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

6 Months Ended

Jun. 30, 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).


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	56,320	$	—	$	—	$	56,320
Commercial paper	—		9,486		—		9,486
Corporate debt securities	—		7,014		—		7,014
Total cash equivalents	56,320		16,500		—		72,820
Investments:
U.S. Treasury securities	—		262,605		—		262,605
Commercial paper	—		52,128		—		52,128
Corporate debt securities	—		62,349		—		62,349
Total investments	—		377,082		—		377,082
Total assets measured at fair value	$	56,320	$	393,582	$	—	$	449,902


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	232,813	$	—	$	—	$	232,813
Total cash equivalents	232,813		—		—		232,813
Investments:
U.S. Treasury securities	—		260,447		—		260,447
Total 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):


	June 30, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	56,320	$	—	$	—	$	56,320
Commercial paper	9,488		—		(2)		9,486
Corporate debt securities	7,019		—		(5)		7,014
Total cash equivalents	72,827		—		(7)		72,820
Investments:
U.S. Treasury securities	265,396		—		(2,791)		262,605
Commercial paper	52,179		6		(57)		52,128
Corporate debt securities	62,613		—		(264)		62,349
Total investments	380,188		6		(3,112)		377,082
Total assets measured at fair value	$	453,015	$	6	$	(3,119)	$	449,902


	December 31, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	232,813	$	—	$	—	$	232,813
Total cash equivalents	232,813		—		—		232,813
Investments:
U.S. Treasury securities	260,983		—		(536)		260,447
Total investments	260,983		—		(536)		260,447
Total assets measured at fair value	$	493,796	$	—	$	(536)	$	493,260