Fair Value Measurements

9 Months Ended

Sep. 30, 2022

3. Fair Value Measurements

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2022 (in thousands):

		September 30, 2022
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses			Fair Value
Money market funds	Level 1	$	19,191	$	—	$	—		$	19,191
Commercial paper	Level 2		86,511		—		(71	)		86,440
U.S. government bonds	Level 2		32,006		—		(211	)		31,795
Agency bonds	Level 2		11,752		1		(69	)		11,684
Corporate debt securities	Level 2		10,483		—		(71	)		10,412
U.S. treasury bills	Level 2		6,401		—		(23	)		6,378
Non-U.S. debt securities	Level 2		3,951		—		(27	)		3,924
Agency discount securities	Level 2		125		—		—			125
Total cash equivalents and available-for-sale securities		$	170,420	$	1	$	(472	)	$	169,949
Classified as:
Cash equivalents									$	49,009
Short-term available-for-sale securities										120,940
Total cash equivalents and available-for-sale securities									$	169,949

The following table summarizes the Company’s available-for-sale securities by contractual maturity as of September 30, 2022 (in thousands):

Within one year	$	163,790
After one year through two years		6,159
Total cash equivalents and available-for-sale securities	$	169,949

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2021 (in thousands):

		December 31, 2021
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses			Fair Value
Money market funds	Level 1	$	21,477	$	—	$	—		$	21,477
Commercial paper	Level 2		59,647		—		(10	)		59,637
U.S. government bonds	Level 2		21,662		—		(42	)		21,620
Corporate debt securities	Level 2		8,776		1		(1	)		8,776
Agency bonds	Level 2		7,747		1		(7	)		7,741
Municipal bonds	Level 2		4,251		—		(4	)		4,247
Non-U.S. debt securities	Level 2		2,506		—		(1	)		2,505
Total cash equivalents and available-for-sale securities		$	126,066	$	2	$	(65	)	$	126,003
Classified as:
Cash equivalents									$	27,715
Short-term available-for-sale securities										98,288
Total cash equivalents and available-for-sale securities									$	126,003

The following table summarizes the Company’s available-for-sale securities by contractual maturity as of December 31, 2021 (in thousands):

Within one year	$	120,726
After one year through two years		5,277
Total cash equivalents and available-for-sale securities	$	126,003

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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