Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial Assets & Liabilities Measured At Fair Value On Recurring Basis

The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	52,622	$	—	$	—	$	52,622
Total cash equivalents		52,622		—		—		52,622
Marketable securities
U.S. Treasury securities		21,853		—		—		21,853
U.S. government agency securities		—		84,717		—		84,717
Commercial paper		—		204,260		—		204,260
Asset backed securities		—		2,416		—		2,416
Total marketable securities		21,853		291,393		—		313,246
Total assets	$	74,475	$	291,393	$	—	$	365,868

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	22,721	$	—	$	—	$	22,721
Total cash equivalents		22,721		—		—		22,721
Marketable securities
U.S. Treasury securities		39,567		—		—		39,567
U.S. government agency securities		—		74,979		—		74,979
Corporate debt securities		—		2,990		—		2,990
Commercial paper		—		171,866		—		171,866
Asset backed securities		—		2,392		—		2,392
Total marketable securities		39,567		252,227		—		291,794
Total assets	$	62,288	$	252,227	$	—	$	314,515

Summary Of Available For Sale Marketable Securities By Type Of Security

As of March 31, 2023 and December 31, 2022, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):

	March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	21,982	$	—	$	(129	)	$	21,853
U.S. government agency securities		84,978		11		(272	)		84,717
Commercial paper		204,419		34		(193	)		204,260
Asset backed securities		2,420		—		(4	)		2,416
Total marketable securities	$	313,799	$	45	$	(598	)	$	313,246

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	39,989	$	—	$	(422	)	$	39,567
U.S. government agency securities		75,337		—		(358	)		74,979
Corporate debt securities		3,005		—		(15	)		2,990
Commercial paper		172,162		20		(316	)		171,866
Asset backed securities		2,393		—		(1	)		2,392
Total marketable securities	$	292,886	$	20	$	(1,112	)	$	291,794