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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements The Company categorizes its assets and liabilities measured at fair value in accordance with the authoritative accounting guidance that establishes a consistent framework for measuring fair value and expands disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the 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 guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
|  |  | Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities;
|  |  | Level 2- Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and
|  |  | Level 3- Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.
The following table identifies the Company’s assets that were measured at fair value on a recurring basis (in thousands):
June 30, 2023 | Level |  |  | Amortized Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated Fair Value |
Cash and cash equivalents - Money market mutual funds |  | 1 |  |  | $ | 117,985 |  |  | $ | — |  |  | $ | — |  |  | $ | 117,985 |
Short-term investments - U.S. Treasury securities |  | 2 |  |  |  | 133,371 |  |  |  | 1 |  |  |  | (181 | ) |  |  | 133,191 |
Total |  |  |  | $ | 251,356 |  |  | $ | 1 |  |  | $ | (181 | ) |  | $ | 251,176 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents - Money market mutual funds |  | 1 |  |  | $ | 209,273 |  |  | $ | — |  |  | $ | — |  |  | $ | 209,273 |
Short-term investments - U.S. Treasury securities |  | 2 |  |  |  | 63,456 |  |  |  | 407 |  |  |  | — |  |  |  | 63,863 |
Total |  |  |  | $ | 272,729 |  |  | $ | 407 |  |  | $ | — |  |  | $ | 273,136 |
There were no transfers between the Level 1 and Level 2 categories or into or out of the Level 3 category during the periods presented. During the three and six months ended June 30, 2023, the Company purchased zero and $131.4 million, respectively, in short-term investments. The Company’s short-term investments portfolio contains investments in U.S. Treasury securities that have an effective maturity date that is less than one year from the respective balance sheet date. The Company's cash and cash equivalents consists of money market mutual funds that have remaining maturities when purchased of 90 days or less. The Company recorded $0.2 million and $0.6 million in net unrealized losses to accumulated other comprehensive (loss) gain, net in the three and six months ended June 30, 2023, respectively. Management determined that the gross unrealized losses on the Company’s available-for-sale securities as of June 30, 2023, were primarily attributable to current economic and market conditions and not credit risk. As of June 30, 2023 and December 31, 2022, no allowance for credit losses was recorded. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell any investments prior to recovery of their amortized cost basis, which may be at maturity. As of June 30, 2023 and December 31, 2022, the Company did no t have any liabilities that were measured at fair value on a recurring basis.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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