Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables set forth by security type, marketable securities for the periods presented:

	As of June 30, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper	$	20,759	$	—	$	—		$	20,759
Certificates of deposit		12,411		—		(1	)		12,410
Corporate debt securities		109,170		1		(1,057	)		108,114
U.S. treasury notes		14,674		—		(99	)		14,575
Total	$	157,014	$	1	$	(1,157	)	$	155,858

	As of December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Total
Commercial paper	$	12,635	$	—	$	—		$	12,635
Corporate debt securities		138,207		3		(249	)		137,961
Certificates of deposit		4,490		—		—			4,490
U.S. treasury notes		20,683		—		(23	)		20,660
Total	$	176,015	$	3	$	(272	)	$	175,746

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value on a recurring basis for the periods presented:

	Fair value measurements as of June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	8,532	$	—	$	—	$	8,532
Corporate debt securities		—		1,280		—		1,280
Marketable securities
Commercial paper		20,759		—		—		20,759
Certificates of deposit		—		12,410		—		12,410
Corporate debt securities		—		108,114		—		108,114
U.S. treasury notes		14,575		—		—		14,575
Total	$	43,866	$	121,804	$	—	$	165,670

	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	95,565	$	—	$	—	$	95,565
Corporate debt securities		—		1,844		—		1,844
Marketable securities
Commercial paper		12,635		—		—		12,635
Corporate debt securities		—		137,961		—		137,961
Certificates of deposit		—		4,490		—		4,490
U.S. treasury notes		20,660		—		—		20,660
Total	$	128,860	$	144,295	$	—	$	273,155

The fair value of money market funds, commercial paper and U.S. treasury notes were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Certificates of deposit and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.

There were no transfers between Level 1, Level 2, or Level 3 during the periods presented.

The following table summarizes the scheduled maturity for the Company’s marketable securities at June 30, 2022:

(in thousands)	June 30, 2022
Maturing in one year or less	$	148,361
Maturing after one year through two years		7,497
Maturing after two years		—
Total	$	155,858

Financial instruments not recorded at fair value

The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.