Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	52,791	$	11	$	(138)	$	52,664
Yankee bonds	6,175		1		(16)		6,160
Agency bonds	17,546		—		(16)		17,530
Municipal bonds	12,440		—		(211)		12,229
Commercial paper	17,694		—		(4)		17,690
Asset-backed securities	27,620		1		(86)		27,535
Corporate bonds	65,198		9		(452)		64,755
Total	$	199,464	$	22	$	(923)	$	198,563

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	21,357	$	1	$	(18)	$	21,340
Commercial paper	14,543		—		—		14,543
Asset-backed securities	14,546		—		(8)		14,538
Corporate bonds	17,144		—		(19)		17,125
Total	$	67,590	$	1	$	(45)	$	67,546

Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at December 31, 2021 and 2020 (in thousands):

	December 31, 2021
	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities	$	22,550	$	30,114	$	—	$	52,664
Yankee bonds	4,150		2,010		—		6,160
Agency bonds	14,041		3,489		—		17,530
Municipal bonds	—		12,229		—		12,229
Commercial paper	17,690		—		—		17,690
Asset-backed securities	20,868		6,667		—		27,535
Corporate bonds	25,412		39,343		—		64,755
Total	$	104,711	$	93,852	$	—	$	198,563

	December 31, 2020
	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities	$	6,075	$	15,265	$	—	$	21,340
Commercial paper	14,543		—		—		14,543
Asset-backed securities	560		13,978		—		14,538
Corporate bonds	5,863		11,262		—		17,125
Total	$	27,041	$	40,505	$	—	$	67,546

Fair Value, Assets Measured on Recurring Basis

The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	254,157	$	—	$	—	$	254,157
Commercial paper	—		22,491		—		22,491
Marketable securities:
U.S. Treasury securities	52,664		—		—		52,664
Yankee bonds	6,160		—		—		6,160
Agency bonds	17,530		—		—		17,530
Municipal bonds	12,229		—		—		12,229
Commercial paper	—		17,690		—		17,690
Asset-backed securities	—		27,535		—		27,535
Corporate bonds	—		64,755		—		64,755
Total	$	342,740	$	132,471	$	—	$	475,211

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	209,141	$	—	$	—	$	209,141
U.S. Treasury securities	1,000		—		—		1,000
Commercial paper	—		3,999		—		3,999
Marketable securities:
U.S. Treasury securities	21,340		—		—		21,340
Commercial paper	—		14,543		—		14,543
Asset-backed securities	—		14,538		—		14,538
Corporate bonds	—		17,125		—		17,125
Total	$	231,481	$	50,205	$	—	$	281,686