Fair Value Measurements and Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

3. Fair Value Measurements and Financial Instruments

The following table presents the Company’s fair value hierarchy for its asset items that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, by level within the fair value hierarchy (in thousands):

	Fair Value Measurement at June 30, 2023 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	50,702	$	—	$	—	$	50,702
Corporate bonds		—		2,589		—		2,589
Total cash equivalents	$	50,702	$	2,589	$	—	$	53,291
Marketable securities
U.S. government securities		—		76,584		—		76,584
Corporate bonds		—		14,839		—		14,839
Total marketable securities	$	—	$	91,423	$	—	$	91,423
Restricted cash (non-current)		927		—		—		927
Total	$	51,629	$	94,012	$	—	$	145,641

	Fair Value Measurement at December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	156,219	$	—	$	—	$	156,219
Restricted cash (non-current)		927		—		—		927
Total	$	157,146	$	—	$	—	$	157,146

Marketable securities

The following table summarizes the Company’s marketable securities as of June 30, 2023 (in thousands):

	At June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. government securities	$	76,634	$	2	$	(52	)	$	76,584
Corporate bonds	$	14,859	$	4	$	(24	)	$	14,839
Total	$	91,493	$	6	$	(76	)	$	91,423

The following table summarizes the Company’s marketable securities by maturity as of June 30, 2023 (in thousands):

	At June 30, 2023
Maturities in one year or less	$	86,107
Maturities between one and two years		5,316
Total	$	91,423

As of June 30, 2023, the Company held 33 securities, 29 of which were in an unrealized loss position. 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 June 30, 2023. The Company did not recognize any credit losses during the three and six months ended June 30, 2023 and 2022. Additionally, there were no realized gains or losses on marketable securities for the three and six months ended June 30, 2023 and 2022.