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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company measures and reports its cash equivalents, restricted cash, and investments at fair value. Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs, except for investments in U.S. treasury securities which are classified as Level 1. There were no Level 3 assets or liabilities as of September 30, 2023 and as of December 31, 2022. Financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of September 30, 2023 and as of December 31, 2022 are presented in the following tables:
| September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
| (In thousands)
Financial Assets: |  |  |  |  |  |  |
Money market funds (1) | $ | 50,937 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,937 |
Corporate bonds | — |  |  | 86,179 |  |  | — |  |  | 86,179 |
U.S. treasury securities | 310,957 |  |  | — |  |  | — |  |  | 310,957 |
U.S. agency securities | — |  |  | 41,266 |  |  | — |  |  | 41,266 |
Total financial assets | $ | 361,894 |  |  | $ | 127,445 |  |  | $ | — |  |  | $ | 489,339 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
| (In thousands)
Financial Assets: |  |  |  |  |  |  |
Money market funds (1) | $ | 10,679 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,679 |
Commercial paper | — |  |  | 4,954 |  |  | — |  |  | 4,954 |
Corporate bonds | — |  |  | 153,256 |  |  | — |  |  | 153,256 |
U.S. treasury securities | 318,022 |  |  | — |  |  | — |  |  | 318,022 |
U.S. agency securities | — |  |  | 39,416 |  |  | — |  |  | 39,416 |
Total financial assets | $ | 328,701 |  |  | $ | 197,626 |  |  | $ | — |  |  | $ | 526,327 |
(1)Included within cash and cash equivalents on the Company’s condensed consolidated balance sheets

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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