The carrying amounts of cash equivalents and marketable securities approximate their fair value based upon quoted market prices. Certain of the Company’s financial instruments are not measured at fair value on a recurring basis, but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as cash, accounts receivable, accounts payable and accrued expenses.

The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value its financial instruments:

Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments.

Level 2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace.

Level 3: Significant unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.

Investments in marketable securities consisted of the following (in thousands):


	September 30, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Cash equivalents
Money market fund	$	23,058	$	—	$	—		$	23,058
U.S. treasury securities		2,696		—		—			2,696
Total cash equivalents		25,754		—		—			25,754
Short-term marketable securities
U.S. treasury securities		17,565		1		(3	)		17,563
U.S. and foreign commercial paper		1,991		—		—			1,991
Total short-term marketable securities		19,556		1		(3	)		19,554
Total cash equivalents and marketable securities	$	45,310	$	1	$	(3	)	$	45,308


	December 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Cash equivalents
Money market fund	$	49,676	$	—	$	—		$	49,676
Total cash equivalents		49,676		—		—			49,676
Short-term marketable securities
U.S. and foreign corporate debt securities		18,903		—		(306	)		18,597
U.S. treasury securities		11,968		—		(224	)		11,744
U.S. and foreign commercial paper		8,851		—		—			8,851
Total short-term marketable securities		39,722		—		(530	)		39,192
Total cash equivalents and marketable securities	$	89,398	$	—	$	(530	)	$	88,868

As of September 30, 2023 and 2022, investments which were in an unrealized loss position were not material and generally due to interest rate fluctuations, as opposed to declines in credit quality. The Company determined it has the intent and ability to hold all marketable securities that have been in a continuous loss position until recovery of their amortized cost basis, which may be until maturity. As a result, the Company did not recognize any credit losses related to its investments and all unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive loss on the condensed consolidated balance sheets during the three and nine months ended September 30, 2023 and 2022.

Accrued interest receivable was $0.1 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively, and was recorded in prepaid expenses and other current assets on the condensed consolidated balance

sheets. The Company did not write off any accrued interest receivable during the three and nine months ended September 30, 2023 and 2022.

The following tables present the fair value of the Company’s financial assets measured at fair value on a recurring basis (in thousands):


	September 30, 2023
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents
Money market fund	$	23,058	$	—	$	—	$	23,058
U.S. treasury securities		2,696		—		—		2,696
Total cash equivalents		25,754		—		—		25,754
Short-term marketable securities
U.S. treasury securities		—		17,563		—		17,563
U.S. and foreign commercial paper		—		1,991		—		1,991
Total short-term marketable securities		—		19,554		—		19,554
Total assets measured at fair value	$	25,754	$	19,554	$	—	$	45,308


	December 31, 2022
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents
Money market fund	$	49,676	$	—	$	—	$	49,676
Total cash equivalents		49,676		—		—		49,676
Short-term marketable securities
U.S. and foreign corporate debt securities		—		18,597		—		18,597
U.S. treasury securities		—		11,744		—		11,744
U.S. and foreign commercial paper		—		8,851		—		8,851
Total short-term marketable securities		—		39,192		—		39,192
Total assets measured at fair value	$	49,676	$	39,192	$	—	$	88,868

The Company estimates the fair value of its investments in marketable securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs.

There were no transfers between Level 1, Level 2 or Level 3 during the periods presented.