Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial Assets Measured at Fair Value on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis using the above input categories were as follows (in thousands):

	Pricing Category	Fair Value at
		March 31, 2023		December 31, 2022
Assets:
Cash equivalents and marketable securities:
Money market funds	Level 1	$	57,325	$	14,941
U.S. Treasury securities	Level 1	74,689		—
Short-term investments:
U.S. Treasury securities	Level 1	128,341		224,359
Total		$	260,355	$	239,300
Liabilities:
Other non-current liabilities
Derivative liability	Level 3	$	135,678	$	—
Total		$	135,678	$	—

Financial assets measured at fair value on a recurring basis using the above input categories were as follows (in thousands):

		Fair Value at
	Pricing Category	December 31,
		2022		2021
Assets:
Cash equivalents:
Money market funds	Level 1	$	14,941	$	102,978
U.S. Treasury securities	Level 1	—		49,996
Short-term investments:
U.S. Treasury securities	Level 1	224,359		330,053
Corporate debt securities	Level 2	—		160,914
Total		$	239,300	$	643,941

Summary of Cash Equivalents and Marketable Securities

The following is a summary of cash equivalents and marketable securities as of March 31, 2023 (in thousands):

	Amortized Cost		Unrealized Gain		Estimated Fair Value
Cash equivalents:
Money market funds	$	57,325	$	—	$	57,325
U.S. Treasury securities	74,689		—		74,689
Short-term investments:
U.S. Treasury securities	128,278		63		128,341
Total	$	260,292	$	63	$	260,355

The following is a summary of cash equivalents and marketable securities as of December 31, 2022 (in thousands):

	Amortized Cost		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	14,941	$	—	$	14,941
Short-term investments:
U.S. Treasury securities	224,904		(545)		224,359
Total	$	239,845	$	(545)	$	239,300

The following is a summary of cash equivalents and marketable securities as of December 31, 2022 (in thousands):

	Amortized Cost		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	14,941	$	—	$	14,941
Short-term investments:
U.S. Treasury securities	224,904		(545)		224,359
Total	$	239,845	$	(545)	$	239,300

The following is a summary of cash equivalents and marketable securities as of December 31, 2021 (in thousands):

	Amortized Cost		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	102,978	$	—	$	102,978
U.S. Treasury securities	49,996		—		49,996
Short-term investments:
U.S. Treasury securities	330,618		(565)		330,053
Corporate debt securities	160,937		(23)		160,914
Total	$	644,529	$	(588)	$	643,941