Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Marketable Securities and Fair Value Measurements

Summary of marketable securities

The following tables present our marketable securities by security type:

	As of March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
U.S. treasury securities	$	192,965	$	38	$	(4)	$	192,999

	As of December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
U.S. treasury securities	$	186,003	$	13	$	(96)	$	185,920

Summary of assets measured at fair value on a recurring basis

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 March 31, 2023 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	48,960	$	—	$	—	$	48,960
Marketable securities:
U.S. treasury securities		—		192,999		—		192,999
Totals	$	48,960	$	192,999	$	—	$	241,959

	Fair Value Measurements at December 31, 2022 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	77,010	$	—	$	—	$	77,010
Marketable securities:
U.S. treasury securities		—		185,920		—		185,920
Totals	$	77,010	$	185,920	$	—	$	262,930