CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 were as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized
As of September 30, 2022	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	173,084	$	—	$	(1,964)	$	171,120
U.S. government agency securities		12,406		6		—		12,412
Corporate securities		1,579		—		(2)		1,577
Commercial paper		70,855		—		(78)		70,777
Money market funds		71,308		—		—		71,308
Total investments	$	329,232	$	6	$	(2,044)	$	327,194

			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 September 30, 2022 and December 31, 2021 are classified as follows in the Company’s Consolidated Balance Sheets (in thousands):

	September 30,		December 31,
Classified as:	2022		2021
Cash equivalents	$	85,387	$	61,249
Short-term investments		241,807		426,181
Long-term investments		—		91,588
Total investments	$	327,194	$	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):

	September 30, 2022
	Amortized Cost		Fair Value
Within one year	$	329,232	$	327,194
Total investments	$	329,232	$	327,194

Schedule of fair value of the company's financial assets

As of September 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 September 30, 2022
	Level 1		Level 2		Level 3		Total
U.S. treasury securities	$	171,120	$	—	$	—	$	171,120
U.S. government agency securities		—		12,412		—		12,412
Corporate securities		—		1,577		—		1,577
Commercial paper		—		70,777		—		70,777
Money market funds		71,308		—		—		71,308
Total	$	242,428	$	84,766	$	—	$	327,194

	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