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Fair Value of Financial Instruments (Tables)
 6 Months Ended
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