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

6 Months Ended

Jun. 30, 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:


			June 30, 2022
			Amortized Cost Basis						Unrealized Gains						Unrealized Losses						Estimated Fair Value
			(In thousands)
Level 1:
Money market funds			$	10,108					$	—					$	—					$	10,108
Level 2:
U.S. government and agency securities			55,150						—						(1,008)						54,142
Commercial paper			150,364						—						(323)						150,041
Corporate bonds			7,060						—						(48)						7,012
Total cash equivalents and short-term investments			222,682						—						(1,379)						221,303
Less: cash equivalents			(77,342)						—						10						(77,332)
Total short-term investments			$	145,340					$	—					$	(1,369)					$	143,971


			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