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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

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.