Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).


		March 31, 2022
		Level 1		Level 2		Level 3		Total
Assets:	Classification:
Money market funds	Cash and cash equivalents	$	225,334	$	—	$	—	$	225,334
U.S. Treasury securities	Investments	—		246,442		—		246,442
Total assets measured at fair value		$	225,334	$	246,442	$	—	$	471,776


		December 31, 2021
		Level 1		Level 2		Level 3		Total
Assets:	Classification:
Money market funds	Cash and cash equivalents	$	232,813	$	—	$	—	$	232,813
U.S. Treasury securities	Investments	—		260,447		—		260,447
Total assets measured at fair value		$	232,813	$	260,447	$	—	$	493,260

Schedule of Debt Securities, Available-for-sale, Unrealized Gain

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	March 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Money market funds	$	225,334	$	—	$	—	$	225,334
U.S. Treasury securities	248,669		—		(2,227)		246,442
Total	$	474,003	$	—	$	(2,227)	$	471,776


	December 31, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Money market funds	$	232,813	$	—	$	—	$	232,813
U.S. Treasury securities	260,983		—		(536)		260,447
Total	$	493,796	$	—	$	(536)	$	493,260