Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Investments Measured and Recognized at Fair Value

The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):

		June 30, 2022
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Included within cash and cash equivalents:
Money market funds	Level 1	$	108,227	$	—	$	—		$	108,227
U.S. treasury securities	Level 1		9,491		1		—			9,492
Commercial paper	Level 2		62,710		1		(15	)		62,696
U.S. government agency securities	Level 2		32,647		—		(4	)		32,643
Included within marketable securities:
U.S. treasury securities	Level 1		129,554		8		(277	)		129,285
Corporate bonds	Level 2		13,038		—		(60	)		12,978
Commercial paper	Level 2		146,802		—		(113	)		146,689
U.S. government agency securities	Level 2		2,982		5		(8	)		2,979
Total		$	505,451	$	15	$	(477	)	$	504,989

		December 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Included within cash and cash equivalents:
Money market funds	Level 1	$	99,326	$	—	$	—		$	99,326
Commercial paper	Level 2		25,996		—		(1	)		25,995
Corporate bonds	Level 2		1,802		—		(1	)		1,801
Included within marketable securities:
U.S. treasury securities	Level 1		2,499		—		—			2,499
U.S. government agency securities	Level 2		24,260		—		(24	)		24,236
Commercial paper	Level 2		51,376		—		(11	)		51,365
Corporate bonds	Level 2		18,137		—		(29	)		18,108
Total		$	223,396	$	—	$	(66	)	$	223,330

Summary of Contractual Maturities of Investments

The following table presents the contractual maturities of the Company’s marketable securities as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30,		December 31,
	2022		2021
Due in less than one year	$	494,543	$	223,330
Due in more than one year		10,446		—
Total	$	504,989	$	223,330