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Fair Value Measurements and Marketable Securities (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Schedule of Cash Equivalents 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

 

Schedule of Amortized Cost and Fair Value of Available-for-Sale Marketable Debt 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

 

Schedule of Available-for-Sale Debt Marketable Securities by contractual Maturity

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