Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair value measurements

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine these fair values as of March 31, 2022 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	40,248	$	40,248	$	—	$	—
Corporate debt securities		5,501		—		5,501		—
Marketable securities:
Corporate debt securities		298,738		—		298,738		—
U.S. government debt securities		51,058		—		51,058		—
U.S. Treasury securities		25,852		—		25,852		—
Total cash equivalents and marketable securities	$	421,397	$	40,248	$	381,149	$	—

8

There have been no transfers between fair value levels during the three months ended March 31, 2022.

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine these fair values as of December 31, 2021 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	59,162	$	59,162	$	—	$	—
Corporate debt securities		11,649		—		11,649		—
U.S. Treasury securities		5,000		—		5,000		—
Marketable securities:
Corporate debt securities		308,300		—		308,300		—
U.S. government debt securities		37,883		—		37,883		—
U.S. Treasury securities		29,172		—		29,172		—
Total cash equivalents and marketable securities	$	451,166	$	59,162	$	392,004	$	—

The Company classifies its money market funds, which are valued based on quoted market prices in active markets, with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

Marketable securities consist of U.S. Treasury securities, U.S. government debt securities, and corporate debt securities, all of which are classified as available-for-sale pursuant to Accounting Standards Codification, ASC, 320, Investments – Debt and Equity Securities. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies on a recurring basis.