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Fair Value Measurements and Fair Value of Financial Instruments
 3 Months Ended
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 investments267,181 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 securities62,268 — (218)62,050 
Commercial paper177,215 1 (61)177,155 
Corporate bonds47,323 — (39)47,284 
Total cash equivalents and short-term investments297,117 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.