Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.22.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

 

Fair value of financial instruments

 

At June 30, 2022 and December 31, 2021, the Company’s financial instruments included cash and cash equivalents, accounts payable and accrued expenses. The carrying amounts reported in the Company's financial statements for these instruments approximate their respective fair values because of the short-term nature of these instruments.

The following tables present financial information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

 

 

June 30, 2022

 

 

 

Total

 

 

Quoted
Prices in
Active Markets
for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

47,169

 

 

$

47,169

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government securities

 

 

49,637

 

 

 

—

 

 

 

49,637

 

 

 

—

 

Total

 

$

96,806

 

 

$

47,169

 

 

$

49,637

 

 

$

—

 

 

 

 

December 31, 2021

 

 

 

Total

 

 

Quoted
Prices in
Active Markets
for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

122,222

 

 

$

122,222

 

 

$

—

 

 

$

—

 

Total

 

$

122,222

 

 

$

122,222

 

 

$

—

 

 

$

—

 

 

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1 inputs. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs.

For debt securities classified as available-for-sale investments, the Company records unrealized gains or losses resulting from changes in fair value between measurement dates as a component of other comprehensive income. The Company did not hold any available-for-sale securities as of December 31, 2021.

 

 

June 30, 2022

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

Included in cash and cash equivalents

 

$

47,169

 

 

$

—

 

 

$

—

 

 

$

47,169

 

U.S. Government securities - due in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

Included in short-term investments

 

 

49,886

 

 

 

—

 

 

 

(249

)

 

 

49,637

 

Total

 

$

97,055

 

 

$

—

 

 

$

(249

)

 

$

96,806