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Marketable Securities and Fair Value Measurements
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
The following is a summary of marketable securities accounted for as available-for-sale securities at September 30, 2022 and December 31, 2021:
As of September 30, 2022 (in thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Commercial paper$155,652 $— $(574)$155,078 
Corporate debt securities14,202 — (136)14,066 
Government obligations & agency securities64,232 1 (511)63,722 
Total$234,086 $1 $(1,221)$232,866 

As of December 31, 2021 (in thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Commercial paper$145,894 $55 $— $145,949 
Corporate debt securities4,138 — — 4,138 
Government obligations4,986 — (6)4,980 
Total$155,018 $55 $(6)$155,067 

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of September 30, 2022 are as follows:


As of September 30, 2022 (in thousands)
Securities in an unrealized loss position less than 12 monthsSecurities in an unrealized loss position greater than 12 monthsTotal
Unrealized lossesFair ValueUnrealized lossesFair ValueUnrealized lossesFair Value
Commercial paper$(574)$147,581 $— $— $(574)$147,581 
Corporate debt securities(136)14,065 — — (136)14,065 
Government obligations & agency securities(465)46,795 (46)14,952 (511)61,747 
Total$(1,175)$208,441 $(46)$14,952 $(1,221)$223,393 

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2021 are as follows:
As of December 31, 2021 (in thousands)
Securities in an unrealized loss position less than 12 monthsSecurities in an unrealized loss position greater than 12 monthsTotal
Unrealized lossesFair ValueUnrealized lossesFair ValueUnrealized lossesFair Value
Commercial paper$— $— $— $— $— $— 
Corporate debt securities— — — — — — 
Government obligations(6)4,980 — — (6)4,980 
Total$(6)$4,980 $— $— $(6)$4,980 

Marketable securities on the balance sheet at September 30, 2022 and December 31, 2021 are as follows:


 September 30, 2022
Less than 12 MonthsMore Than 12 Months
Commercial paper$155,078 $— 
Corporate debt securities14,066 — 
Government obligations & agency securities46,795 16,927 
Total Marketable securities$215,939 $16,927 

December 31, 2021
Less than 12 MonthsMore Than 12 Months
Commercial paper$145,949 $— 
Corporate debt securities4,138 — 
Government obligations— 4,980 
Total Marketable securities$150,087 $4,980 

The Company classifies all of its securities as current as they are all available for sale and are available for current operations.

The following tables present information about the Company's financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


As of September 30, 2022 (in thousands)
Level 1Level 2 Level 3Total
Cash equivalents:
   Money market funds$53,472 $— $— $53,472 
   Commercial paper— 4,988 — 4,988 
Marketable securities:
   Commercial paper— 155,078 — 155,078 
   Corporate debt securities— 14,065 — 14,065 
   Government obligations &
   agency securities		— 63,723 — 63,723 
      Total $53,472 $237,854 $— $291,326 
As of December 31, 2021 (in thousands)
Level 1Level 2 Level 3Total
Cash equivalents:
   Money market funds$67,289 $— $— $67,289 
   Commercial paper— 80,541 — 80,541 
   Corporate debt securities— 8,165 — 8,165 
Marketable securities:
   Commercial paper— 145,949 — 145,949 
   Corporate debt securities— 4,138 — 4,138 
   Government obligations— 4,980 — 4,980 
      Total $67,289 $243,773 $— $311,062