Fair Value Measurements (Tables)

9 Months Ended

Sep. 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)
September 30, 2022
Assets
Cash and cash equivalents:
Money market funds	$	80,977	$	80,977	$	—	$	—
Commercial paper		13,973		—		13,973		—
Corporate debt securities		3,997		—		3,997		—
Available-for-sale investment debt securities:
Commercial paper		107,837		—		107,837		—
Corporate debt securities		243,303		—		243,303		—
U.S. government agency bonds		11,635		—		11,635		—
U.S. Treasury securities		14,881		14,881		—		—
Total financial assets	$	476,603	$	95,858	$	380,745	$	—
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, municipal bonds and U.S. Treasury securities), by contractual maturity, are as follows:

	Fair Value as of
	September 30, 2022		December 31, 2021
	(in thousands)
Due in one year or less	$	336,422	$	305,914
Due after one year through two years		41,234		29,066
Total investment debt securities	$	377,656	$	334,980