Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands):

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	105,340	$	—	$	—	$	105,340
U.S. government treasuries	43,781		—		—		43,781
Commercial paper	—		9,948		—		9,948
Short-term marketable securities:
U.S. government treasuries	1,003,504		—		—		1,003,504
U.S. government agency securities	—		16,861		—		16,861
Corporate debt securities	—		54,215		—		54,215
Commercial paper	—		43,591		—		43,591
Total	$	1,152,625	$	124,615	$	—	$	1,277,240

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	265,294	$	—	$	—	$	265,294
Short-term marketable securities:
U.S. government treasuries	450,436		—		—		450,436
Corporate debt securities	—		70,009		—		70,009
Commercial paper	—		51,485		—		51,485
Long-term marketable securities:
U.S. government treasuries	410,147		—		—		410,147
Corporate debt securities	—		15,302		—		15,302
Total	$	1,125,877	$	136,796	$	—	$	1,262,673
Liabilities:
Foreign currency derivative contracts	$	—	$	111	$	—	$	111
Total	$	—	$	111	$	—	$	111

The carrying amounts of cost sharing reimbursements due from and due to related party, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to their short-term maturities.

The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly.

The Company has not transferred any assets or liabilities between the fair value measurement levels during the years ended December 31, 2022 or 2021.