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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of available-for-sale marketable securities

Available-for-sale marketable securities consisted of the following (in thousands):

						March 31, 2023
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Asset-backed securities						$	6,079					$	1					$	(10)					$	6,070
Corporate debt securities						10,206						9						(13)						10,202
U.S. treasury securities						120,555						43						(98)						120,500
Agency bonds						18,765						54						(1)						18,818
Commercial paper						23,639						—						(4)						23,635
						$	179,244					$	107					$	(126)					$	179,225

						December 31, 2022
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Asset-backed securities						$	1,146					$	—					$	—					$	1,146
Corporate debt securities						7,139						—						(9)						7,130
U.S. treasury securities						111,469						—						(934)						110,535
Agency bonds						2,783						2						(1)						2,784
Commercial paper						7,004						—						—						7,004
						$	129,541					$	2					$	(944)					$	128,599

Schedule of contractual maturities of available-for-sale debt securities

The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):

						March 31, 2023						December 31, 2022
Due within one year						$	154,591					$	114,353
Due after one year but within five years						24,634						14,246
						$	179,225					$	128,599

Schedule of assets measured at fair value on a recurring basis

The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):

						March 31, 2023																		December 31, 2022
						Level 1						Level 2						Total estimated fair value						Level 1						Level 2						Total estimated fair value
Cash equivalents
Money market funds						$	70,345					$	—					$	70,345					$	191,704					$	—					$	191,704
Available-for-sale marketable    securities
Asset-backed securities						—						6,070						6,070						—						1,146						1,146
Corporate debt securities						—						10,202						10,202						—						7,130						7,130
U.S. treasury securities						120,500						—						120,500						110,535						—						110,535
Agency bonds						18,818						—						18,818						2,784						—						2,784
Commercial paper						—						23,635						23,635						—						7,004						7,004
						$	209,663					$	39,907					$	249,570					$	305,023					$	15,280					$	320,303

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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