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Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Text Block [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

Financial assets and liabilities are recorded at fair value.

The Company classifies fair value measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•
Level 1—Quoted market prices (unadjusted) in active markets for identical assets and liabilities.
•
Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data.
•
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, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs.

The following summarizes the Company's financial instruments measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022. Included within cash and cash equivalents on the balance sheet, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions.

 

 

 

June 30, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

5,143

 

 

$

—

 

 

$

—

 

 

$

5,143

 

U.S. government securities

 

 

—

 

 

 

32,843

 

 

 

—

 

 

 

32,843

 

U.S. government agency securities

 

 

—

 

 

 

993

 

 

 

—

 

 

 

993

 

Total cash equivalents

 

$

5,143

 

 

$

33,836

 

 

$

—

 

 

$

38,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

—

 

 

$

17,642

 

 

$

—

 

 

$

17,642

 

U.S. government agency securities

 

 

—

 

 

 

12,789

 

 

 

—

 

 

 

12,789

 

Total short-term investments

 

$

—

 

 

$

30,431

 

 

$

—

 

 

$

30,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total financial assets

 

$

5,143

 

 

$

64,267

 

 

$

—

 

 

$

69,410

 

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,296

 

 

$

—

 

 

$

—

 

 

$

9,296

 

U.S. government securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

U.S. government agency securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total cash equivalents

 

$

9,296

 

 

$

—

 

 

$

—

 

 

$

9,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total short-term investments

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total financial assets

 

$

9,296

 

 

$

—

 

 

$

—

 

 

$

9,296