Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements

v3.23.1
Fair Value Measurements
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value:

  December 31, 2022
  Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements      
Assets:      
Money market funds
$ 13,997 $ $
Total
$ 13,997 $ $
December 31, 2021
Level 1 Level 2 Level 3
(in thousands)
Recurring fair value measurements
Assets:
Money market funds
$ 96,661 $ $
Total
$ 96,661 $ $

The fair value of the Company's money market funds is determined using quoted market prices in active markets for identical assets.

As of December 31, 2022 and 2021, the carrying value of the Company's cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximated their respective fair values due to their short-term maturities. Therefore, no unrealized gains or losses were recorded during the periods presented. There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.