Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

As of March 31, 2023, financial assets measured and recognized at fair value were as follows (in thousands):


	Fair Value Measurements at March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
U.S. government bonds	$	13,876	$	—	$	—	$	13,876
U.S. government agency bonds		—		1,444		—		1,444
Corporate bonds		—		6,446		—		6,446
Asset backed securities		—		78		—		78
Marketable securities		13,876		7,968		—		21,844
Money market funds (1)		19,463		—		—		19,463
Total fair value of assets	$	33,339	$	7,968	$	—	$	41,307

(1)

Included in cash and cash equivalents on the balance sheet.


	Fair Value Measurements at March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimate Fair Value
Assets
U.S. government bonds	$	13,883	$	1	$	(8	)	$	13,876
U.S. government agency bonds		1,443		1		—			1,444
Corporate bonds		6,445		1		—			6,446
Asset backed securities		78		—		—			78
Marketable securities		21,849		3		(8	)		21,844
Money market funds (1)		19,463		—		—			19,463
Total fair value of assets	$	41,312	$	3	$	(8	)	$	41,307

(1)

Included in cash and cash equivalents on the balance sheet.

As of December 31, 2022, financial assets measured and recognized at fair value were as follows (in thousands):


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
U.S. government bonds	$	18,703	$	—	$	—	$	18,703
Corporate bonds		—		16,941		—		16,941
Asset backed securities		—		408		—		408
Marketable securities		18,703		17,349		—		36,052
Money market funds (1)		16,384		—		—		16,384
Total fair value of assets	$	35,087	$	17,349	$	—	$	52,436

(1)

Included in cash and cash equivalents on the balance sheet


	Fair Value Measurements at December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimate Fair Value
Assets
U.S. government bonds	$	18,724	$	2	$	(23	)	$	18,703
Corporate bonds		16,947		1		(7	)		16,941
Asset backed securities		411		—		(3	)		408
Marketable securities		36,082		3		(33	)		36,052
Money market funds (1)		16,384		—		—			16,384
Total fair value of assets	$	52,466	$	3	$	(33	)	$	52,436

(1)

Included in cash and cash equivalents on the balance sheet.

Satsuma Pharmaceuticals, Inc. 10-Q