Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Available for Sale Marketable Securities By Security Type

As of March 31, 2022, 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)	$	21,947	$	—	$	(40)	$	21,907
Commercial paper (due within one year)	87,918		2		(168)		87,752
Corporate notes and bonds (due within one year)	19,935		3		(93)		19,845
U.S. treasury notes (due after one year through two years)	2,982		—		(58)		2,924
Corporate notes and bonds (due after one year through two years)	79,505		1		(841)		78,665
Total	$	212,287	$	6	$	(1,200)	$	211,093

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

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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


	Fair Value Measurements at March 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	54,436	$	—	$	—	$	54,436
U.S. treasury notes	—		109,996		—		109,996
Commercial paper	—		50,663		—		50,663
Marketable securities:
U.S. treasury notes	—		24,831		—		24,831
Commercial paper	—		87,752		—		87,752
Corporate notes and bonds	—		98,510		—		98,510
Total	$	54,436	$	371,752	$	—	$	426,188
	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