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v3.23.1

FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of cash equivalents, restricted cash and marketable securities by security type | Cash equivalents, restricted cash and marketable securities by security type at March 31, 2023 were as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Included in cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 35,361 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,361 |
Government-sponsored enterprise securities |  |  | 7,440 |  |  |  | 5 |  |  |  | — |  |  |  | 7,445 |
Commercial paper |  |  | 33,657 |  |  |  | 1 |  |  |  | (30 | ) |  |  | 33,628 |
|  | $ | 76,458 |  |  | $ | 6 |  |  | $ | (30 | ) |  | $ | 76,434 |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 93 |  |  | $ | — |  |  | $ | — |  |  | $ | 93 |
Certificate of deposit |  |  | 272 |  |  |  | — |  |  |  | — |  |  |  | 272 |
|  | $ | 365 |  |  | $ | — |  |  | $ | — |  |  | $ | 365 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities (due in less than one year) |  | $ | 61,664 |  |  | $ | 42 |  |  | $ | (15 | ) |  | $ | 61,691 |
Government-sponsored enterprise securities (due in one to two years) |  |  | 11,845 |  |  |  | 22 |  |  |  | — |  |  |  | 11,867 |
Commercial paper (due in less than one year) |  |  | 191,461 |  |  |  | 31 |  |  |  | (174 | ) |  |  | 191,318 |
Corporate notes (due in less than one year) |  |  | 14,984 |  |  |  | — |  |  |  | (29 | ) |  |  | 14,955 |
Corporate notes (due in one to two years) |  |  | 16,251 |  |  |  | 14 |  |  |  | (32 | ) |  |  | 16,233 |
|  | $ | 296,205 |  |  | $ | 109 |  |  | $ | (250 | ) |  | $ | 296,064 |
Cash equivalents, restricted cash and marketable securities by security type at December 31, 2022 were as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Included in cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 39,771 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,771 |
|  | $ | 39,771 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,771 |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 93 |  |  | $ | — |  |  | $ | — |  |  | $ | 93 |
Certificate of deposit |  |  | 271 |  |  |  | — |  |  |  | — |  |  |  | 271 |
|  | $ | 364 |  |  | $ | — |  |  | $ | — |  |  | $ | 364 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities (due in less than one year) |  | $ | 12,983 |  |  | $ | — |  |  | $ | (62 | ) |  | $ | 12,921 |
Municipal securities (due in less than one year) |  |  | 3,000 |  |  |  | — |  |  |  | (24 | ) |  |  | 2,976 |
Government-sponsored enterprise securities (due in less than one year) |  |  | 9,860 |  |  |  | — |  |  |  | (14 | ) |  |  | 9,846 |
Commercial paper (due in less than one year) |  |  | 64,285 |  |  |  | 6 |  |  |  | (92 | ) |  |  | 64,199 |
Corporate notes (due in less than one year) |  |  | 26,014 |  |  |  | — |  |  |  | (55 | ) |  |  | 25,959 |
|  | $ | 116,142 |  |  | $ | 6 |  |  | $ | (247 | ) |  | $ | 115,901 |
Schedule of cash equivalents and marketable securities with unrealized losses | Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at March 31, 2023 and December 31, 2022 were as follows:
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |
(In thousands) |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
As of March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities (due in less than one year) |  | $ | 22,718 |  |  | $ | (15 | ) |  | $ | — |  |  | $ | — |  |  | $ | 22,718 |  |  |  | (15 | )
Commercial paper (due in less than one year) |  |  | 162,072 |  |  |  | (204 | ) |  |  | — |  |  |  | — |  |  |  | 162,072 |  |  |  | (204 | )
Corporate notes (due in less than one year) |  |  | 3,976 |  |  |  | (6 | ) |  |  | 10,979 |  |  |  | (23 | ) |  |  | 14,955 |  |  |  | (29 | )
Corporate notes (due in one to two years) |  |  | 9,546 |  |  |  | (32 | ) |  |  | — |  |  |  | — |  |  |  | 9,546 |  |  |  | (32 | )
|  | $ | 198,312 |  |  | $ | (257 | ) |  | $ | 10,979 |  |  | $ | (23 | ) |  | $ | 209,291 |  |  | $ | (280 | )
As of December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities (due in less than one year) |  | $ | 11,424 |  |  | $ | (57 | ) |  | $ | 1,497 |  |  | $ | (5 | ) |  | $ | 12,921 |  |  | $ | (62 | )
Municipal securities (due in less than a year) |  |  | — |  |  |  | — |  |  |  | 2,976 |  |  |  | (24 | ) |  |  | 2,976 |  |  |  | (24 | )
Government-sponsored enterprise securities (due in less than one year) |  |  | 9,845 |  |  |  | (14 | ) |  |  | — |  |  |  | — |  |  |  | 9,845 |  |  |  | (14 | )
Commercial paper (due in less than one year) |  |  | 52,454 |  |  |  | (92 | ) |  |  | — |  |  |  | — |  |  |  | 52,454 |  |  |  | (92 | )
Corporate notes (due in less than one year) |  |  | 1,998 |  |  |  | (2 | ) |  |  | 23,962 |  |  |  | (53 | ) |  |  | 25,960 |  |  |  | (55 | )
|  | $ | 75,721 |  |  | $ | (165 | ) |  | $ | 28,435 |  |  | $ | (82 | ) |  | $ | 104,156 |  |  | $ | (247 | )
Schedule of financial instruments measured at fair value on recurring basis | The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 and indicates the fair value category assigned.
|  | Fair Value Measurements at Reporting Date Using |
|  | Quoted Prices in |  |  |  |  |  | Significant |  |  |  |
|  | Active Markets for |  |  | Significant Other |  |  | Unobservable |  |  |  |
|  | Identical Assets |  |  | Observable Inputs |  |  | Inputs |  |  |  |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
As of March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1)(2) |  | $ | 35,454 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,454 |
Certificate of deposit(2) |  |  | 272 |  |  |  | — |  |  |  | — |  |  |  | 272 |
Government-sponsored enterprise securities(1)(3)(4) |  |  | — |  |  |  | 81,004 |  |  |  | — |  |  |  | 81,004 |
Commercial paper(1)(3) |  |  | — |  |  |  | 224,946 |  |  |  | — |  |  |  | 224,946 |
Corporate notes(3)(4) |  |  | — |  |  |  | 31,187 |  |  |  | — |  |  |  | 31,187 |
Total |  | $ | 35,726 |  |  | $ | 337,137 |  |  | $ | — |  |  | $ | 372,863 |
As of December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1)(2) |  | $ | 39,864 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,864 |
Certificate of deposit(2) |  |  | 271 |  |  |  | — |  |  |  | — |  |  |  | 271 |
U.S. Treasury securities(3) |  |  | — |  |  |  | 12,921 |  |  |  | — |  |  |  | 12,921 |
Municipal securities(3) |  |  | — |  |  |  | 2,976 |  |  |  | — |  |  |  | 2,976 |
Government-sponsored enterprise securities(2) |  |  | — |  |  |  | 9,846 |  |  |  | — |  |  |  | 9,846 |
Commercial paper(3) |  |  | — |  |  |  | 64,199 |  |  |  | — |  |  |  | 64,199 |
Corporate notes(3) |  |  | — |  |  |  | 25,959 |  |  |  | — |  |  |  | 25,959 |
Total |  | $ | 40,135 |  |  | $ | 115,901 |  |  | $ | — |  |  | $ | 156,036 |
(1) Included in cash and cash equivalents on our condensed consolidated balance sheets. (2) Included in restricted cash on our condensed consolidated balance sheets. (3) Included in current portion of marketable securities on our condensed consolidated balance sheets. (4) Included in noncurrent portion of marketable securities on our condensed consolidated balance sheets.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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