Marketable Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Marketable Securities and Fair Value Measurements

Marketable Securities and Fair Value Measurements

As of December 31, 2021, available for sale marketable securities by security type consisted of (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper (due within one year)	$	36,246	$	—	$	(3)	$	36,243
Corporate notes and bonds (due within one year)	16,917		—		(7)		16,910
Total	$	53,163	$	—	$	(10)	$	53,153

As of December 31, 2020, available for sale marketable securities by security type consisted of (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury notes (due within one year)	$	92,982	$	—	$	(7)	$	92,975
Total	$	92,982	$	—	$	(7)	$	92,975

The following tables present the Company’s fair value hierarchy for its assets and liabilities, which were measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements at December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	82,252	$	—	$	—	$	82,252
Commercial paper	—		18,496		—		18,496
Marketable securities:
Commercial paper	—		36,243		—		36,243
Corporate notes and bonds	—		16,910		—		16,910
Total	$	82,252	$	71,649	$	—	$	153,901

	Fair Value Measurements at December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	48,770	$	—	$	—	$	48,770
U.S. treasury notes	—		42,997		—		42,997
Marketable securities:
U.S. treasury notes	—		92,975		—		92,975
Total	$	48,770	$	135,972	$	—	$	184,742

During the years ended December 31, 2021 and 2020, there were no transfers between Level 1, Level 2 and Level 3.