Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:

	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	141,378	$	—	$	—	$	141,378
Marketable securities:
Commercial paper		—		7,998		—		7,998
Corporate bonds		—		753		—		753
Totals	$	141,378	$	8,751	$	—	$	150,129
Short-term investments:
U.S. government treasury securities	$	25,072	$	—	$	—	$	25,072
Marketable securities:
Commercial paper		—		11,569	$	—		11,569
Corporate bonds		—		9,818		—		9,818
Totals	$	25,072	$	21,387	$	—	$	46,459

	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	55,505	$	—	$	—	$	55,505
U.S. government treasury securities		39,998		—		—		39,998
Totals	$	95,503	$	—	$	—	$	95,503
Short-term investments:
U.S. government treasury securities	$	233,663	$	—	$	—	$	233,663
Totals	$	233,663	$	—	$	—	$	233,663

During the years ended December 31, 2021 and 2020, there were no transfers between levels. The Company classifies its money market fund and U.S. government treasury securities as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company classifies its marketable securities

(corporate bonds and commercial paper) as Level 2 assets under the fair value hierarchy, as these assets have pricing inputs that are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies.

The carrying amounts of prepaid expenses and other current assets, accounts payable, amount due to related party and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.