 

2 or less

 

 

1,872

 

 

 

 

 

 

 

 

 

1,872

 

U.S. Agency bonds

 

2 or less

 

 

5,052

 

 

 

 

 

 

(35

)

 

 

5,017

 

Total short-term investments

 

 

 

 

54,448

 

 

 

 

 

 

(178

)

 

 

54,270

 

Total

 

 

 

$

69,940

 

 

$

 

 

$

(178

)

 

$

69,762

 

Summary of assets including cash equivalents and marketable securities, measured at fair value

Below is a summary of assets, including cash equivalents and short-term investments, measured at fair value as of March 31, 2023 and December 31, 2022, in thousands.

 

 

 

 

 

Fair Value Measurements Using

 

 

 

March 31, 2023

 

 

Level 1

 

 

Level 2

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

16,171

 

 

$

16,171

 

 

$

 

U.S. Treasury securities

 

 

1,000

 

 

 

1,000

 

 

 

 

Total cash equivalents

 

 

17,171

 

 

 

17,171

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

21,113

 

 

 

21,113

 

 

 

 

Commercial paper

 

 

24,817

 

 

 

 

 

 

24,817

 

U.S. Agency bonds

 

 

16,303

 

 

 

 

 

 

16,303

 

Total short-term investments

 

 

62,233

 

 

 

21,113

 

 

 

41,120

 

Total

 

$

79,404

 

 

$

38,284

 

 

$

41,120

 

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

December 31, 2022

 

 

Level 1

 

 

Level 2

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

15,492

 

 

$

15,492

 

 

$

 

Total cash equivalents

 

 

15,492

 

 

 

15,492

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

19,676

 

 

 

19,676

 

 

 

 

Commercial paper

 

 

27,705

 

 

 

 

 

 

27,705

 

Corporate debt securities

 

 

1,872

 

 

 

 

 

 

1,872

 

U.S. Agency bonds

 

 

5,017

 

 

 

 

 

 

5,017

 

Total short-term investments

 

 

54,270

 

 

 

19,676

 

 

 

34,594

 

Total

 

$

69,762

 

 

$

35,168

 

 

$

34,594

 

Summary of antidilutive securities excluded from the calculation of weighted average dilutive common shares

The following common stock equivalent securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Shares issuable upon conversion of preferred stock

 

 

292,799

 

 

 

292,799

 

Common stock options and RSUs outstanding

 

 

9,560,329

 

 

 

6,277,172

 

ESPP shares pending issuance

 

 

37,619

 

 

 

 

Warrants to purchase common stock

 

 

23,100

 

 

 

23,100

 

Total excluded securities

 

 

9,913,847

 

 

 

6,593,071