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v3.23.2

Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
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 |
|  | June 30, 2023 |  |  | 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 |  | $ | 27,893 |  |  | $ | 27,893 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 23,669 |  |  | $ | — |  |  | $ | 23,669 |  |  | $ | — |
Commercial paper |  |  | 38,530 |  |  |  | — |  |  |  | 38,530 |  |  |  | — |
U.S. Government securities |  |  | 189,437 |  |  |  | — |  |  |  | 189,437 |  |  |  | — |
Total short-term investments |  |  | 251,636 |  |  |  | — |  |  |  | 251,636 |  |  |  | — |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 10,953 |  |  | $ | — |  |  | $ | 10,953 |  |  | $ | — |
Corporate debt securities |  |  | 7,775 |  |  |  | — |  |  |  | 7,775 |  |  | $ | — |
Total long-term investments |  |  | 18,728 |  |  |  | — |  |  |  | 18,728 |  |  |  | — |
Total |  | $ | 298,257 |  |  | $ | 27,893 |  |  | $ | 270,364 |  |  | $ | — |
|  |  |  |  | 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 |  |  | $ | — |
Short-term investments |
Schedule of Short-term Investments | The following tables summarize the Company’s investments accounted for as available-for-sale securities as of June 30, 2023 and December 31, 2022 (in thousands):
|  |  |  | June 30, 2023 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Losses |  |  | Unrealized Gains |  |  | Estimated Fair Value |
Corporate debt securities |  | 1 year or less |  | $ | 23,724 |  |  | $ | (55 | ) |  |  |  |  | $ | 23,669 |
Commercial paper |  | 1 year or less |  |  | 38,641 |  |  |  | (111 | ) |  |  | — |  |  |  | 38,530 |
U.S. Government securities |  | 1 year or less |  |  | 189,806 |  |  |  | (380 | ) |  |  | 11 |  |  |  | 189,437 |
Corporate debt securities |  | Greater than 1 year |  |  | 7,801 |  |  |  | (26 | ) |  |  | — |  |  |  | 7,775 |
U.S. Government securities |  | Greater than 1 year |  |  | 10,993 |  |  |  | (40 | ) |  |  |  |  |  | 10,953 |
Total |  |  |  | $ | 270,965 |  |  | $ | (612 | ) |  | $ | 11 |  |  | $ | 270,364 |
|  |  |  | 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 |

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