Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following tables provide information about the Company’s financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such values:

	Fair Value as of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	11,157	$	—	$	—	$	11,157
Commercial paper	—		9,590		—		9,590
Total cash equivalents	11,157		9,590		—		20,747
Marketable securities:
Corporate debt securities	35,725		—		—		35,725
U.S. treasury securities	30,131		—		—		30,131
Commercial paper	—		2,399		—		2,399
U.S. government agency bonds	28,071		—		—		28,071
Total marketable securities	93,927		2,399		—		96,326
Total	$	105,084	$	11,989	$	—	$	117,073

	Fair Value as of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market fund	$	41,376	$	—	$	—	$	41,376
Commercial paper	—		12,098		—		12,098
Total cash equivalents	41,376		12,098		—		53,474
Marketable securities:
Corporate debt securities	55,921		—		—		55,921
U.S. treasury securities	37,190		—		—		37,190
U.S. government agency bonds	28,166		—		—		28,166
Total marketable securities	121,277		—		—		121,277
Total	$	162,653	$	12,098	$	—	$	174,751

The following tables summarize the cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of June 30, 2022 and December 31, 2021:

	June 30, 2022
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)
Corporate debt securities	$	36,319	$	—	$	(594)	$	35,725
U.S. treasury securities	30,625		—		(494)		30,131
Commercial paper	2,399		—		—		2,399
U.S. government agency bonds	28,604		1		(534)		28,071
Total	$	97,947	$	1	$	(1,622)	$	96,326

	December 31, 2021
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)
Corporate debt securities	$	56,098	$	—	$	(177)	$	55,921
U.S. treasury securities	37,286		—		(96)		37,190
U.S. government agency bonds	28,258		—		(92)		28,166
Total	$	121,642	$	—	$	(365)	$	121,277