| 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
|
|
|
|
March 31, 2023
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
30,940
|
|
|
$
|
30,940
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
6,625
|
|
|
|
—
|
|
|
|
6,625
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
1,500
|
|
|
|
—
|
|
|
|
1,500
|
|
|
|
—
|
|
|
Corporate Bonds
|
|
999
|
|
|
|
—
|
|
|
|
999
|
|
|
|
—
|
|
|
Total
|
$
|
40,064
|
|
|
$
|
30,940
|
|
|
$
|
9,124
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
37,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
2,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
40,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
December 31, 2022
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
24,546
|
|
|
$
|
24,546
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
21,134
|
|
|
|
—
|
|
|
|
21,134
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
10,702
|
|
|
|
—
|
|
|
|
10,702
|
|
|
|
—
|
|
|
Cash
|
|
2,500
|
|
|
|
2,500
|
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
$
|
58,882
|
|
|
$
|
27,046
|
|
|
$
|
31,836
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
30,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
28,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
58,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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):
|
|
March 31, 2023
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial paper and corporate bonds
|
$
|
37,175
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
37,175
|
|
|
Marketable securities, current - commercial paper
|
$
|
2,889
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,889
|
|
|
|
December 31, 2022
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
30,022
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
30,023
|
|
|
Marketable securities, current - commercial paper,
Treasury bills
|
$
|
28,926
|
|
|
$
|
—
|
|
|
$
|
(67
|
)
|
|
$
|
28,859
|
|
|