Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2022 and December 31, 2021:

		March 31, 2022
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	140,164	$	—	$	—		$	140,164
Money market funds	Level 1		23,104		—		—			23,104
U.S. Treasury securities	Level 1		3,000							3,000
Commercial paper	Level 2		35,476		—		(3	)		35,473
Total cash and cash equivalents			201,744		—		(3	)		201,741
Investments:
U.S. Treasury securities	Level 1		45,191		—		(266	)		44,925
Commercial paper	Level 2		42,940		—		(46	)		42,894
Corporate debt	Level 2		24,779		—		(271	)		24,508
Asset-backed securities	Level 2		13,840		—		(62	)		13,778
U.S. government agency securities	Level 2		24,677		—		(185	)		24,492
Total investments			151,427		—		(830	)		150,597
Total assets measured at fair value		$	353,171	$	—	$	(833	)	$	352,338
		December 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	27,834	$	—	$	—		$	27,834
Money market funds	Level 1		17,555		—		—			17,555
Commercial paper	Level 2		23,597		—		(1	)		23,596
Total cash and cash equivalents			68,986		—		(1	)		68,985
Investments:
U.S. Treasury securities	Level 1		45,290		—		(73	)		45,217
Commercial paper	Level 2		61,941		—		(22	)		61,919
Corporate debt	Level 2		58,498		—		(74	)		58,424
Asset-backed securities	Level 2		13,899		—		(25	)		13,874
U.S. government agency securities	Level 2		24,714		—		(46	)		24,668
Total investments			204,342		—		(240	)		204,102
Total assets measured at fair value		$	273,328	$	—	$	(241	)	$	273,087

Schedule of Contractual Maturities of Investments

The following table presents the contractual maturities of our investments as of March 31, 2022 (in thousands):

	March 31, 2022
	Fair Value
Due in less than one year	$	132,900
Due in one to five years		17,697
Total	$	150,597