Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

5.Fair Value Measurements

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

	Fair Market Value Measurements as of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	39,303	$	—	$	—	$	39,303
U.S. Treasury bills		—		12,893		—		12,893
Marketable debt securities:
U.S. Treasury bills		—		236,359		—		236,359
U.S. government agency bonds		—		75,415		—		75,415
Total assets	$	39,303	$	324,667	$	—	$	363,970

	Fair Market Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	62,244	$	—	$	—	$	62,244
U.S. Treasury bills		—		38,433		—		38,433
Marketable debt securities
U.S. Treasury bills		—		287,123		—		287,123
U.S. government agency bonds		—		55,387		—		55,387
Total assets	$	62,244	$	380,943	$	—	$	443,187

There were no transfers between fair value levels during the six months ended June 30, 2022.