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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Instruments Measured at Fair Value on Recurring Basis The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

Balance as of March 31, 2023

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (i)

 

$

34,219

 

 

$

 

 

$

 

 

$

34,219

 

Agency bonds (ii)

 

 

 

 

 

220,446

 

 

 

 

 

 

220,446

 

Commercial paper (iii)

 

 

 

 

 

40,975

 

 

 

 

 

 

40,975

 

Treasury bonds (ii)

 

 

30,933

 

 

 

 

 

 

 

 

 

30,933

 

Total assets

 

$

65,152

 

 

$

261,421

 

 

$

 

 

$

326,573

 

 

Balance as of December 31, 2022

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (i)

 

$

92,318

 

 

$

 

 

$

 

 

$

92,318

 

Agency bonds (ii)

 

 

 

 

 

183,678

 

 

 

 

 

 

183,678

 

Commercial paper (ii)

 

 

 

 

 

24,742

 

 

 

 

 

 

24,742

 

Treasury bonds (ii)

 

 

45,592

 

 

 

 

 

 

 

 

 

45,592

 

Total assets

 

$

137,910

 

 

$

208,420

 

 

$

 

 

$

346,330

 

 

(i)
Included in cash and cash equivalents on the condensed consolidated balance sheets.
(ii)
Included in short-term investments on the condensed consolidated balance sheets.
(iii)
Included in cash and cash equivalents or short-term investments on the condensed consolidated balance sheets.