Investments in Marketable Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities and Fair Value Measurements

The carrying amount, unrealized gain and loss, and fair value of investments in marketable securities by major security type were as follows:


	December 31, 2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash equivalents:
Money market funds	$	2,357	$	—	$	—	$	2,357	Level 1
Commercial paper	2,150		—		—		2,150		Level 2


Total cash equivalents	4,507		—		—		4,507
Marketable securities:
U.S. treasury and agency securities	269,393		—		(745)		268,648		Level 2
Commercial paper	27,187		—		(7)		27,180		Level 2
Debt securities	33,366		—		(47)		33,319		Level 2
Certificates of deposit	5,000		—		—		5,000		Level 2
Total marketable securities	334,946		—		(799)		334,147
Restricted cash, non-current:
Certificates of deposit	335		—		—		335		Level 2
Total	$	339,788	$	—	$	(799)	$	338,989


	December 31, 2020
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Fair Value Hierarchy
	(In thousands)
Cash equivalents:
Money market funds	$	24,036	$	—	$	—	$	24,036	Level 1
Commercial paper	1,150		—		—		1,150		Level 2


Total cash equivalents	25,186		—		—		25,186
Marketable securities:
U.S. treasury and agency securities	89,342		5		(5)		89,342		Level 2
Commercial paper	2,848		—		—		2,848		Level 2
Debt securities	17,774		—		(6)		17,768		Level 2
Certificates of deposit	673		—		—		673		Level 2
Total marketable securities	110,637		5		(11)		110,631
Total	$	135,823	$	5	$	(11)	$	135,817

The Company reports its investments in marketable securities at fair value on the consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:

Level 1—Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

Level 3—Unobservable inputs which are supported by little or no market activity and which are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.

The following table summarizes the stated maturities of the Company’s marketable securities:


	December 31, 2021		December 31, 2020
	(In thousands)
Due within one year	$	202,895	$	110,631
Due after one year through two years	131,252		—
Total marketable securities	$	334,147	$	110,631

As of December 31, 2021 and December 31, 2020, marketable securities in an unrealized loss position were immaterial, individually and in the aggregate.

The Company determines realized gains or losses on the sale of available-for-sale securities on a specific identification method. The Company did not recognize any impairment of marketable securities during the years ended December 31, 2021, 2020 and 2019.