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Fair value measurements
3 Months Ended
Mar. 31, 2023
Fair value measurements  
Fair value measurements

3. Fair value measurements

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are as follows:

Quoted Prices

Significant

 

in Active

Other

Significant

 

Markets for

Observable

Unobservable

 

Identical Assets

Inputs

Inputs

Assets

    

Total

    

(Level 1)

    

(Level 2)

    

(Level 3)

 

March 31, 2023

(in thousands)

 

Money market funds included in cash and cash equivalents

    

$

260,725

    

$

260,725

    

$

    

$

Marketable securities - U.S. Treasury notes

4,993

4,993

Total money market funds and marketable securities

$

265,718

$

265,718

$

$

December 31, 2022

Money market funds included in cash and cash equivalents

    

$

91,724

$

91,724

$

$

Marketable securities - U.S. Treasury notes

19,889

19,889

Total money market funds and marketable securities

$

111,613

$

111,613

$

$

The Company measures the fair value of money market funds and U.S. Treasury notes based on quoted prices in active markets for identical securities.