CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
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9 Months Ended |
Sep. 30, 2022 |
CASH EQUIVALENTS, INVESTMENTS AND FAIR VALUE MEASUREMENTS |
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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 |
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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 |
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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 |
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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 |
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