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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Financial Instruments and Fair Value Measurements | 3. Fair Value Measurements The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of June 30, 2023, and December 31, 2022:
|  | As of June 30, 2023 |
|  | Carrying Amount |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Quoted priced in active markets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 64,692 |  |  | $ | — |  |  | $ | — |  |  | $ | 64,692 |  |  | $ | 64,692 |  |  | $ | — |  |  | $ | — |
Corporate securities |  |  | 76,079 |  |  |  | — |  |  |  | (149 | ) |  |  | 75,930 |  |  |  | — |  |  |  | 75,930 |  |  |  | — |
Government securities |  |  | 74,884 |  |  |  | — |  |  |  | (179 | ) |  |  | 74,705 |  |  |  | 64,738 |  |  |  | 9,967 |  |  |  | — |
Total financial assets |  | $ | 215,655 |  |  | $ | — |  |  | $ | (328 | ) |  | $ | 215,327 |  |  | $ | 129,430 |  |  | $ | 85,897 |  |  | $ | — |
|  | As of December 31, 2022 |
|  | Carrying Amount |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Quoted Priced in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 106,861 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,861 |  |  | $ | 106,861 |  |  | $ | — |  |  | $ | — |
Corporate securities |  |  | 103,755 |  |  |  | 21 |  |  |  | (185 | ) |  |  | 103,591 |  |  |  | — |  |  |  | 103,591 |  |  |  | — |
Government securities |  |  | 31,942 |  |  |  | — |  |  |  | (281 | ) |  |  | 31,661 |  |  |  | 20,981 |  |  |  | 10,680 |  |  |  | — |
Total financial assets |  | $ | 242,558 |  |  | $ | 21 |  |  | $ | (466 | ) |  | $ | 242,113 |  |  | $ | 127,842 |  |  | $ | 114,271 |  |  | $ | — |
Cash Equivalents — As of June 30, 2023, the Company had cash of $3,517 and cash equivalents of $64,692 in money market funds. As of December 31, 2022, the Company had cash of $1,436 and cash equivalents of $106,861, consisting of money market funds. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly. Marketable Securities — Marketable securities of $150,635 as of June 30, 2023, consisted of corporate debt securities of $75,930 and government debt securities of $74,705. There were $118,878 current marketable securities and $31,757 noncurrent marketable securities as of June 30, 2023. Marketable securities of $135,252 as of December 31, 2022, consisted of corporate debt securities of $103,591 and government debt securities of $31,661. There were $132,757 current marketable securities and $2,495 noncurrent marketable securities as of December 31, 2022. As of June 30, 2023, and December 31, 2022, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

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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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