Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values:

	June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Money market funds	$	45,374	$	—	$	—	$	45,374
Short-term investments:
Treasury notes		6,000		—		—		6,000
Treasury bills		47,917		—		—		47,917
Commercial paper		—		62,835		—		62,835
Corporate debt securities		—		22,489		—		22,489
Restricted cash	419			—		—		419
Total financial assets	$	99,710	$	85,324	$	—	$	185,034

	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Money market funds	$	49,271	$	—	$	—	$	49,271
Short-term investments:
Commercial paper		—		33,978		—		33,978
Corporate debt securities		—		11,949		—		11,949
Restricted cash		189		—		—		189
Total financial assets	$	49,460	$	45,927	$	—	$	95,387

The Company classifies its money market funds, treasury bills and treasury notes as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company classifies its commercial paper and corporate debt securities as Level 2 assets under the fair value hierarchy, as these assets have been valued using information obtained through a third-party pricing service at each balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources.