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Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Fair Value of Financial Instruments | Fair Value Measurements and Fair Value of Financial Instruments The authoritative guidance on the fair value hierarchy for disclosure of fair value measurements is as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of Level 1 securities is determined using quoted prices in active markets for identical assets. Level 1 securities consist of highly liquid money market funds. Financial assets and liabilities are considered Level 2 when their fair values are determined using inputs that are observable in the market or can be derived principally from or corroborated by observable market data such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, Level 2 financial instruments are valued using comparisons to like-kind financial instruments and models that use readily observable market data as their basis. U.S. government and agency securities, commercial paper, and corporate bond are valued primarily using market prices of comparable securities, bid/ask quotes, interest rate yields and prepayment spreads and are included in Level 2. The following is a summary of the Company’s cash equivalents and short-term investments:
| March 31, 2022
| Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
| (In thousands)
Level 1: |  |  |  |  |  |  |
Money market funds | $ | 607 |  |  | $ | — |  |  | $ | — |  |  | $ | 607 |
Level 2: |  |  |  |  |  |  |
U.S. government and agency securities | 62,209 |  |  | — |  |  | (811) |  |  | 61,398 |
Commercial paper | 181,168 |  |  | 1 |  |  | (179) |  |  | 180,990 |
Corporate bonds | 23,197 |  |  | 7 |  |  | (58) |  |  | 23,146 |
Total cash equivalents and short-term investments | 267,181 |  |  | 8 |  |  | (1,048) |  |  | 266,141 |
Less: cash equivalents | (84,741) |  |  | (1) |  |  | 4 |  |  | (84,738) |
Total short-term investments | $ | 182,440 |  |  | $ | 7 |  |  | $ | (1,044) |  |  | $ | 181,403 |
| December 31, 2021
| Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
| (In thousands)
Level 1: |  |  |  |  |  |  |
Money market funds | $ | 10,311 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,311 |
Level 2: |  |  |  |  |  |  |
U.S. government and agency securities | 62,268 |  |  | — |  |  | (218) |  |  | 62,050 |
Commercial paper | 177,215 |  |  | 1 |  |  | (61) |  |  | 177,155 |
Corporate bonds | 47,323 |  |  | — |  |  | (39) |  |  | 47,284 |
Total cash equivalents and short-term investments | 297,117 |  |  | 1 |  |  | (318) |  |  | 296,800 |
Less: cash equivalents | (25,808) |  |  | — |  |  | 1 |  |  | (25,807) |
Total short-term investments | $ | 271,309 |  |  | $ | 1 |  |  | $ | (317) |  |  | $ | 270,993 |
As of March 31, 2022, $38.5 million of marketable securities had remaining maturities between one and two years. The remainder of the marketable securities have a remaining maturity of less than one year. As the Company may sell these securities at any time for use in current operations even if the securities have not yet reached maturity, all marketable securities are classified as current assets in the Company's consolidated balance sheet. Management regularly reviews all of the Company’s investments for other-than-temporary declines in estimated fair value. Management determined that the gross unrealized losses on the Company’s marketable securities as of March 31, 2022 were temporary in nature and none were in a continuous loss position for 12 months or more. Management concluded that none of the Company’s marketable securities were other-than-temporarily impaired as of March 31, 2022.

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- 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 http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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