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

9 Months Ended

Sep. 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).


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	55,155	$	—	$	—	$	55,155
Commercial paper	—		3,976		—		3,976
Corporate debt securities	—		8,938		—		8,938
Total cash equivalents	55,155		12,914		—		68,069
Investments:
U.S. Treasury securities	—		237,571		—		237,571
Commercial paper	—		61,585		—		61,585
Corporate debt securities	—		73,712		—		73,712
Total investments	—		372,868		—		372,868
Total assets measured at fair value	$	55,155	$	385,782	$	—	$	440,937


	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):


	September 30, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	55,155	$	—	$	—	$	55,155
Commercial paper	3,979		—		(3)		3,976
Corporate debt securities	8,937		1		—		8,938
Total cash equivalents	68,071		1		(3)		68,069
Investments:
U.S. Treasury securities	239,702		3		(2,134)		237,571
Commercial paper	61,727		—		(142)		61,585
Corporate debt securities	74,129		6		(423)		73,712
Total investments	375,558		9		(2,699)		372,868
Total assets measured at fair value	$	443,629	$	10	$	(2,702)	$	440,937


	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