Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2022 and 2021:
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Basis of Fair Value Measurements
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December 31, 2022
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Level 1
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Level 2
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Level 3
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Money market funds
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$
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24,546
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|
$
|
24,546
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|
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$
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—
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$
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—
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Commercial paper
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21,134
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|
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—
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21,134
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|
|
|
—
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United States Treasury Bills
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|
10,702
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|
|
|
—
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|
|
|
10,702
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|
|
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—
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Cash
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2,500
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2,500
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|
|
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—
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|
|
|
—
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Total
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$
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58,882
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$
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27,046
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$
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31,836
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|
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$
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—
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Amounts included in:
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Cash and cash equivalents
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$
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30,023
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|
|
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|
|
|
|
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Marketable securities, current
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28,859
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|
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|
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|
|
|
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Total cash equivalents and marketable securities
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$
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58,882
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|
|
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Basis of Fair Value Measurements
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|
|
December 31, 2021
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Level 1
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|
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Level 2
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|
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Level 3
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Money market funds
|
$
|
24,058
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|
|
$
|
24,058
|
|
|
$
|
—
|
|
|
$
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—
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Commercial paper
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103,113
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|
|
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—
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103,113
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|
|
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—
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United States Treasury Bills
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14,023
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|
|
|
—
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14,023
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|
|
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—
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Government-related debt securities
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5,185
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—
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5,185
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|
|
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—
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Corporate Bonds
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5,726
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|
|
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—
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5,726
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|
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Total
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$
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152,105
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|
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$
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24,058
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$
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128,047
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$
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—
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Amounts included in:
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Cash and cash equivalents
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$
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25,058
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|
|
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Marketable securities, current
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118,061
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Marketable securities, non-current
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8,986
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Total cash equivalents and marketable securities
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$
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152,105
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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 at December 31, 2022 and 2021:
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December 31, 2022
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Cost Basis
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|
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Unrealized
Gain
|
|
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Unrealized
Loss
|
|
|
Fair
Value
|
|
Cash equivalents - money market funds, commercial
paper
|
$
|
30,022
|
|
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$
|
1
|
|
|
$
|
—
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$
|
30,023
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Marketable securities, current - commercial paper,
Treasury bills
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28,926
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|
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—
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(67
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)
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|
|
28,859
|
|
|
December 31, 2021
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
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Fair
Value
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
25,058
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|
|
$
|
—
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|
|
$
|
—
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|
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$
|
25,058
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|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
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|
118,084
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|
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|
6
|
|
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(29
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)
|
|
|
118,061
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Marketable securities, non-current - Treasury bills
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|
9,011
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|
|
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—
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|
|
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(25
|
)
|
|
|
8,986
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Summary of Contractual Maturities of Available-for-Sale-Investments |
The following summarized the contractual maturities of the Company’s available-for-sale investments at December 31, 2022 and 2021:
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December 31, 2022
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Cost Basis
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Fair
Value
|
|
Due in one year or less
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|
$
|
58,948
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$
|
58,882
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Due after one year through five years
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|
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—
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|
|
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—
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Total
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|
$
|
58,948
|
|
|
$
|
58,882
|
|
|
|
December 31, 2021
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
Due in one year or less
|
|
$
|
143,142
|
|
|
$
|
143,119
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|
Due after one year through five years
|
|
|
9,011
|
|
|
|
8,986
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|
Total
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|
$
|
152,153
|
|
|
$
|
152,105
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|