Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

The following table sets forth the Company’s financial assets that are measured at fair value on a recurring basis:

	Total		Level 1		Level 2		Level 3
	(in thousands)
June 30, 2022
Cash and cash equivalents	$	123,163	$	123,163	$	—	$	—
Short-term investments		25,000		—		25,000		—
Restricted cash		3,651		3,651		—		—
Total	$	151,814	$	126,814	$	25,000	$	—
December 31, 2021
Cash and cash equivalents	$	150,564	$	150,564	$	—	$	—
Short-term investments		—		—		—		—
Restricted cash		3,651		3,651		—		—
Total	$	154,215	$	154,215	$	—	$	—

There have been no transfers between fair value levels during the three months ended June 30, 2022.

Cash, cash equivalents and restricted cash are Level 1 assets which are comprised of funds held in checking and money market accounts. Short-term investments are Level 2 assets which are comprised of time deposits with original maturities of more than three months. The Company determined that the fair value of its short-term investments is $25.0 million as of June 30, 2022, which approximates the carrying value of the term deposits. There were no short-term investments as of December 31, 2021, as the term deposits that constitute the Company’s short-term investments were purchased during the six months ended June 30, 2022. The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities.