XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value Measurements | 3 Months Ended
--- | ---
Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 7. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or no nrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s interest receivable, included in prepaid expenses and other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of their short-term nature. The Company’s investments, which may include money market funds and available-for-sale investments consisting of U.S. treasury securities, certificates of deposit and high-quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy. Following are the major categories of assets measured at fair value on a recurring basis (in thousands):
|  | Fair Value Measurements |  |  |  |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (1) |  | $ | 58,990 |  |  | $ | 58,990 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,990 |
U.S. treasury securities |  |  | 143,040 |  |  |  | 143,040 |  |  |  | — |  |  |  | — |  |  |  | 143,040 |
U.S. agency bonds |  |  | 4,976 |  |  |  | — |  |  |  | 4,976 |  |  |  | — |  |  |  | 4,976 |
Certificates of deposit |  |  | 1,932 |  |  |  | 1,932 |  |  |  | — |  |  |  | — |  |  |  | 1,932 |
Total |  | $ | 208,938 |  |  | $ | 203,962 |  |  | $ | 4,976 |  |  | $ | — |  |  | $ | 208,938 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (1) |  | $ | 66,840 |  |  | $ | 66,840 |  |  | $ | — |  |  | $ | — |  |  | $ | 66,840 |
U.S. treasury securities |  |  | 154,018 |  |  |  | 154,018 |  |  |  | — |  |  |  | — |  |  |  | 154,018 |
U.S. agency bonds |  |  | 4,965 |  |  |  | — |  |  |  | 4,965 |  |  |  | — |  |  |  | 4,965 |
Certificates of deposit |  |  | 2,400 |  |  |  | 2,400 |  |  |  | — |  |  |  | — |  |  |  | 2,400 |
Total |  | $ | 228,223 |  |  | $ | 223,258 |  |  | $ | 4,965 |  |  | $ | — |  |  | $ | 228,223 |
(1) Included in cash and cash equivalents in accompanying balance sheets. No transfers between levels occurred during either of the reporting periods presented.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration