| Marketable Securities and Fair Value Measurements |
NOTE 5 —MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis (in thousands):
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Basis of Fair Value Measurements
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March 31, 2023
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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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30,940
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$
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30,940
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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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6,625
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—
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6,625
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—
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United States Treasury Bills
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1,500
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—
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1,500
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—
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Corporate Bonds
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999
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—
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999
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—
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Total
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$
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40,064
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$
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30,940
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$
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9,124
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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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37,175
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Marketable securities, current
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2,889
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Total cash equivalents and marketable securities
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$
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40,064
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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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$
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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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Commercial paper
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21,134
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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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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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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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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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Marketable securities, current
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28,859
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Total cash equivalents and marketable securities
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$
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58,882
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The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities (in thousands):
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March 31, 2023
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Cost Basis
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Unrealized
Gain
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Unrealized
Loss
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Fair
Value
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Cash equivalents - money market funds, commercial paper and corporate bonds
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$
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37,175
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$
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1
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$
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(1
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)
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$
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37,175
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Marketable securities, current - commercial paper
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$
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2,889
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$
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—
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$
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—
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$
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2,889
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December 31, 2022
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Cost Basis
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Unrealized
Gain
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|
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Unrealized
Loss
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Fair
Value
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Cash equivalents - money market funds, commercial
paper and corporate bonds
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$
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30,022
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$
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1
|
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$
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—
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$
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30,023
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Marketable securities, current - commercial paper,
Treasury bills
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$
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28,926
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$
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—
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$
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(67
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)
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$
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28,859
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At both March 31, 2023 and December 31, 2022, all the Company’s available-for-sale investments were due in one year or less.
The Company received no proceeds from the sale of available-for-sale securities for the three months ended March 31, 2023 and March 31, 2022, respectively, and no realized gain for the three months ended March 31, 2023 and March 31, 2022.
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