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Fair Value Measurement

3 Months Ended

Mar. 31, 2022

The following tables summarize the Company’s financial instruments recorded at fair value on a recurring basis by level within the fair value hierarchy as of the periods presented


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds	$	94,358	$	—	$	—	$	94,358
Marketable Securities
U.S. Treasury securities	—		194,739		—		194,739
Certificates of deposit	—		14,234		—		14,234
Corporate debt securities	—		32,712		—		32,712
Commercial paper	—		14,664		—		14,664
Asset-backed securities	—		5,178		—		5,178
Total cash equivalents and marketable securities	$	94,358	$	261,527	$	—	$	355,885


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market mutual funds	$	151,079	$	—	$	—	$	151,079
Marketable Securities
U.S. Treasury securities	—		157,277		—		157,277
Certificates of deposit	—		6,490		—		6,490
Corporate debt securities	—		36,327		—		36,327
Commercial paper	—		11,620		—		11,620
Asset-backed securities	—		5,895		—		5,895
Total cash equivalents and marketable securities	$	151,079	$	217,609	$	—	$	368,688

As of March 31, 2022 and December 31, 2021, the Company classified its highly liquid money market mutual funds within level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classified its U.S. Treasury securities, certificates of deposit, commercial paper, corporate debt securities and asset-backed securities within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded.

- 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.

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