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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Measured at Fair Value on Recurring Basis

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, 2022 (in thousands):

 

 

 

Valuation

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Hierarchy

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Money market funds

 

Level 1

 

$

18,224

 

 

$

 

 

$

 

 

$

18,224

 

Commercial paper

 

Level 2

 

 

104,279

 

 

 

1

 

 

 

(84

)

 

 

104,196

 

U.S. government bonds

 

Level 2

 

 

18,225

 

 

 

1

 

 

 

(109

)

 

 

18,117

 

Agency bonds

 

Level 2

 

 

13,986

 

 

 

 

 

 

(78

)

 

 

13,908

 

Corporate debt securities

 

Level 2

 

 

10,488

 

 

 

 

 

 

(62

)

 

 

10,426

 

U.S. treasury bills

 

Level 2

 

 

7,414

 

 

 

1

 

 

 

(21

)

 

 

7,394

 

Agency discount securities

 

Level 2

 

 

5,216

 

 

 

9

 

 

 

 

 

 

5,225

 

Non-U.S. debt securities

 

Level 2

 

 

3,975

 

 

 

 

 

 

(20

)

 

 

3,955

 

Total cash equivalents and available-for-
   sale securities

 

 

 

$

181,807

 

 

$

12

 

 

$

(374

)

 

$

181,445

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

$

48,540

 

Short-term available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

132,905

 

Total cash equivalents and available-for-
   sale securities

 

 

 

 

 

 

 

 

 

 

 

 

$

181,445

 

 

 

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):

 

 

 

Valuation

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Hierarchy

 

Cost

 

 

Gains

 

 

Losses

 

 

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

 

 

Schedule of Contractual Maturities of Cash Equivalents and Available-for-Sale Securities

The following table summarizes the Company’s cash equivalents and available-for-sale securities by contractual maturity as of December 31, 2022 (in thousands):

 

Within one year

 

$

175,243

 

After one year through two years

 

 

6,202

 

Total cash equivalents and available-for-sale securities

 

$

181,445

 

 

The following table summarizes the Company’s cash equivalents and 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