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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 12.Fair Value Measurements The following tables summarize the Company’s assets by significant categories carried at fair value measured on a recurring basis at March 31, 2022 and December 31, 2021 by valuation hierarchy (in thousands):
|  | March 31, 2022 |
|  | Carrying Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Cash Equivalents |  |  | Marketable Securities |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 87,731 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,731 |  |  | $ | 87,731 |  |  | $ | — |
Subtotal |  | $ | 87,731 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,731 |  |  | $ | 87,731 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 45,887 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,887 |  |  | $ | — |  |  | $ | 45,887 |
U.S. treasury securities |  |  | 43,405 |  |  |  | — |  |  |  | (53 | ) |  |  | 43,352 |  |  |  | — |  |  |  | 43,352 |
Subtotal |  | $ | 89,292 |  |  | $ | — |  |  | $ | (53 | ) |  | $ | 89,239 |  |  | $ | — |  |  | $ | 89,239 |
Total |  | $ | 177,023 |  |  | $ | — |  |  | $ | (53 | ) |  | $ | 176,970 |  |  | $ | 87,731 |  |  | $ | 89,239 |
|  | December 31, 2021 |
|  | Carrying Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Cash Equivalents |  |  | Marketable Securities |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 155,551 |  |  | $ | — |  |  | $ | — |  |  | $ | 155,551 |  |  | $ | 155,551 |  |  | $ | — |
Subtotal |  | $ | 155,551 |  |  | $ | — |  |  | $ | — |  |  | $ | 155,551 |  |  | $ | 155,551 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 49,514 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,514 |  |  | $ | 16,549 |  |  | $ | 32,965 |
Subtotal |  | $ | 49,514 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,514 |  |  | $ | 16,549 |  |  | $ | 32,965 |
Total |  | $ | 205,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 205,065 |  |  | $ | 172,100 |  |  | $ | 32,965 |
At March 31, 2022, substantially all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. Marketable securities consist of investments with an original or remaining maturity of greater than three months but less than one year at the date of purchase. The Company had investments of $89.2 million in marketable securities at March 31, 2022. At December 31, 2021, a total of $155.6 million, or 90.4% of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. $16.5 million, or 9.6% of the Company’s interest-bearing cash equivalent balances consisted of investment-grade commercial paper. Generally, these investments may be sold upon demand and, therefore, the Company believes they have minimal risk. The Company had investments of $33.0 million in marketable securities at December 31, 2021. The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. The marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity. The carrying amounts of the short-term borrowings and long-term debt under the Company’s SVB Loan Agreement approximate the estimated fair value. These borrowings under the Credit Facilities have a variable interest rate structure and are classified within Level 2 of the fair value hierarchy.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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