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FAIR VALUE MEASUREMENTS
9 Months Ended
Sep. 30, 2023
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS:

The FASB established a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices for identical assets in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The Company’s cash equivalents and short-term marketable securities are classified within Level 1 or Level 2 of the fair-value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency.

The fair-value hierarchy of the Company’s cash equivalents and marketable securities at September 30, 2023 and December 31, 2022, was as follows:

Fair Value Measurement at

September 30, 2023

    

    

Quoted Prices in

    

Active Markets for

Significant Other

Identical Assets

Observable Inputs

(In thousands)

Total Fair Value

(Level 1)

(Level 2)

Commercial paper

$

39,539

$

$

39,539

Corporate securities

261,896

261,896

Money market funds

 

781

 

781

 

Total

$

302,216

$

781

$

301,435

Fair Value Measurement at

December 31, 2022

    

    

Quoted Prices in

    

Active Markets for

Significant Other

Identical Assets

Observable Inputs

(In thousands)

Total Fair Value

(Level 1)

(Level 2)

Commercial paper

$

58,683

$

$

58,683

Corporate securities

248,441

248,441

Money market funds

 

363

 

363

 

Total

$

307,487

$

363

$

307,124

The Company did not transfer any investments between Level 1 and Level 2 of the fair-value hierarchy in the nine months ended September 30, 2023 and the twelve months ended December 31, 2022.