Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

The Company’s financial instruments as of June 30, 2022 and December 31, 2021 consisted primarily of cash and cash equivalents, marketable securities and accounts receivable and accounts payable. As of June 30, 2022 and December 31, 2021, the Company’s financial assets recognized at fair value consisted of the following:

	Fair Value as of June 30, 2022
	Total		Level 1		Level 2		Level 3
	(In thousands)
Cash equivalents	$	61,518	$	40,355	$	21,163	$	—
Marketable securities:
Commercial paper		15,926		—		15,926		—
U.S. government agency securities and treasuries		57,420		—		57,420		—
Total	$	134,864	$	40,355	$	94,509	$	—

	Fair Value as of December 31, 2021
	Total		Level 1		Level 2		Level 3
	(In thousands)
Cash equivalents	$	88,637	$	67,209	$	21,428	$	—
Marketable securities:
Commercial paper		68,431		—		68,431		—
U.S. government agency securities and treasuries		10,024		—		10,024		—
Total	$	167,092	$	67,209	$	99,883	$	—

Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third-party pricing services or other market observable data.

The Company measures its cash equivalents at fair value on a recurring basis, which approximates the net asset value per share. The Company classifies some of its cash equivalents within Level 1 of the fair value hierarchy because they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The Company measures its marketable securities at fair value on a recurring basis and classifies those instruments and some cash equivalents within Level 2 of the fair value hierarchy. The pricing services used by management utilize industry standard valuation models, including both income- and market- based approaches and observable market inputs to determine the fair value of marketable securities and those cash equivalents classified within Level 2 of the fair value hierarchy.