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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2022
Fair Value Measurements |
Fair Value Measurements | 3.Fair Value Measurements The fair value of financial instruments are classified into one of the following categories based upon the lowest level of input that is significant to the fair value measurement:
| ● | Level 1 — Quoted prices in active markets for identical assets or liabilities.
| ● | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
| ● | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
There were no transfers between Level 1, Level 2 and Level 3 during the periods presented. The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments. Financial assets measured at fair value on a recurring basis are summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements
​ | ​ | December 31, 2022
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Money market funds | ​ | $ | 55,060 | ​ | $ | — | ​ | $ | — | ​ | $ | 55,060
Marketable debt securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. government agency securities | ​ | ​ | 19,964 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,964
U.S. treasury securities | ​ | ​ | 68,418 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 68,418
Commercial paper and corporate notes | ​ | ​ | — | ​ | ​ | 48,203 | ​ | ​ | — | ​ | ​ | 48,203
Total | ​ | $ | 143,442 | ​ | $ | 48,203 | ​ | $ | — | ​ | $ | 191,645
​ The financial assets at December 31, 2021 consisted of money market funds and were classified as Level 1. The cost, unrealized gains or losses, and fair value by investment type are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
(in thousands) |  | Cost |  | Unrealized Gain |  | Unrealized (Loss) |  | Fair Value
Money market funds | ​ | $ | 55,060 | ​ | $ | — | ​ | $ | — | ​ | $ | 55,060
U.S. government agency securities | ​ | ​ | 19,929 |  | ​ | 35 | ​ | ​ | — | ​ | ​ | 19,964
U.S. treasury securities | ​ | ​ | 68,431 | ​ | ​ | 8 | ​ | ​ | (21) | ​ | ​ | 68,418
Commercial paper and corporate notes | ​ | ​ | 48,203 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 48,203
Total | ​ | $ | 191,623 |  | $ | 43 | ​ | $ | (21) | ​ | $ | 191,645
​ The Company held 13 positions that were in unrealized loss positions as of December 31, 2022, and aggregated gross unrealized losses on available-for-sale debt securities were not material. No impairment was recognized in 2022. Excluding restricted cash and as of December 31, 2022, the remaining contractual maturities of available-for-sale securities were less than one year, and the average maturity of investments upon acquisition was approximately 7 months. The accrued interest receivable on available-for-sale marketable securities was immaterial at December 31, 2022, and is included in other prepaids and current assets. There were no investments in marketable securities as of December 31, 2021; thus, no unrealized gain (loss) was recognized as of December 31, 2021.

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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 -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
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