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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Company's Financial Assets

The fair value of the Company’s financial assets by level within the fair value hierarchy were as follows (in thousands):

 

March 31, 2023

 

 

Level 1

 

Level 2

 

Level 3

 

Money market fund (cash equivalent)

$

243,214

 

$

—

 

$

—

 

Money market fund (long-term restricted cash)

 

2,501

 

—

 

—

 

Marketable securities:

 

 

 

 

 

 

   Commercial paper

—

 

 

158,884

 

—

 

   Corporate debt

—

 

 

21,156

 

—

 

   Government agency

—

 

 

78,661

 

—

 

Total assets measured at fair value

$

245,715

 

$

258,701

 

$

—

 

 

 

 

December 31, 2022

 

 

Level 1

 

Level 2

 

Level 3

 

Money market fund (cash equivalent)

$

57,697

 

$

—

 

$

—

 

Money market fund (long-term restricted cash)

 

2,501

 

—

 

—

 

Marketable securities:

 

 

 

 

 

 

   Commercial paper

—

 

 

129,810

 

—

 

   Corporate debt

—

 

 

11,866

 

—

 

   Government agency

—

 

 

48,980

 

—

 

Total assets measured at fair value

$

60,198

 

$

190,656

 

$

—