Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:

	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	156,230	$	—	$	—	$	156,230
Total cash equivalents	$	156,230	$	—	$	—	$	156,230
Short-term investments
Commercial paper	$	—	$	111,224	$	—	$	111,224
Corporate bonds	—		37,087		—		37,087
Asset backed securities	—		26,168		—		26,168
Certificates of deposit	—		19,963		—		19,963
Supranational bonds	—		8,492		—		8,492
U.S. Treasury and agency obligations	—		35,711		—		35,711
Total short-term investments	$	—	$	238,645	$	—	$	238,645

	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	178,518	$	—	$	—	$	178,518
Total cash equivalents	$	178,518	$	—	$	—	$	178,518
Short-term investments
Commercial paper	$	—	$	134,118	$	—	$	134,118
Corporate bonds	—		27,128		—		27,128
Asset backed securities	—		27,411		—		27,411
Certificates of deposit	—		9,992		—		9,992
Supranational bonds	—		8,599		—		8,599
U.S. Treasury and agency obligations	—		27,044		—		27,044
Total short-term investments	$	—	$	234,292	$	—	$	234,292

We did not have any liabilities measured and recorded at fair value on a recurring basis at March 31, 2022 and December 31, 2021.