Fair Value Measurement and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured and Recognized at Fair Value

As of June 30, 2022, financial assets measured and recognized at fair value are as follows (in thousands):

		June 30, 2022
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Assets
U.S. government securities	Level 1	$	140,484	$	—	$	(2,918	)	$	137,566
Corporate bonds	Level 2		72,275		—		(710	)		71,565
Commercial paper	Level 2		65,554		—		(1	)		65,553
Marketable securities			278,313		—		(3,629	)		274,684
Money market funds(1)	Level 1		49,195		—		—			49,195
Total fair value of assets		$	327,508	$	—	$	(3,629	)	$	323,879

(1)Included in cash and cash equivalents on the condensed balance sheets.

As of December 31, 2021, financial assets measured and recognized at fair value are as follows (in thousands):

		December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Assets
U.S. government securities	Level 1	$	122,657	$	—	$	(592	)	$	122,065
Corporate bonds	Level 2		76,628		8		(127	)		76,509
Commercial paper	Level 2		77,444	—			(1	)		77,443
Marketable securities			276,729		8		(720	)		276,017
Money market funds(1)	Level 1		91,825		—		—			91,825
Total fair value of assets		$	368,554	$	8	$	(720	)	$	367,842

(1)Included in cash and cash equivalents on the condensed balance sheets.