Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands):

	December 31, 2021
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	79,281	$	79,281	$	—	$	—
Commercial paper		1,000		—		1,000		—
Corporate debt securities		1,031		—		1,031		—
Total cash equivalents		81,312		79,281		2,031		—
Short-term marketable securities:
Certificates of deposit		5,594		—		5,594		—
Commercial paper		44,974		—		44,974		—
Corporate debt securities		26,953		—		26,953		—
U.S. treasuries		12,269		12,269		—		—
U.S. government debt securities		1,999		—		1,999		—
Asset backed securities		16,557		—		16,557		—
Total short-term marketable securities		108,346		12,269		96,077		—
Long-term marketable securities:
Corporate debt securities		1,631		—		1,631		—
U.S. treasuries		2,986		2,986		—		—
Total long-term marketable securities		4,617		2,986		1,631		—
Total	$	194,275	$	94,536	$	99,739	$	—

	December 31, 2020
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	36,801	$	36,801	$	—	$	—
Total cash equivalents		36,801		36,801		—		—
Short-term marketable securities:
US treasuries		1,002		1,002		—		—
Total short-term marketable securities		1,002		1,002		—		—
Total	$	37,803	$	37,803	$	—	$	—

The Company measures the fair value of money market funds based on quoted prices in active markets for identical securities. Commercial paper, corporate debt securities, certificates of deposits, asset backed securities, U.S. treasuries and U.S. government debt securities are valued taking into consideration valuations obtained from third-party pricing services. These pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of, and broker/dealer quotes on, the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.

There were no transfers between Level 1 and Level 2 during the periods presented. See Note 3 for further information regarding the amortized cost of our financial instruments.