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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Summary of Fair Value of Financial Instrument | The following tables summarize the fair value of the Company’s financial instruments (in thousands):
|  |  |  |  | Fair Value Measurements Using |
|  | December 31, 2022 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 36,494 |  |  | $ | 36,494 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 88,681 |  |  | $ | — |  |  | $ | 88,681 |  |  | $ | — |
Commercial paper |  |  | 65,409 |  |  |  | — |  |  |  | 65,409 |  |  |  | — |
Government securities |  |  | 160,559 |  |  |  | — |  |  |  | 160,559 |  |  |  | — |
Total short-term investments |  | $ | 314,649 |  |  | $ | — |  |  | $ | 314,649 |  |  | $ | — |
Total |  | $ | 351,143 |  |  | $ | 36,494 |  |  | $ | 314,649 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements Using |
|  | December 31, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 57,018 |  |  | $ | 57,018 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 111,466 |  |  | $ | — |  |  | $ | 111,466 |  |  | $ | — |
Commercial paper |  |  | 21,272 |  |  |  | — |  |  |  | 21,272 |  |  |  |
U.S. Government securities |  |  | 44,534 |  |  |  | — |  |  |  | 44,534 |  |  |  | — |
Total short-term investments |  | $ | 177,272 |  |  | $ | — |  |  | $ | 177,272 |  |  | $ | — |
Total |  | $ | 234,290 |  |  | $ | 57,018 |  |  | $ | 177,272 |  |  | $ | — |
Short-term investments |
Schedule of Short-term Investments | The following tables summarize the Company’s short-term investments as of December 31, 2022 and 2021 (in thousands):
|  |  |  | December 31, 2022 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Losses |  |  | Unrealized Gains |  |  | Estimated Fair Value |
Corporate debt securities |  | 1 year or less |  | $ | 88,995 |  |  | $ | (320 | ) |  | $ | 6 |  |  | $ | 88,681 |
Commercial paper |  | 1 year or less |  |  | 65,532 |  |  |  | (123 | ) |  |  | — |  |  |  | 65,409 |
Government securities |  | 1 year or less |  |  | 160,801 |  |  |  | (319 | ) |  |  | 77 |  |  |  | 160,559 |
Total |  |  |  | $ | 315,328 |  |  | $ | (762 | ) |  | $ | 83 |  |  | $ | 314,649 |
|  |  |  | December 31, 2021 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Losses |  |  | Unrealized Gains |  |  | Estimated Fair Value |
Corporate debt securities |  | 1 year or less |  | $ | 111,548 |  |  | $ | (89 | ) |  | $ | 7 |  |  | $ | 111,466 |
Commercial paper |  | 1 year or less |  |  | 21,272 |  |  |  | — |  |  |  | — |  |  |  | 21,272 |
U.S. Government securities |  | 1 year or less |  |  | 44,602 |  |  |  | (68 | ) |  |  | — |  |  |  | 44,534 |
Total |  |  |  | $ | 177,422 |  |  | $ | (157 | ) |  | $ | 7 |  |  | $ | 177,272 |

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