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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the fair value of financial assets as of June 30, 2022 and December 31, 2021 that were measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

70,358

 

 

$

 

 

$

 

 

$

70,358

 

U.S. government debt securities

 

 

 

 

 

334,857

 

 

 

 

 

 

334,857

 

Corporate bonds

 

 

 

 

 

39,397

 

 

 

 

 

 

39,397

 

Total financial assets

 

$

70,358

 

 

$

374,254

 

 

$

 

 

$

444,612

 

 

 

 

December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

131,946

 

 

$

 

 

$

 

 

$

131,946

 

U.S. government debt securities

 

 

 

 

 

391,145

 

 

 

 

 

 

391,145

 

Corporate bonds

 

 

 

 

 

39,996

 

 

 

 

 

 

39,996

 

Total financial assets

 

$

131,946

 

 

$

431,141

 

 

$

 

 

$

563,087