Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021.

	March 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	51,190	$	—	$	(610)	$	50,580
Yankee bonds	8,031		—		(76)		7,955
Agency bonds	7,020		—		(49)		6,971
Municipal bonds	12,403		—		(711)		11,692
Commercial paper	9,185		—		—		9,185
Asset-backed securities	28,364		—		(311)		28,053
Corporate bonds	62,615		1		(1,518)		61,098
Total	$	178,808	$	1	$	(3,275)	$	175,534

	December 31, 2021
(in thousands)	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

Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at March 31, 2022 and December 31, 2021.

	March 31, 2022
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities	$	38,899	$	11,681	$	—	$	50,580
Yankee bonds	6,103		1,852		—		7,955
Agency bonds	6,971		—		—		6,971
Municipal bonds	—		11,692		—		11,692
Commercial paper	9,185		—		—		9,185
Asset-backed securities	23,250		4,803		—		28,053
Corporate bonds	23,984		37,114		—		61,098
Total	$	108,392	$	67,142	$	—	$	175,534

	December 31, 2021
(in thousands)	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

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 March 31, 2022 and December 31, 2021.

	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	246,906	$	—	$	—	$	246,906
Commercial paper	—		27,664		—		27,664
Marketable securities:
U.S. Treasury securities	50,580		—		—		50,580
Yankee bonds	7,955		—		—		7,955
Agency bonds	6,971		—		—		6,971
Municipal bonds	11,692		—		—		11,692
Commercial paper	—		9,185		—		9,185
Asset-backed securities	—		28,053		—		28,053
Corporate bonds	—		61,098		—		61,098
Total	$	324,104	$	126,000	$	—	$	450,104

	December 31, 2021
(in thousands)	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