Fair Value Measurements and Marketable Securities

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Marketable Securities

3. Fair Value Measurements and Marketable Securities

The following tables present information about the Company’s financial assets that have been measured at fair value as of December 31, 2022 and 2021, and indicate the fair value of the hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	1,239	$	—	$	—	$	1,239
U.S. treasuries		—		6,600		—		6,600
U.S. government securities		—		5,200		—		5,200
Commercial paper		—		14,122		—		14,122
Total cash equivalents	$	1,239	$	25,922	$	—	$	27,161
Marketable securities
U.S. government securities	$	—	$	1,984	$	—	$	1,984
Corporate bonds		—		25,475		—		25,475
Commercial paper		—		47,867		—		47,867
Total marketable securities	$	—	$	75,326	$	—	$	75,326
Total Assets	$	1,239	$	101,248	$	—	$	102,487

	Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	21,085	$	—	$	—	$	21,085
U.S. government securities		—		7,321		—		7,321
Commercial paper		—		13,198		—		13,198
Total cash equivalents	$	21,085	$	20,519	$	—	$	41,604
Marketable securities
Corporate bonds	$	—	$	94,794	$	—	$	94,794
Commercial paper		—		69,401		—		69,401
Total marketable securities	$	—	$	164,195	$	—	$	164,195
Total	$	21,085	$	184,714	$	—	$	205,799

The Company classifies its money market funds as Level 1 assets since it measures fair value using quoted prices in active markets for identical assets. The Level 2 assets include commercial paper, U.S. government securities, U.S. treasuries, and corporate bonds and are valued based on quoted prices for similar assets in active markets and inputs other than quoted prices that are derived from observable market data. The Company did not hold any Level 3 assets during the periods presented.

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1 and Level 2 assets during the periods presented.

Marketable Securities

The following tables summarize the amortized cost and fair value of the Company's available-for-sale marketable debt securities (in thousands):

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
U.S. government securities	$	7,188	$	1	$	(6	)	$	—	$	7,183
U.S. treasuries		6,599		1		—			—		6,600
Corporate bonds		25,656		—		(180	)		—		25,476
Commercial paper		62,038		3		(52	)		—		61,989
Total	$	101,481	$	5	$	(238	)	$	—	$	101,248

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
Corporate bonds	$	102,224	$	—	$	(109	)	$	—	$	102,115
Commercial paper		82,657		—		(58	)		—		82,599
Total	$	184,881	$	—	$	(167	)	$	—	$	184,714

The following table summarizes the Company’s available-for-sale marketable debt securities by contractual maturity, as of December 31, 2022 and 2021 (in thousands):

	2022		2021
Maturities in one year or less	$	98,277	$	172,575
Maturities between one and three years		2,971		12,139
Total	$	101,248	$	184,714

All investments in an unrealized loss position were in this position for less than 12 months. The Company evaluated its securities for potential other-than-temporary impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. Given the Company's intent and ability to hold such securities until recovery, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired as of December 31, 2022.

There were no realized gains or losses recognized on investments for the years ended December 31, 2022 and 2021.