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Fair Value Measurements, Cash Equivalents and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Estimated Fair Value of Our Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of our cash equivalents, marketable securities and debt.

 

 

 

As of March 31, 2023

 

(in thousands)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

40,337

 

 

$

—

 

 

$

—

 

 

$

40,337

 

U.S. treasury securities

 

$

64,272

 

 

$

—

 

 

$

—

 

 

$

64,272

 

Corporate securities

 

$

—

 

 

$

157,000

 

 

$

—

 

 

$

157,000

 

Total financial assets

 

$

104,609

 

 

$

157,000

 

 

$

—

 

 

$

261,609

 

 

 

 

As of December 31, 2022

 

(in thousands)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

68,129

 

 

$

—

 

 

$

—

 

 

$

68,129

 

U.S. treasury securities

 

$

72,577

 

 

$

—

 

 

$

—

 

 

$

72,577

 

Corporate securities

 

$

—

 

 

$

139,364

 

 

$

—

 

 

$

139,364

 

Total financial assets

 

$

140,706

 

 

$

139,364

 

 

$

—

 

 

$

280,070

 

 

4. Fair value measurements, cash equivalents and marketable securities (continued)

The following tables summarize the estimated fair value of our cash equivalents and marketable securities.

 

 

 

As of March 31, 2023

 

(in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

40,337

 

 

$

—

 

 

$

—

 

 

$

40,337

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

64,545

 

 

$

—

 

 

$

(274

)

 

$

64,271

 

Corporate securities

 

$

157,209

 

 

$

—

 

 

$

(209

)

 

$

157,000

 

 

 

 

 

As of December 31, 2022

 

(in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

68,194

 

 

$

—

 

 

$

(65

)

 

$

68,129

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

73,208

 

 

$

—

 

 

$

(631

)

 

$

72,577

 

Corporate securities

 

$

139,932

 

 

$

—

 

 

$

(568

)

 

$

139,364