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CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2022
CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS  
Schedule of cost and fair value of cash equivalents and short-term investments

The amortized cost, fair value measurements, and fair value of cash equivalents and investments as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

Gross

Gross

Amortized

Unrealized

Unrealized

As of September 30, 2022

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. treasury securities

$

173,084

$

$

(1,964)

$

171,120

U.S. government agency securities

 

12,406

 

6

 

 

12,412

Corporate securities

1,579

(2)

1,577

Commercial paper

70,855

(78)

70,777

Money market funds

71,308

71,308

Total investments

$

329,232

$

6

$

(2,044)

$

327,194

Gross

Gross

Amortized

Unrealized

Unrealized

As of December 31, 2021

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. treasury securities

$

247,287

$

$

(520)

$

246,767

U.S. government agency securities

 

5,104

 

 

(7)

 

5,097

Corporate securities

35,627

(39)

35,588

Commercial paper

235,352

10

(46)

235,316

Money market funds

56,250

56,250

Total investments

$

579,620

$

10

$

(612)

$

579,018

Schedule of available-for-sale debt securities

The fair value of cash equivalents and investments as of September 30, 2022 and December 31, 2021 are classified as follows in the Company’s Consolidated Balance Sheets (in thousands):

September 30, 

December 31, 

Classified as:

2022

    

2021

Cash equivalents

$

85,387

$

61,249

Short-term investments

241,807

426,181

Long-term investments

91,588

Total investments

$

327,194

$

579,018

Schedule of available-for-sale debt securities by contractual maturity

The following table summarizes the Company’s cash equivalents and available-for-sale investments by contractual maturity (in thousands):

September 30, 2022

Amortized Cost

    

Fair Value

Within one year

$

329,232

$

327,194

Total investments

$

329,232

$

327,194

Schedule of fair value of the company's financial assets

As of September 30, 2022 and December 31, 2021, the fair value of the Company’s financial assets that are measured at fair value on a recurring basis, which consist of cash equivalents and short-term and long-term investments classified as available-for-sale securities, are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):

Assets at Fair Value as of September 30, 2022

    

Level 1

    

Level 2

    

Level 3

    

Total

U.S. treasury securities

$

171,120

$

$

$

171,120

U.S. government agency securities

 

 

12,412

 

 

12,412

Corporate securities

1,577

1,577

Commercial paper

70,777

70,777

Money market funds

71,308

71,308

Total

$

242,428

$

84,766

$

$

327,194

Assets at Fair Value as of December 31, 2021

    

Level 1

    

Level 2

    

Level 3

    

Total

U.S. treasury securities

$

246,767

$

$

$

246,767

U.S. government agency securities

 

 

5,097

 

 

5,097

Corporate securities

35,588

35,588

Commercial paper

235,316

235,316

Money market funds

56,250

56,250

Total

$

303,017

$

276,001

$

$

579,018