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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of June 30, 2023 and December 31, 2022.

						June 30, 2023
(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities						$	32,218					$	—					$	(338)					$	31,880
Yankee bonds						2,608						—						(58)						2,550
Agency bonds						6,025						—						(119)						5,906
Municipal bonds						12,768						—						(937)						11,831
Commercial paper						2,929						—						—						2,929
Asset-backed securities						15,537						—						(180)						15,357
Corporate bonds						51,299						1						(1,481)						49,819
Total						$	123,384					$	1					$	(3,113)					$	120,272

						December 31, 2022
(in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities						$	56,426					$	—					$	(651)					$	55,775
Yankee bonds						5,358						—						(92)						5,266
Agency bonds						12,485						—						(116)						12,369
Municipal bonds						12,841						—						(1,030)						11,811
Commercial paper						2,846						8						—						2,854
Asset-backed securities						25,544						2						(427)						25,119
Corporate bonds						63,748						3						(2,136)						61,615
Total						$	179,248					$	13					$	(4,452)					$	174,809

Schedule of Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at June 30, 2023 and December 31, 2022.

						June 30, 2023
(in thousands)						One Year or Less						Over One Year Through Five Years						Over Five Years						Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities						$	31,880					$	—					$	—					$	31,880
Yankee bonds						2,550						—						—						2,550
Agency bonds						3,557						2,349						—						5,906
Municipal bonds						—						11,831						—						11,831
Commercial paper						2,929						—						—						2,929
Asset-backed securities						15,357						—						—						15,357
Corporate bonds						32,429						17,390						—						49,819
Total						$	88,702					$	31,570					$	—					$	120,272

						December 31, 2022
(in thousands)						One Year or Less						Over One Year Through Five Years						Over Five Years						Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities						$	40,795					$	14,980					$	—					$	55,775
Yankee bonds						2,734						2,532						—						5,266
Agency bonds						6,470						5,899						—						12,369
Municipal bonds						—						11,811						—						11,811
Commercial paper						2,854						—						—						2,854
Asset-backed securities						23,179						1,940						—						25,119
Corporate bonds						35,377						26,238						—						61,615
Total						$	111,409					$	63,400					$	—					$	174,809

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of June 30, 2023 and December 31, 2022.

						June 30, 2023
(in thousands)						Level 1						Level 2						Level 3						Total
Financial Assets:
Cash equivalents:
Money market funds						$	283,214					$	—					$	—					$	283,214
Marketable securities:
U.S. Treasury securities						31,880						—						—						31,880
Yankee bonds						2,550						—						—						2,550
Agency bonds						5,906						—						—						5,906
Municipal bonds						11,831						—						—						11,831
Commercial paper						—						2,929						—						2,929
Asset-backed securities						—						15,357						—						15,357
Corporate bonds						—						49,819						—						49,819
Total						$	335,381					$	68,105					$	—					$	403,486

						December 31, 2022
(in thousands)						Level 1						Level 2						Level 3						Total
Financial Assets:
Cash equivalents:
Money market funds						$	196,749					$	—					$	—					$	196,749
Commercial paper						—						36,965						—						36,965
Marketable securities:
U.S. Treasury securities						55,775						—						—						55,775
Yankee bonds						5,266						—						—						5,266
Agency bonds						12,369						—						—						12,369
Municipal bonds						11,811						—						—						11,811
Commercial paper						—						2,854						—						2,854
Asset-backed securities						—						25,119						—						25,119
Corporate bonds						—						61,615						—						61,615
Total						$	281,970					$	126,553					$	—					$	408,523

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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