Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair value of financial instruments

6.Fair value of financial instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):

			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	December 31,		assets		inputs		inputs
	2021		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	345,679	$	345,679	$	—	$	—
Total	$	345,679	$	345,679	$	—	$	—

			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	March 31,		assets		inputs		inputs
	2022		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	344,061	$	344,061	$	—	$	—
Total	$	344,061	$	344,061	$	—	$	—

The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented.