Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Fair Value of Financial Instrument

The following tables summarize the fair value of the Company’s financial instruments (in thousands):

			Fair Value Measurements Using
	March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	35,047	$	35,047	$	—	$	—
Short-term investments:
Corporate debt securities	$	97,965	$	—	$	97,965		—
Commercial paper		21,287		—		21,287		—
U.S. Government securities		56,094		—		56,094		—
Total short-term investments		175,346		—		175,346		—
Total	$	210,393	$	35,047	$	175,346	$	—

			Fair Value Measurements Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	57,018	$	57,018	$	—	$	—
Short-term investments:
Corporate debt securities	$	111,466	$	—	$	111,466		—
Commercial paper		21,272		—		21,272		—
U.S. Government securities		44,534		—		44,534		—
Total short-term investments		177,272		—		177,272		—
Total	$	234,290	$	57,018	$	177,272	$	—

Short-term investments

Schedule of Short-term Investments

The following tables summarize the Company’s short-term investments accounted for as available-for-sale securities as of March 31, 2022 and December 31, 2021 (in thousands):

		March 31, 2022
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	98,273	$	(312	)	$	4	$	97,965
Commercial paper	1 year or less		21,287		—			—		21,287
U.S. Government securities	1 year or less		56,392		(298	)				56,094
Total		$	175,952	$	(610	)	$	4	$	175,346

		December 31, 2021
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	111,548	$	(89	)	$	7	$	111,466
Commercial paper	1 year or less		21,272		—			—		21,272
U.S. Government securities	1 year or less		44,602		(68	)		—	$	44,534
Total		$	177,422	$	(157	)	$	7	$	177,272