| Fair Value Measurements |
4. Fair Value Measurements The following tables set forth by security type, marketable securities for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021 |
|
(in thousands) |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Total |
|
Commercial paper |
|
|
12,635 |
|
|
|
— |
|
|
|
— |
|
|
|
12,635 |
|
Corporate debt securities |
|
|
138,207 |
|
|
|
3 |
|
|
|
(249 |
) |
|
|
137,961 |
|
Certificates of deposit |
|
|
4,490 |
|
|
|
— |
|
|
|
— |
|
|
|
4,490 |
|
U.S. treasury notes |
|
|
20,683 |
|
|
|
— |
|
|
|
(23 |
) |
|
|
20,660 |
|
Total |
|
$ |
176,015 |
|
|
$ |
3 |
|
|
$ |
(272 |
) |
|
$ |
175,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020 |
|
(in thousands) |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Total |
|
Commercial paper |
|
|
6,412 |
|
|
|
— |
|
|
|
— |
|
|
|
6,412 |
|
Certificates of deposit |
|
|
1,504 |
|
|
|
— |
|
|
|
— |
|
|
|
1,504 |
|
Corporate debt securities |
|
|
36,573 |
|
|
|
— |
|
|
|
(27 |
) |
|
|
36,546 |
|
Total |
|
$ |
44,489 |
|
|
$ |
— |
|
|
$ |
(27 |
) |
|
$ |
44,462 |
|
The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2021 |
|
(in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
95,565 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
95,565 |
|
Corporate debt securities |
|
|
— |
|
|
|
1,844 |
|
|
|
— |
|
|
|
1,844 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
12,635 |
|
|
|
— |
|
|
|
— |
|
|
|
12,635 |
|
Corporate debt securities |
|
|
— |
|
|
|
137,961 |
|
|
|
— |
|
|
|
137,961 |
|
Certificates of deposit |
|
|
— |
|
|
|
4,490 |
|
|
|
— |
|
|
|
4,490 |
|
U.S. treasury notes |
|
|
20,660 |
|
|
|
— |
|
|
|
— |
|
|
|
20,660 |
|
Total |
|
$ |
128,860 |
|
|
$ |
144,295 |
|
|
$ |
— |
|
|
$ |
273,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2020 |
|
(in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
155,017 |
|
|
|
— |
|
|
|
— |
|
|
$ |
155,017 |
|
Commercial paper |
|
|
2,999 |
|
|
|
— |
|
|
|
— |
|
|
|
2,999 |
|
Certificates of deposit |
|
|
— |
|
|
|
5,309 |
|
|
|
— |
|
|
|
5,309 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
6,412 |
|
|
|
— |
|
|
|
— |
|
|
|
6,412 |
|
Certificates of deposit |
|
|
— |
|
|
|
1,504 |
|
|
|
— |
|
|
|
1,504 |
|
Corporate debt securities |
|
|
— |
|
|
|
36,546 |
|
|
|
— |
|
|
|
36,546 |
|
Total |
|
$ |
164,428 |
|
|
$ |
43,359 |
|
|
$ |
— |
|
|
$ |
207,787 |
|
The fair value of U.S. government money market funds and commercial paper were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Certificates of deposit and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There were no transfers between Level 1, Level 2, or Level 3 during the periods presented. The following table summarizes the scheduled maturity for the Company’s marketable securities for the periods presented:
|
|
|
|
|
|
(in thousands) |
|
December 31, |
|
|
|
2021 |
|
Maturing in one year or less |
|
$ |
140,919 |
|
Maturing after one year through two years |
|
|
34,827 |
|
Maturing after two years |
|
|
— |
|
Total |
|
$ |
175,746 |
|
Financial instruments not recorded at fair value The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.
|