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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of 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 June 30, 2022 and December 31, 2021.


	June 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	51,074	$	2	$	(772)	$	50,304

Yankee bonds	8,761		—		(117)		8,644
Agency bonds	12,377		—		(101)		12,276
Municipal bonds	12,914		—		(867)		12,047
Commercial paper	8,453		—		(41)		8,412
Asset-backed securities	30,463		—		(479)		29,984
Corporate bonds	62,595		—		(1,946)		60,649
Total	$	186,637	$	2	$	(4,323)	$	182,316


	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

Schedule of Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at June 30, 2022 and December 31, 2021.


	June 30, 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	$	37,193	$	13,111	$	—	$	50,304

Yankee bonds	6,073		2,571		—		8,644
Agency bonds	9,899		2,377		—		12,276
Municipal bonds	—		12,047		—		12,047
Commercial paper	8,412		—		—		8,412
Asset-backed securities	22,095		7,889		—		29,984
Corporate bonds	20,931		39,718		—		60,649
Total	$	104,603	$	77,713	$	—	$	182,316


	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

Schedule of 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 June 30, 2022 and December 31, 2021.


	June 30, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	216,373	$	—	$	—	$	216,373

Commercial paper	—		34,406		—		34,406
Marketable securities:
U.S. Treasury securities	50,304		—		—		50,304

Yankee bonds	8,644		—		—		8,644
Agency bonds	12,276		—		—		12,276
Municipal bonds	12,047		—		—		12,047
Commercial paper	—		8,412		—		8,412
Asset-backed securities	—		29,984		—		29,984
Corporate bonds	—		60,649		—		60,649
Total	$	299,644	$	133,451	$	—	$	433,095


	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