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Fair Value Measurement and Marketable Securities | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurement and Marketable Securities | 3. Fair Value Measurement and Marketable Securities The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. As of December 31, 2021, financial assets measured and recorded at fair value are as follows (in thousands):
|  |  |  | December 31, 2021 |
|  |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | Level 1 |  | $ | 122,657 |  |  | $ | — |  |  | $ | (592 | ) |  | $ | 122,065 |
Corporate bonds |  | Level 2 |  |  | 76,628 |  |  |  | 8 |  |  |  | (127 | ) |  |  | 76,509 |
Commercial paper |  | Level 2 |  |  | 77,444 |  |  |  | — |  |  |  | (1 | ) |  |  | 77,443 |
Marketable securities |  |  |  |  | 276,729 |  |  |  | 8 |  |  |  | (720 | ) |  |  | 276,017 |
Money market funds(1) |  | Level 1 |  |  | 91,825 |  |  |  | — |  |  |  | — |  |  |  | 91,825 |
Total fair value of assets |  |  |  | $ | 368,554 |  |  | $ | 8 |  |  | $ | (720 | ) |  | $ | 367,842 |
(1) | Included in cash and cash equivalents on the balance sheet
As of December 31, 2020, financial assets measured and recognized at fair value are as follows (in thousands):
|  |  |  | December 31, 2020 |
|  |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | Level 1 |  | $ | 80,020 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 80,030 |
Corporate bonds |  | Level 2 |  |  | 72,573 |  |  |  | 11 |  |  |  | (14 | ) |  |  | 72,570 |
Commercial paper |  | Level 2 |  |  | 63,948 |  |  |  | — |  |  |  | — |  |  |  | 63,948 |
Marketable securities |  |  |  |  | 216,541 |  |  |  | 21 |  |  |  | (14 | ) |  |  | 216,548 |
Money market funds(1) |  | Level 1 |  |  | 67,065 |  |  |  | — |  |  |  | — |  |  |  | 67,065 |
Total fair value of assets |  |  |  | $ | 283,606 |  |  | $ | 21 |  |  | $ | (14 | ) |  | $ | 283,613 |
(1) | Included in cash and cash equivalents on the balance sheet
As of December 31, 2021, all marketable securities had a remaining maturity of less than two years. As of December 31, 2020, all marketable securities had a remaining maturity of one year or less. There were no financial liabilities measured and recognized at fair value as of December 31, 2021 and December 31, 2020.

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