Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of fair value hierarchy for assets and liabilities measured at fair value on recurring basis

The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):


	Fair Value Measurements at September 30, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	51,383	$	—	$	—	$	51,383
Marketable securities:
U.S. government agency securities and treasuries	—		252,988		—		252,988
Corporate bonds	—		48,708		—		48,708
Total	$	51,383	$	301,696	$	—	$	353,079


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	44,907	$	—	$	—	$	44,907
Marketable securities:
U.S. government agency securities and treasuries	$	—	$	99,396	$	—	$	99,396
Corporate bonds	—		44,159		—		44,159
Total	$	44,907	$	143,555	$	—	$	188,462

(1)The cash equivalent amounts above do not include $0.5 million and $0.3 million of cash related to checking accounts included in cash and cash equivalents as of September 30, 2023 and December 31, 2022, respectively. These amounts are excluded as no valuation is needed for cash in checking accounts.

(2)The amortized cost of debt securities classified as cash equivalents approximated fair value.