Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

 

Fair value of financial instruments

 

At September 30, 2023 and December 31, 2022, the Company’s financial instruments included cash and cash equivalents, available-for-sale debt securities, accounts payable and accrued expenses. The carrying amounts reported in the Company's financial statements for cash and cash equivalents, accounts payable and accrued expenses approximate their respective fair values because of the short-term nature of these instruments.

The following tables present 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:

 

 

September 30, 2023

 

 

 

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

 

$

115,501

 

 

$

115,501

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

48,890

 

 

 

—

 

 

 

48,890

 

 

 

—

 

Total

 

$

164,391

 

 

$

115,501

 

 

$

48,890

 

 

$

—

 

 

 

 

December 31, 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

 

$

81,607

 

 

$

81,607

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

24,940

 

 

 

—

 

 

 

24,940

 

 

 

—

 

Total

 

$

106,547

 

 

$

81,607

 

 

$

24,940

 

 

$

—

 

 

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.

 

 

 

September 30, 2023

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

Included in cash and cash equivalents

 

$

115,501

 

 

$

—

 

 

$

—

 

 

$

115,501

 

Treasury securities - due in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

Included in short-term investments

 

 

48,911

 

 

 

2

 

 

 

(23

)

 

 

48,890

 

Total

 

$

164,412

 

 

$

2

 

 

$

(23

)

 

$

164,391

 

 

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

Included in cash and cash equivalents

 

$

81,607

 

 

$

—

 

 

$

—

 

 

$

81,607

 

Treasury securities - due in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

Included in short-term investments

 

 

24,987

 

 

 

—

 

 

 

(47

)

 

 

24,940

 

Total

 

$

106,594

 

 

$

—

 

 

$

(47

)

 

$

106,547