Marketable Securities and Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Marketable Securities and Fair Value Measurements

As of June 30, 2023, 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)	$	2,995	$	—	$	(62)	$	2,933
U.S. government agencies (due within one year)	6,860		—		(41)		6,819
Commercial paper (due within one year)	22,735		—		(40)		22,695
Corporate notes and bonds (due within one year)	155,649		1		(1,697)		153,953
U.S. government agencies (due after one year through two years)	4,942		—		(48)		4,894
Corporate notes and bonds (due after one year through two years)	36,146		—		(832)		35,314
Total	$	229,327	$	1	$	(2,720)	$	226,608

As of December 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)	$	7,987	$	—	$	(115)	$	7,872
Commercial paper (due within one year)	56,697		2		(301)		56,398
Corporate notes and bonds (due within one year)	139,764		—		(1,342)		138,422
Corporate notes and bonds (due after one year through three years)	93,122		4		(2,234)		90,892
Total	$	297,570	$	6	$	(3,992)	$	293,584

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 June 30, 2023 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	57,703	$	—	$	—	$	57,703


Marketable securities:
U.S. treasury notes	—		2,933		—		2,933
U.S. government agencies	—		11,713		—		11,713
Commercial paper	—		22,695		—		22,695
Corporate notes and bonds	—		189,267		—		189,267
Total	$	57,703	$	226,608	$	—	$	284,311
	Fair Value Measurements at December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	28,077	$	—	$	—	$	28,077
U.S. treasury notes	—		1,998		—		1,998
Commercial paper	—		22,139		—		22,139
Marketable securities:
U.S. treasury notes	—		7,872		—		7,872
Commercial paper	—		56,398		—		56,398
Corporate notes and bonds	—		229,314		—		229,314
Total	$	28,077	$	317,721	$	—	$	345,798

For the three and six months ended June 30, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3.