Fair Value Measurements

9 Months Ended

Sep. 30, 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:

	September 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	204,249	$	—	$	—	$	204,249
Total cash equivalents	$	204,249	$	—	$	—	$	204,249
Short-term investments
Commercial paper	$	—	$	144,033	$	—	$	144,033
Corporate bonds	—		26,398		—		26,398
Asset backed securities	—		17,034		—		17,034
Certificates of deposit	—		10,000		—		10,000
Supranational bonds	—		8,430		—		8,430
U.S. Treasury and agency obligations	—		53,937		—		53,937
Total short-term investments	$	—	$	259,832	$	—	$	259,832

	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 September 30, 2022 and December 31, 2021.