Cash Equivalents and Short-Term Investments

6 Months Ended

Jun. 30, 2023

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The Company's cash equivalents consist of money market funds and highly liquid investments with original maturities of 90 days or less from the date of purchase. The Company classifies cash equivalents and short-term investments within Level 1 or Level 2 of the fair value hierarchy.

The following tables present the Company's cash equivalents and short-term investments by significant investment category and fair value level as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1 (1):
Money market funds	$	84,698	$	—	$	—	$	84,698
U.S. government securities	24,173		3		(8)		24,168
Level 2 (2):
Corporate paper	26,701		4		(7)		26,698
Total	$	135,572	$	7	$	(15)	$	135,564

	December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1 (1):
Money market funds	$	102,908	$	—	$	—	$	102,908
Total	$	102,908	$	—	$	—	$	102,908

(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.

(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

There have been no transfers of assets between fair value levels during the periods presented. The carrying values of other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.