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Fair Value Measurements | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2023 | Dec. 31, 2022
Fair Value Disclosures [Abstract] |  |
Fair Value Measurements | 3. Fair value measurements The Company’s financial assets are measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2023 and December 31, 2022 are summarized as follows:
|  | March 31, 2023 |
|  | Fair Value Hierarchy |  |  | Fair Market Value |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  |  | Level 1 |  |  |  | 37,844 |
Investments: |  |  |  |  |  |  |  |
Short-term marketable securities |  |  | Level 2 |  |  |  | 25,797 |
|  |  |  |  |  | $ | 63,641 |
|  | December 31, 2022 |
|  | Fair Value Hierarchy |  |  | Fair Market Value |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  |  | Level 1 |  |  |  | 30,649 |
Investments: |  |  |  |  |  |  |  |
Short-term marketable securities |  |  | Level 2 |  |  |  | 31,143 |
|  |  |  |  |  | $ | 61,792 |
The carrying amounts reflected in the consolidated balance sheet for prepaid expenses and other current assets, accounts payable, accrued expenses, other liabilities, and term loan are shown at their historical values which approximate their fair values. Silicon Valley Bank (SVB) was closed on March 10, 2023 by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC then reopened SVB as Silicon Valley Bridge Bank, N.A. (SVBB). At March 31, 2023, SVBB continues to hold the Company’s term loan, deposit and sweep accounts, and security deposit for the Company’s office space under the existing terms and covenants which were in place at SVB prior to the receivership. The Company is actively working to move these accounts to another financial institution. | 3. Fair value measurements The Company’s financial assets measures at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2022 and 2021 are summarized as follows:
|  |  |  |  | December 31, 2022 |
|  | Fair Value Hierarchy |  |  | Amortization Cost |  |  | Unrealized Gain (Loss) |  |  | Fair Market Value |
Money market funds |  |  | Level 1 |  |  | $ | 30,648 |  |  | $ | 1 |  |  | $ | 30,649 |
Short-term marketable securities |  |  | Level 2 |  |  |  | 31,280 |  |  |  | (137 | ) |  |  | 31,143 |
|  |  |  |  |  | $ | 61,928 |  |  | $ | (136 | ) |  | $ | 61,792 |
|  |  |  |  | December 31, 2021 |
|  | Fair Value |  |  | Amortization |  |  | Unrealized |  |  | Fair Market |
|  | Hierarchy |  |  | Cost |  |  | Loss |  |  | Value |
Money market funds |  |  | Level 1 |  |  | $ | 48,160 |  |  | $ | — |  |  | $ | 48,160 |
Short-term marketable securities |  |  | Level 2 |  |  |  | 51,116 |  |  |  | (44 | ) |  |  | 51,072 |
Long-term marketable securities |  |  | Level 2 |  |  |  | 11,764 |  |  |  | (45 | ) |  |  | 11,719 |
|  |  |  |  |  | $ | 111,040 |  |  | $ | (89 | ) |  | $ | 110,951 |
At December 31, 2022 and 2021, we held 14 and 18 debt securities, respectively, that were in an unrealized loss position. The unrealized losses at December 31, 2022 and 2021 were attributable to changes in interest rates and do not represent credit losses. The Company does not intend to sell the investments before recovery of their amortized cost bases, which may be at maturity. All investments mature within twelve months from December 31, 2022. The following tables summarize the Company’s debt securities in an unrealized loss position, aggregated by length of time in a continuous unrealized loss position.
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |
Short-term marketable securities |  | $ | 17,303 |  |  | $ | (78 | ) |  | $ | 9,927 |  |  | $ | (135 | ) |  | $ | 27,230 |  |  | $ | (213 | )
|  | $ | 17,303 |  |  | $ | (78 | ) |  | $ | 9,927 |  |  | $ | (135 | ) |  | $ | 27,230 |  |  | $ | (213 | )
|  | December 31, 2021 |
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |
Short-term marketable securities |  | $ | 32,991 |  |  | $ | (29 | ) |  | $ | — |  |  | $ | — |  |  | $ | 32,991 |  |  | $ | (29 | )
Long-term marketable securities |  |  | 11,719 |  |  |  | (45 | ) |  |  | — |  |  |  | — |  |  |  | 11,719 |  |  |  | (45 | )
|  | $ | 44,710 |  |  | $ | (74 | ) |  | $ | — |  |  | $ | — |  |  | $ | 44,710 |  |  | $ | (74 | )

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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