Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

		March 31, 2023
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	30,630	$	—	$	—		$	30,630
Short-term investments:
U.S. Treasury securities	Level 1		113,481		9		(157	)		113,333
U.S. government-sponsored enterprises    debt securities	Level 2		45,964		69		—			46,033
Corporate debt	Level 2		13,142		—		(35	)		13,107
Commercial paper	Level 2		40,354		—		—			40,354
Total cash equivalents and    short-term investments		$	243,571	$	78	$	(192	)	$	243,457

		December 31, 2022
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	42,834	$	—	$	—		$	42,834
U.S. government-sponsored enterprises    debt securities	Level 2		7,965		—		—			7,965
Short-term investments:
U.S. Treasury securities	Level 1		133,473		9		(447	)		133,035
U.S. government-sponsored enterprises    debt securities	Level 2		26,404		42		(14	)		26,432
Corporate debt	Level 2		29,831		—		(154	)		29,677
Commercial paper	Level 2		25,136		—		—			25,136
Total cash equivalents and    short-term investments		$	265,643	$	51	$	(615	)	$	265,079

As of March 31, 2023, the remaining contractual maturities for available-for-sale securities were one month to fifteen months.

The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of March 31, 2023, and December 31, 2022 (in thousands):

	March 31, 2023
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	74,308	$	(157	)	$	—	$	—	$	74,308	$	(157	)
Corporate debt		13,108		(35	)		—		—		13,108		(35	)
Total	$	87,416	$	(192	)	$	—	$	—	$	87,416	$	(192	)

	December 31, 2022
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities	$	95,499	$	(343	)	$	12,895	$	(103	)	$	108,394	$	(446	)
U.S. government-sponsored enterprises		16,464		(14	)		—		—			16,464		(14	)
Corporate debt		21,480		(142	)		8,196		(13	)		29,676		(155	)
Total	$	133,443	$	(499	)	$	21,091	$	(116	)	$	154,534	$	(615	)

The unrealized losses on the Company’s available-for-sale debt securities were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. As of March 31, 2023, the Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. Additional factors considered in determining the treatment of unrealized losses include the financial condition and near-term prospects of the investee, the extent of the loss related to the credit of the issuer, and the expected cash flows from the security.