Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and 2020 (in thousands):


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2021
Assets:
Cash and cash equivalents	$	161,160	$	161,146	$	14	$	—
Marketable securities:
U.S. government agency securities and treasuries	128,393		—		128,393		—
Corporate bonds	49,308		—		49,308		—
Commercial paper	54,065		—		54,065		—
Equity securities	3,691		3,691		—		—
Total assets	$	396,617	$	164,837	$	231,780	$	—
December 31, 2020 (1)
Assets:
Cash and cash equivalents	$	260,629	$	260,629	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	337,635		—		337,635		—
Corporate bonds	98,781		—		98,781		—
Commercial paper	38,975		—		38,975		—
Equity securities	5,653		5,653		—		—
Total assets	$	741,673	$	266,282	$	475,391	$	—

(1) Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at December 31, 2021 and 2020 (in thousands):


	Less than 12 months				12 months or greater				Total
Description	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
December 31, 2021
U.S. government agency securities and treasuries	$	108,695	$	(505)	$	2,496	$	(4)	$	111,191	$	(509)
Corporate bonds	45,042		(56)		3,896		(2)		48,938		(58)
Total	$	153,737	$	(561)	$	6,392	$	(6)	$	160,129	$	(567)
December 31, 2020 (1)
U.S. government agency securities and treasuries	$	105,692	$	(37)	$	—	$	—	$	105,692	$	(37)
Corporate bonds	38,299		(20)		603		—		38,902		(20)
Total	$	143,991	$	(57)	$	603	$	—	$	144,594	$	(57)

(1) Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.