| Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
September 30, 2022
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
20,189
|
|
|
$
|
20,189
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
36,036
|
|
|
|
—
|
|
|
|
36,036
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
22,130
|
|
|
|
—
|
|
|
|
22,130
|
|
|
|
—
|
|
|
Total
|
$
|
78,355
|
|
|
$
|
20,189
|
|
|
$
|
58,166
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
21,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
57,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
78,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
December 31, 2021
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
24,058
|
|
|
$
|
24,058
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
103,113
|
|
|
|
—
|
|
|
|
103,113
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
14,023
|
|
|
|
—
|
|
|
|
14,023
|
|
|
|
—
|
|
|
Government-related debt securities
|
|
5,185
|
|
|
|
—
|
|
|
|
5,185
|
|
|
|
—
|
|
|
Corporate Bonds
|
|
5,726
|
|
|
|
—
|
|
|
|
5,726
|
|
|
|
—
|
|
|
Total
|
$
|
152,105
|
|
|
$
|
24,058
|
|
|
$
|
128,047
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
25,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
118,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, non-current
|
|
8,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
152,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Company's Available-for-Sale Securities |
The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities (in thousands):
|
|
September 30, 2022
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds and commercial
paper
|
$
|
21,187
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,187
|
|
|
Marketable securities, current - commercial paper and
Treasury bills
|
|
57,395
|
|
|
|
—
|
|
|
|
(227
|
)
|
|
|
57,168
|
|
|
|
December 31, 2021
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
25,058
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,058
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
$
|
118,084
|
|
|
$
|
6
|
|
|
$
|
(29
|
)
|
|
$
|
118,061
|
|
|
Marketable securities, non-current - Treasury bills
|
$
|
9,011
|
|
|
$
|
—
|
|
|
$
|
(25
|
)
|
|
$
|
8,986
|
|
|
| Summary of Contractual Maturities of Available-for-Sale-Investments |
The following summarized the contractual maturities of the Company’s available-for-sale investments (in thousands):
|
|
|
September 30, 2022
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
78,582
|
|
|
$
|
78,355
|
|
|
Due after one year through five years
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
$
|
78,582
|
|
|
$
|
78,355
|
|
|
|
|
December 31, 2021
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
143,142
|
|
|
$
|
143,119
|
|
|
Due after one year through five years
|
|
|
9,011
|
|
|
|
8,986
|
|
|
Total
|
|
$
|
152,153
|
|
|
$
|
152,105
|
|
|