Fair Value Measurements

3 Months Ended

Mar. 31, 2023

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:


	Fair Market Value Measurements as of March 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	12,337	$	—	$	—	$	12,337
U.S. Treasury bills		—		14,362		—		14,362
Marketable debt securities:
U.S. Treasury bills		—		143,015		—		143,015
U.S. government agency bonds		—		133,372		—		133,372
Total assets	$	12,337	$	290,749	$	—	$	303,086


	Fair Market Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	7,577	$	—	$	—	$	7,577
U.S. Treasury bills		—		16,030		—		16,030
Marketable debt securities
U.S. Treasury bills		—		199,245		—		199,245
U.S. government agency bonds		—		106,920		—		106,920
Total assets	$	7,577	$	322,195	$	—	$	329,772

There were no transfers between fair value levels during the three months ended March 31, 2023.