XML 33 R10.htm IDEA: XBRL DOCUMENT
v3.22.4

Fair Value of Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments 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 |  |  | $ | — |
Cash Equivalents and Short-Term Investments Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of money market funds and short-term investments consisted of commercial paper, corporate debt securities and Government securities. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. Investments are classified as Level 1 within the fair value hierarchy if their quoted prices are available in active markets for identical securities. Investments in money market funds of $36.5 million and $57.0 million included in cash equivalents as of December 31, 2022 and 2021, respectively, were classified as Level 1 instruments. Investments in corporate debt securities, commercial paper and Government securities included in short-term investments are valued using Level 2 inputs. Level 2 securities are initially valued at the transaction price and subsequently valued and reported upon utilizing inputs other than quoted prices that are observable either directly or indirectly, such as quotes from third-party pricing vendors. Fair values determined by Level 2 inputs, which utilize data points that are observable such as quoted prices, interest rates and yield curves, require the exercise of judgment and use of estimates, that if changed, could significantly affect the Company’s financial position and results of operations. 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 |
The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of December 31, 2022 and 2021 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. The Company concluded that an allowance for credit losses was unnecessary as of December 31, 2022 and 2021. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value, except for investments totaling $67.6 million that were sold with a realized loss of $0.3 million in January 2023. The Company recorded this $0.3 million as an impairment loss for the year ended December 31, 2022. Unrealized gains and losses are included in accumulated other comprehensive loss. The Company excludes accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment and to not measure an allowance for expected credit losses for accrued interest receivables. Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. It is the Company's policy to present the accrued interest receivable balance as part of prepaid expenses and other current assets in the balance sheets. Accrued interest receivable related to short-term investments was $0.8 million and $1.0 million as of December 31, 2022 and 2021, respectively.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration