Recurring Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

3.Recurring Fair Value Measurements

The following table sets forth the Company’s financial instruments as of June 30, 2022 and December 31, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	June 30, 2022
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	94,318	$	—	$	—	$	94,318
U.S. treasury securities		—		5,987		—		5,987
U.S. government agency securities		—		99,802		—		99,802
Total assets measured at fair value	$	94,318	$	105,789	$	—	$	200,107

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	111,221	$	—	$	—	$	111,221
Total assets measured at fair value	$	111,221	$	—	$	—	$	111,221

The Company's money market funds are classified as Level 1 because they are measured using observable inputs from active markets for identical assets.

The Company's U.S. treasury securities and U.S. government agency securities are classified as Level 2 because they are measured with inputs that are either directly or indirectly observable for the asset which include quoted prices for similar assets in active markets and quoted prices for identical or similar assets in markets that are not active.

There were no assets or liabilities classified as Level 3 as of June 30, 2022 and December 31, 2021.

There were no transfers between Level 1, Level 2 or Level 3 categories during the periods presented.

The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and unrealized gains and losses (in thousands):

	June 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	94,318	$	—	$	—		$	94,318
U.S. government agency securities		99,820		—		(18	)		99,802
Total cash equivalents		194,138		—		(18	)		194,120
Short-term investments
U.S. treasury securities		5,990		—		(3	)		5,987
Total short-term investments	$	5,990	$	—	$	(3	)	$	5,987

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	111,221	$	—	$	—	$	111,221
Total cash equivalents	$	111,221	$	—	$	—	$	111,221

The following table summarizes the maturities of our available-for-sale securities as of June 30, 2022 (in thousands):

	Amortized Cost		Fair Value
Mature in one year or less	$	200,128	$	200,107
Total	$	200,128	$	200,107

The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized as June 30, 2022 (in thousands):

	June 30, 2022
	Unrealized Losses Less Than 12 Months					Unrealized Losses 12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Financial assets:
U.S. government agency securities	$	99,802	$	(18	)	$	—	$	—	$	99,802	$	(18	)
U.S. treasury securities		5,987		(3	)		—		—		5,987		(3	)
Total financial assets	$	105,789	$	(21	)	$	—	$	—	$	105,789	$	(21	)

The Company did not have available-for-sale securities with gross unrealized losses as of December 31, 2021.

The Company regularly reviews the changes to the rating of its securities and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of June 30, 2022 and December 31, 2021, there were no securities that were in an unrealized loss position for more than 12 months. The Company has not recorded any impairments, as it believes that such losses would be immaterial based on the nature of such securities being U.S. treasury securities.