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

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents and Short-term Investments

The following is a summary of the Company’s cash equivalents and short-term investments:


			March 31, 2023
			Amortized Cost Basis						Unrealized Gains						Unrealized Losses						Estimated Fair Value
			(In thousands)
Level 1:
Money market funds			$	10,984					$	—					$	—					$	10,984
Level 2:
Commercial paper			72,594						1						(66)						72,529
U.S. government and agency securities			71,949						6						(300)						71,655
Corporate bonds			2,059						—						(7)						2,052
Total cash equivalents and short-term investments			157,586						7						(373)						157,220
Less: cash equivalents			(60,485)						(6)						4						(60,487)
Total short-term investments			$	97,101					$	1					$	(369)					$	96,733


			December 31, 2022
			Amortized Cost Basis						Unrealized Gains						Unrealized Losses						Estimated Fair Value
			(In thousands)
Level 1:
Money market funds			$	10,235					$	—					$	—					$	10,235
Level 2:
Commercial paper			102,722						—						(246)						102,476
U.S. government and agency securities			59,487						—						(824)						58,663
Corporate bonds			2,059						—						(35)						2,024

Total cash equivalents and short-term investments			174,503						—						(1,105)						173,398
Less: cash equivalents			(56,256)						—						16						(56,240)
Total short-term investments			$	118,247					$	—					$	(1,089)					$	117,158