Marketable Securities And Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Marketable securities and fair value measurements

3. Marketable Securities and Fair Value Measurements

The following tables present our marketable securities by security type:

	As of June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
Commercial paper	$	19,915	$	—	$	—	$	19,915
U.S. treasury securities		134,363		—		(339)		134,024
Totals	$	154,278	$	—	$	(339)	$	153,939

As of June 30, 2022, our marketable securities consisted of investments that mature within one year.

We did not have marketable securities as of December 31, 2021.

The following tables present our assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques that we utilized to determine such fair value:

	Fair Value Measurements at June 30, 2022 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,071	$	—	$	—	$	1,071
U.S. treasury securities		—		44,954		—		44,954
Marketable securities:
Commercial paper		—		19,915		—		19,915
U.S. treasury securities		—		134,024		—		134,024
Totals	$	1,071	$	198,893	$	—	$	199,964

	Fair Value Measurements at December 31, 2021 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	259,609	$	—	$	—	$	259,609

Money market funds were valued based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Our marketable securities, which as of June 30, 2022 have consisted of commercial paper and U.S. treasury securities, were valued using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.