Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Measurements

Fair Value, Marketable Securities Measured on Recurring and Nonrecurring Basis

Financial assets carried at fair value are classified in the tables below in one of the three categories described above:

			Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
	(in thousands)
June 30, 2022
Assets
Cash and cash equivalents:
Money market funds	$	11,347	$	11,347	$	—	$	—
Available-for-sale investment debt securities:
Commercial paper		143,612		—		143,612		—
Corporate debt securities		179,636		—		179,636		—
U.S. government agency bonds		3,442		—		3,442		—
U.S. Treasury securities		20,067		20,067		—		—
Total financial assets	$	358,104	$	31,414	$	326,690	$	—
December 31, 2021
Assets
Cash and cash equivalents:
Money market funds	$	39,287	$	39,287	$	—	$	—
Commercial paper		8,000		—		8,000		—
Available-for-sale investment debt securities:
Commercial paper		84,464		—		84,464		—
Corporate debt securities		232,492		—		232,492		—
Municipal bonds		5,027		—		5,027		—
U.S. Treasury securities		12,997		12,997		—		—
Total financial assets	$	382,267	$	52,284	$	329,983	$	—

Schedule of Available for Sale Securities Debt Maturities

The aggregate fair value of all available-for-sale investment debt securities (commercial paper, corporate debt securities, U.S. government agency bonds and U.S. Treasury securities), by contractual maturity, are as follows:

	Fair Value as of
	June 30, 2022		December 31, 2021
	(in thousands)
Due in one year or less	$	334,932	$	305,914
Due after one year through two years		11,825		29,066
Total investment debt securities	$	346,757	$	334,980