Fair Value of Financial Assets

3 Months Ended

Mar. 31, 2023

Fair Value of Financial Assets

3. Fair Value of Financial Assets

As of March 31, 2023, marketable securities by security type consisted of (in thousands):

			Gross		Gross					Estimated
	Amortized		Unrealized		Unrealized			Credit		Fair
	Cost		Gains		Losses			Losses		Value
U.S. treasury notes (due within one year)	$	29,699	$	1	$	(17	)	$	—	$	29,683
Total	$	29,699	$	1	$	(17	)	$	—	$	29,683

As of December 31, 2022 marketable securities by security type consisted of (in thousands):

			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. treasury notes (due within one year)	$	54,596	$	2	$	(183	)	$	54,415
Total	$	54,596	$	2	$	(183	)	$	54,415

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	Fair Value Measurements at March 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	47,508	$	—	$	—	$	47,508
Marketable securities:
U.S. treasury notes		—		29,683		—		29,683
Total	$	47,508	$	29,683	$	—	$	77,191

	Fair Value Measurements at December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	56,663	$	—	$	—	$	56,663
Marketable securities:
U.S. treasury notes		—		54,415		—		54,415
Total	$	56,663	$	54,415	$	—	$	111,078