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Fair Value Measurements
 6 Months Ended
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.