Fair Value Measurements

9 Months Ended

Sep. 30, 2023

3. Fair Value Measurements

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2023 were as follows (in thousands):


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	8,947	$	—	$	—		$	8,947
Commercial paper	Level 2		104,151		—		(50	)		104,101
U.S. treasury bills	Level 2		115,237		11		(12	)		115,236
U.S. government bonds	Level 2		89,910		1		(278	)		89,633
Agency bonds	Level 2		32,660		—		(197	)		32,463
Agency discount securities	Level 2		2,479		—		(3	)		2,476
Corporate debt securities	Level 2		3,159		—		(34	)		3,125
Total cash equivalents and available- for-sale securities		$	356,543	$	12	$	(574	)	$	355,981
Classified as:
Cash equivalents									$	159,603
Short-term available-for-sale securities										196,378
Total cash equivalents and available- for-sale securities									$	355,981

The Company’s financial assets measured at fair value by contractual maturity as of September 30, 2023 were as follows (in thousands):


Within one year	$	316,468
After one year through two years		39,513
Total cash equivalents and available-for-sale securities	$	355,981

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 were as follows (in thousands):


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	18,224	$	—	$	—		$	18,224
Commercial paper	Level 2		104,279		1		(84	)		104,196
U.S. government bonds	Level 2		18,225		1		(109	)		18,117
Agency bonds	Level 2		13,986		—		(78	)		13,908
Corporate debt securities	Level 2		10,488		—		(62	)		10,426
U.S. treasury bills	Level 2		7,414		1		(21	)		7,394
Agency discount securities	Level 2		5,216		9		—			5,225
Non-U.S. debt securities	Level 2		3,975		—		(20	)		3,955
Total cash equivalents and available- for-sale securities		$	181,807	$	12	$	(374	)	$	181,445
Classified as:
Cash equivalents									$	48,540
Short-term available-for-sale securities										132,905
Total cash equivalents and available- for-sale securities									$	181,445

The Company’s financial assets measured at fair value by contractual maturity as of December 31, 2022 were as follows (in thousands):


Within one year	$	175,243
After one year through two years		6,202
Total cash equivalents and available-for-sale securities	$	181,445

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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