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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Short-term Investments

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