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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following tables set forth the financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 and 2021 (in thousands):

 

 

December 31, 2022

 

 

 

Total Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

45,739

 

 

$

45,739

 

 

$

 

 

$

 

Commercial paper (1)

 

 

1,991

 

 

 

 

 

 

1,991

 

 

 

 

Total cash equivalents

 

 

47,730

 

 

 

45,739

 

 

 

1,991

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

 

65,391

 

 

 

65,391

 

 

 

 

 

 

 

Commercial paper

 

 

115,061

 

 

 

 

 

 

115,061

 

 

 

 

U.S. agency securities(2)

 

 

53,455

 

 

 

 

 

 

53,455

 

 

 

 

Asset-backed securities(2)

 

 

1,914

 

 

 

 

 

 

1,914

 

 

 

 

Total marketable securities

 

 

235,821

 

 

 

65,391

 

 

 

170,430

 

 

 

 

Total cash equivalents and marketable securities

 

$

283,551

 

 

$

111,130

 

 

$

172,421

 

 

$

 

 

 

 

December 31, 2021

 

 

 

Total Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds (1)

 

$

376,976

 

 

$

376,976

 

 

$

 

 

$

 

(1)
Included within cash and cash equivalents on the balance sheet.
(2)
Included within investments in marketable securities, current and investments in marketable securities, non-current on the balance sheet.