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

12 Months Ended

Dec. 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).


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—	$	53,208
Total cash equivalents	53,208		—		—		53,208
Investments:
U.S. Treasury securities	—		227,692		—		227,692
U.S. Non-Treasury securities	—		10,702		—		10,702
Commercial paper	—		55,433		—		55,433
Corporate debt securities	—		79,361		—		79,361
Total investments	—		373,188		—		373,188
Total assets measured at fair value	$	53,208	$	373,188	$	—	$	426,396


	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):


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—	$	53,208
Total cash equivalents	53,208		—		—		53,208
Investments:
U.S. Treasury securities	228,563		25		(896)		227,692
U.S. Non-Treasury securities	10,699		6		(3)		10,702
Commercial paper	55,561		3		(131)		55,433
Corporate debt securities	79,616		6		(261)		79,361
Total investments	374,439		40		(1,291)		373,188
Total assets measured at fair value	$	427,647	$	40	$	(1,291)	$	426,396


	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