FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Investments

The following table provides details regarding the Company’s short-term investments:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2023
Money market funds	$	102,982	$	3	$	—	$	102,985
U.S. treasury securities	44,386		2		(20)		44,368
U.S. corporate paper and bonds	161,265		2		(51)		161,216
Total	$	308,633	$	7	$	(71)	$	308,569
December 31, 2022
Money market funds	$	137,903	$	—	$	—	$	137,903
U.S. treasury securities	85,578		123		(96)		85,605
U.S. corporate paper and bonds	199,350		1		(385)		198,966
International corporate bond holdings	2,009		—		(33)		1,976
Total	$	424,840	$	124	$	(514)	$	424,450

The money market funds above are included in cash and cash equivalents on the Company’s condensed consolidated balance sheets.

As of September 30, 2023, the Company considers the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such investments until their recovery at fair value. The Company did not have any realized gains or losses in its available for sale securities during the three and nine months ended September 30, 2023 and 2022. The contractual maturity dates of all of the Company’s investments are all less than 24 months.

Fair Value Measurements

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis:

(in thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)		Total
September 30, 2023
Cash equivalents:
Money market funds	$	102,985	$	—	$	—	$	102,985
U.S. corporate paper and bonds	—		4,173		—		4,173
Short-term investments:
U.S. treasury securities	—		44,368		—		44,368
U.S. corporate paper and bonds	—		157,043		—		157,043
Total cash equivalents and short-term investments	$	102,985	$	205,584	$	—	$	308,569
December 31, 2022
Cash equivalents:
Money market funds	$	137,903	$	—	$	—	$	137,903
U.S. corporate paper and bonds	—		17,576		—		17,576
Short-term investments:
U.S. treasury securities	—		85,605		—		85,605
U.S. corporate paper and bonds	—		181,390		—		181,390
International corporate bond holdings	—		1,976		—		1,976
Total cash equivalents and short-term investments	$	137,903	$	286,547	$	—	$	424,450