Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company follows accounting guidance that emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three level hierarchy:

Level 1 inputs:	Quoted prices for identical assets or liabilities in active markets;
Level 2 inputs:	Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities or other inputs that are observable or can be corroborated by market data; and
Level 3 inputs:	Unobservable inputs that are supported by little or no market activity and require the reporting entity to develop assumptions that market participants would use when pricing the asset or liability.

The following table presents the Company’s financial assets that have been measured at fair value on a recurring basis (in thousands):

Description	Total		Level 1		Level 2		Level 3
June 30, 2022
Cash and cash equivalents:
Money market funds	$	116,505	$	116,505	$	—	$	—
Certificates of deposit	400		400		—		—
Short-term investments:
U.S. treasury notes	62,905		62,905		—		—
Total assets at fair value	$	179,810	$	179,810	$	—	$	—
December 31, 2021
Cash and cash equivalents:
Money market funds	$	188,734	$	188,734	$	—	$	—
Certificates of deposit	400		400		—		—
Short-term investments:
U.S. treasury notes	50,441		50,441		—		—
Total assets at fair value	$	239,575	$	239,575	$	—	$	—

There were no transfers between Levels 1, 2 or 3 during the three and six months ended June 30, 2022 and 2021.