Fair Value Measurements

12 Months Ended

Dec. 31, 2022

4. Fair Value Measurements

The following tables set forth marketable securities for the periods presented:


	As of December 31, 2022
(in thousands)		Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper			3,955		—		—			3,955
Corporate debt securities			57,231		—		(526	)		56,705
Certificates of deposit			4,984		—		—			4,984
U.S. treasury notes			18,266		1		(46	)		18,221
Total		$	84,436	$	1	$	(572	)	$	83,865


	As of December 31, 2021
(in thousands)		Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper			12,635		—		—			12,635
Corporate debt securities			138,207		3		(249	)		137,961
Certificates of deposit			4,490		—		—			4,490
U.S. treasury notes			20,683		—		(23	)		20,660
Total		$	176,015	$	3	$	(272	)	$	175,746

The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented:


	Fair Value Measurements as of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	9,381	$	—	$	—	$	9,381
Corporate debt securities		—		3,852		—		3,852
U.S. treasury notes		811		—		—		811
Marketable securities
Commercial paper		3,955		—		—		3,955
Corporate debt securities		—		56,705		—		56,705
Certificates of deposit		—		4,984		—		4,984
U.S. treasury notes		18,221		—		—		18,221
Total	$	32,368	$	65,541	$	—	$	97,909


	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	95,565	$	—	$	—	$	95,565
Corporate debt securities		—		1,844		—		1,844
Marketable securities
Commercial paper		12,635		—		—		12,635
Corporate debt securities		—		137,961		—		137,961
Certificates of deposit		—		4,490		—		4,490
U.S. treasury notes		20,660		—		—		20,660
Total	$	128,860	$	144,295	$	—	$	273,155

The fair value of U.S. government money market funds and commercial paper were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Certificates of deposit and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.

There were no transfers between Level 1, Level 2, or Level 3 during the periods presented.

The following table summarizes the scheduled maturity for the Company’s marketable securities for the periods presented:


(in thousands)	December 31,
	2022
Maturing in one year or less	$	82,429
Maturing after one year through two years		1,436
Maturing after two years		—
Total	$	83,865

Financial instruments not recorded at fair value

The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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