CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2022

CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS

Schedule of cost and fair value of cash equivalents and short-term investments

The amortized cost, fair value measurements, and fair value of cash equivalents and investments as of June 30, 2022 and December 31, 2021 were as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized
As of June 30, 2022	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	245,177	$	—	$	(2,526)	$	242,651
U.S. government agency securities		5,029		—		(17)		5,012
Corporate securities		6,002		—		(12)		5,990
Commercial paper		87,942		—		(140)		87,802
Money market funds		68,102		—		—		68,102
Total investments	$	412,252	$	—	$	(2,695)	$	409,557

			Gross		Gross
	Amortized		Unrealized		Unrealized
As of December 31, 2021	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	247,287	$	—	$	(520)	$	246,767
U.S. government agency securities		5,104		—		(7)		5,097
Corporate securities		35,627		—		(39)		35,588
Commercial paper		235,352		10		(46)		235,316
Money market funds		56,250		—		—		56,250
Total investments	$	579,620	$	10	$	(612)	$	579,018

Schedule of available-for-sale debt securities

The fair value of cash equivalents and investments as of June 30, 2022 and December 31, 2021 are classified as follows in the Company’s Consolidated Balance Sheets (in thousands):

	June 30,		December 31,
Classified as:	2022		2021
Cash equivalents	$	93,174	$	61,249
Short-term investments		316,383		426,181
Long-term investments		—		91,588
Total investments	$	409,557	$	579,018

Schedule of available-for-sale debt securities by contractual maturity

The following table summarizes the Company’s cash equivalents and available-for-sale investments by contractual maturity (in thousands):

	June 30, 2022
	Amortized Cost		Fair Value
Within one year	$	412,252	$	409,557
One year to two years		—		—
Total investments	$	412,252	$	409,557

Schedule of fair value of the company's financial assets

As of June 30, 2022 and December 31, 2021, the fair value of the Company’s financial assets that are measured at fair value on a recurring basis, which consist of cash equivalents and short-term and long-term investments classified as available-for-sale securities, are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):

	Assets at Fair Value as of June 30, 2022
	Level 1		Level 2		Level 3		Total
U.S. treasury securities	$	242,651	$	—	$	—	$	242,651
U.S. government agency securities		—		5,012		—		5,012
Corporate securities		—		5,990		—		5,990
Commercial paper		—		87,802		—		87,802
Money market funds		68,102		—		—		68,102
Total	$	310,753	$	98,804	$	—	$	409,557

	Assets at Fair Value as of December 31, 2021
	Level 1		Level 2		Level 3		Total
U.S. treasury securities	$	246,767	$	—	$	—	$	246,767
U.S. government agency securities		—		5,097		—		5,097
Corporate securities		—		35,588		—		35,588
Commercial paper		—		235,316		—		235,316
Money market funds		56,250		—		—		56,250
Total	$	303,017	$	276,001	$	—	$	579,018