Fair value of financial assets and liabilities

6 Months Ended

Jun. 30, 2022

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities

3. Fair value of financial assets and liabilities

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):

	Fair value measurements as of June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	45,132	$	—	$	—	$	45,132
Short-term investments		94,371		—		—		94,371
Long-term investments		22,816		—		—		22,816
	$	162,319	$	—	$	—	$	162,319

	Fair value measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	173,755	$	—	$	—	$	173,755
Short-term investments		15,110		—		—		15,110
Long-term investments		9,966		—		—		9,966
	$	198,831	$	—	$	—	$	198,831

During the three and six months ended June 30, 2022 and 2021, respectively, there were no transfers between Level 1, Level 2 and Level 3.

Valuation of short-term and long-term investments

Short-term and long-term investments, which consisted of U.S. Treasury bonds and notes and certificates of deposit were valued by the Company using quoted prices in active markets for similar securities, which represents a Level 1 measurement within the fair value hierarchy.