Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company's estimates of fair value for financial assets and financial liabilities are based on the framework established in ASC 820. The framework is based on the inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the ASC 820 hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. We classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy.
The Company's assets measured at fair value consisted of the following at March 31, 2022 and December 31, 2021:
Fair Value at March 31, 2022
Total Level 1 Level 2 Level 3
Short-term investments $ 15,035  $ 15,035  $ —  $ — 
Investments in equity securities 335  —  —  335 
Total assets $ 15,370  $ 15,035  $ —  $ 335 
Fair Value at December 31, 2021
Total Level 1 Level 2 Level 3
Short-term investments $ 43,125  $ 43,125  $ —  $ — 
Investments in equity securities 1,838  —  —  1,838 
Total assets $ 44,963  $ 43,125  $ —  $ 1,838 
The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value.

Short-term investments represent U.S. treasury bills with maturities greater than three months. The fair value of the U.S. treasury bills are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The market for U.S. treasury bills is an actively traded market given the high level of daily trading volume.

Investments in equity securities are marked to market based on the respective publicly quoted market prices of the equity securities adjusted for liquidity. The fair value was determined using a pricing model with certain significant unobservable market data inputs.

The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value For the Three Months Ended March 31, 2022:

Level 3
Level 3 Investments
Balance at beginning of period $ 1,838 
Unrealized loss on equity securities (1,503)
Balance at end of period $ 335