Marketable Securities and Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Marketable Securities

The following table summarizes the Company’s marketable securities (in thousands):

	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury bills and notes (due within one year)	$	59,550	$	16	$	—	$	59,566
	$	59,550	$	16	$	—	$	59,566

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury bills and notes (due within one year)	$	119,494	$	—	$	(104	)	$	119,390
	$	119,494	$	—	$	(104	)	$	119,390

Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	153,408	$	—	$	—	$	153,408
Marketable securities:
U.S. Treasury bills and notes	$	—	$	59,566	$	—	$	59,566
Total assets	$	153,408	$	59,566	$	—	$	212,974

	Fair Value Measurements at December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	108,829	$	—	$	—	$	108,829
Marketable securities:
U.S. Treasury bills and notes	$	—	$	119,390	$	—	$	119,390
Total assets	$	108,829	$	119,390	$	—	$	228,219
Liabilities:
CVR liability	$	—	$	—	$	1,700	$	1,700
Total liabilities	$	—	$	—	$	1,700	$	1,700

Summary of Changes in the Fair Value of Company's CVR Liability

The following table sets forth a summary of the changes in the fair value of the Company’s CVR liability (in thousands):

Balance at December 31, 2021	$	3,060
Change in fair value		(1,360	)
Balance at December 31, 2022	$	1,700
Change in fair value		(1,700	)
Balance at March 31, 2023	$	—