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Fair Value of Financial Instruments and Non-Financial

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Instruments and Non-Financial

Fair Value of Financial Instruments and Non-Financial

5. Fair Value of Financial Instruments and Non-Financial Instruments

Financial Instruments:

Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including prepaid expense and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurement, for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories:

● Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

● Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities.

● Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis. 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:

​

​	​	​	​	​	​	​	​	​	​
​	​	Fair value measurement at
​	​	reporting date using
​	​	Quoted prices		​	​	​	​	​	​
​		in active			Significant			​	​
​		​	markets for		other			Significant
​		identical			observable			​	unobservable
​		assets			inputs		​	inputs
(in thousands)		(Level 1)			(Level 2)			(Level 3)
September 30, 2023:		​			​			​
Assets		​			​			​
Cash equivalents:	​	​	​	​	​	​	​	​	​
Money market funds	​	$	27,347	​	$	-	​	$	-
Commercial paper	​	​	-	​	​	998	​	​	-
Total cash equivalents	​	​	27,347	​	​	998	​	​	-
​	​	​	​	​	​	​	​	​	​
Marketable securities:	​	​	​	​	​	​	​	​	​
Certificates of deposit	​	​	-	​	​	8,912	​	​	-
Commercial paper	​	​	-	​	​	44,818	​	​	-
Corporate debt securities	​	​	-	​	​	20,034	​	​	-
U.S. government securities	​	​	-	​	​	17,463	​	​	-
U.S. government agency securities	​	​	-	​	​	7,974	​	​	-
Total marketable securities	​	​	-	​	​	99,201	​	​	-
Total financial assets	​	$	27,347	​	$	100,199	​	$	-
​	​	​	​	​	​	​	​	​	​
December 31, 2022:	​	​	​	​	​	​	​	​	​
Assets		​			​			​
Cash equivalents:	​	​	​	​	​	​	​	​	​
Money market funds	​	$	24,578	​	$	-	​	$	-
Commercial paper	​	​	-	​	​	2,491	​	​	-
Total cash equivalents	​	​	24,578	​	​	2,491	​	​	-
​	​	​	​	​	​	​	​	​	​
Marketable securities:	​	​	​	​	​	​	​	​	​
Certificates of deposit	​	​	-	​	​	28,111	​	​	-
Commercial paper	​	​	-	​	​	58,512	​	​	-
Corporate debt securities	​	​	-	​	​	66,421	​	​	-
U.S. government securities	​	​	-	​	​	1,965	​	​	-
Total marketable securities	​	​	-	​	​	155,009	​	​	-
Total financial assets	​	$	24,578	​	$	157,500	​	$	-

​

Non-Financial Instruments:

Long-lived non-financial assets are measured at fair value on a nonrecurring basis for purposes of calculating impairment using Level 3 inputs as defined in the fair value hierarchy. The fair value of long-lived assets using Level 3 inputs is determined by estimating the amount and timing of net future cash flows (which are unobservable inputs) and discounting them using a risk-adjusted rate of interest. Significant increases or decreases in actual cash flows may result in valuation changes.

The following non-financial instruments were measured at fair value, on a nonrecurring basis, during the period ended September 30, 2023. The significant assumptions utilized, which relate to future net cash flows, are further described in Note 9:

​

​	​	​	​	​	​	​	​	​
(in thousands)	​	Level 1	​	Level 2	​	Level 3	​	Impairment Losses
Property and equipment, net	$	-	$	-	$	1,367	$	3,205
Right of use assets	​	-	​	-	​	933	​	2,185
Total	$	-	$	-	$	2,300	$	5,390

​

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- References

No definition available.

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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

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