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Fair Value of Financial Instruments (Tables)
 12 Months Ended
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