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

3 Months Ended

Mar. 31, 2023

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, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	41,906	$	—	$	—	$	41,906
U.S. Treasury securities	—		6,480		—		6,480
Total cash equivalents	41,906		6,480		—		48,386
Investments:
U.S. Treasury securities	—		223,594		—		223,594
U.S. Non-Treasury securities	—		16,841		—		16,841
Commercial paper	—		58,300		—		58,300
Corporate debt securities	—		63,389		—		63,389
Total investments	—		362,124		—		362,124
Total assets measured at fair value	$	41,906	$	368,604	$	—	$	410,510


	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

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, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	41,906	$	—	$	—	$	41,906
U.S. Treasury securities	6,479		1		—		6,480
Total cash equivalents	48,385		1		—		48,386
Investments:
U.S. Treasury securities	223,488		258		(152)		223,594
U.S. Non-Treasury securities	16,818		24		(1)		16,841
Commercial paper	58,372		2		(74)		58,300
Corporate debt securities	63,542		7		(160)		63,389
Total investments	362,220		291		(387)		362,124
Total assets measured at fair value	$	410,605	$	292	$	(387)	$	410,510


	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