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Fair Value Measurements
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

 

 

March 31, 2022

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

58,406

 

 

$

 

 

$

 

 

$

58,406

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

 

 

 

12,472

 

 

 

 

 

 

12,472

 

U.S. Treasuries

 

 

 

 

 

79,103

 

 

 

 

 

 

79,103

 

Total marketable securities

 

 

 

 

 

91,575

 

 

 

 

 

 

91,575

 

Restricted cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

2,413

 

 

 

 

 

 

 

 

 

2,413

 

Total

 

$

60,819

 

 

$

91,575

 

 

$

 

 

$

152,394

 

 

 

 

December 31, 2021

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

95,339

 

 

$

 

 

$

 

 

$

95,339

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

 

 

 

12,609

 

 

 

 

 

 

12,609

 

U.S. Treasuries

 

 

 

 

 

75,059

 

 

 

 

 

 

75,059

 

Total marketable securities

 

 

 

 

 

87,668

 

 

 

 

 

 

87,668

 

Restricted cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

2,413

 

 

 

 

 

 

 

 

 

2,413

 

Total

 

$

97,752

 

 

$

87,668

 

 

$

 

 

$

185,420

 

The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities was determined based on observable market inputs. There were no transfers between levels from the year ended December 31, 2021.