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Fair Value of Financial Assets and Liabilities | 6 Months Ended
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Jun. 30, 2023
Fair Value of Financial Assets and Liabilities |
Fair Value of Financial Assets and Liabilities | 3. Fair Value of Financial Assets and Liabilities The following tables summarize the assets and liabilities measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at June 30, 2023
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Money market funds, included in cash and cash equivalents | ​ | $ | 89,663 | ​ | $ | 89,663 | ​ | $ | — | ​ | $ | —
U.S. Treasury obligations, included in cash and cash equivalents | ​ | ​ | 12,973 | ​ | ​ | 12,973 | ​ | ​ | — | ​ | ​ | —
Marketable securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Treasury obligations | ​ | ​ | 140,670 | ​ | ​ | 140,670 | ​ | ​ | — | ​ | ​ | —
Total assets | ​ | $ | 243,306 | ​ | $ | 243,306 | ​ | $ | — | ​ | $ | —
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at December 31, 2022
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Money market funds, included in cash and cash equivalents | ​ | $ | 98,073 | ​ | $ | 98,073 | ​ | $ | — | ​ | $ | —
Marketable securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Treasury obligations | ​ |  | 212,086 | ​ |  | 212,086 | ​ |  | — | ​ |  | —
Total assets | ​ | $ | 310,159 | ​ | $ | 310,159 | ​ | $ | — | ​ | $ | —
​ Cash, cash equivalents and marketable securities are Level 1 assets and include investments in money market funds and U.S. government securities that are valued using quoted market prices. Accordingly, money market funds and government funds are categorized as Level 1 as of June 30, 2023 and December 31, 2022. There were no transfers of assets between fair value measurement levels during the three and six months ended June 30, 2023 or 2022. The carrying amounts reflected in the balance sheets for prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at June 30, 2023 and December 31, 2022, due to their short-term nature. The Company believes the terms of its debt reflect current market conditions for an instrument with similar terms and maturity, therefore the carrying value of the Company's debt approximates its fair value based on Level 3 of the fair value hierarchy.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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