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Fair Value Measurement | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurement | 4. Fair Value Measurement The following tables present information about the Company’s financial assets measured at fair value on a recurring basis (in thousands):
|  |  |  |  | Fair Value Measurements at June 30, 2023 Using: |
Assets: |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 14,807 |  |  | $ | 14,807 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 9,687 |  |  |  | 9,687 |  |  |  | — |  |  |  | — |
U.S. government-sponsored enterprise securities |  |  | 103,193 |  |  |  | — |  |  |  | 103,193 |  |  |  | — |
Total assets |  | $ | 127,687 |  |  | $ | 24,494 |  |  | $ | 103,193 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at December 31, 2022 Using: |
Assets: |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 24,082 |  |  | $ | 24,082 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 32,143 |  |  |  | 32,143 |  |  |  | — |  |  |  | — |
U.S. government-sponsored enterprise securities |  |  | 66,089 |  |  |  | — |  |  |  | 66,089 |  |  |  | — |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 7,238 |  |  |  | 7,238 |  |  |  | — |  |  |  | — |
U.S. government-sponsored enterprise securities |  |  | 34,643 |  |  |  | — |  |  |  | 34,643 |  |  |  | — |
Total assets |  | $ | 164,195 |  |  | $ | 63,463 |  |  | $ | 100,732 |  |  | $ | — |
The Company classifies its money market funds and U.S. Treasury securities as Level 1 assets under the fair value hierarchy as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company classifies its U.S. government-sponsored enterprise securities as Level 2 assets under the fair value hierarchy as these assets have been valued using information obtained through a third-party pricing service as of the balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources. During the six months ended June 30, 2023 and year ended December 31, 2022, there were no transfers between levels. The Company uses the carrying amounts of its restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses to approximate their fair values due to the short-term nature of these amounts.

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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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