Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value of Financial Instruments

Fair Value of Financial Instruments

3.           Fair Value of Financial Instruments

The fair value of the Company's assets and liabilities, which qualify as financial instruments under FASB ASC 820, Fair Value Measurements and Disclosures, approximates their carrying value represented in the condensed balance sheets. The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,890	$	—	$	—	$	9,890
Certificates of deposit		924		—		—		924
Corporate debt securities		—		2,981		—		2,981
U.S. Treasury securities		62,916		—		—		62,916
Total	$	73,730	$	2,981	$	—	$	76,711
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	90,251	$	—	$	—	$	90,251
Certificates of deposit		1,672		—		—		1,672
Corporate debt securities		—		6,089		—		6,089
U.S. Treasury securities		45,568		—		—		45,568
Total	$	137,491	$	6,089	$	—	$	143,580

The Company utilized the market approach and Level 1 valuation inputs to value its money market funds, certificates of deposit, and U.S. government treasury securities because published fair market values were readily available. The Company measured the fair value of corporate debt securities using Level 2 valuation inputs, which are

based on quoted prices and market observable data of similar instruments. As of both September 30, 2022 and December 31, 2021, the remaining contractual maturity of all marketable securities was less than two years.