Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of June 30, 2022 and December 31, 2021.
June 30, 2022
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Financial Assets:
Short-term marketable securities:
     U.S. Treasury securities $ 51,074  $ $ (772) $ 50,304 
     Yankee bonds 8,761  —  (117) 8,644 
     Agency bonds 12,377  —  (101) 12,276 
     Municipal bonds 12,914  —  (867) 12,047 
     Commercial paper 8,453  —  (41) 8,412 
     Asset-backed securities 30,463  —  (479) 29,984 
     Corporate bonds 62,595  —  (1,946) 60,649 
Total $ 186,637  $ $ (4,323) $ 182,316 
December 31, 2021
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Financial Assets:
Short-term marketable securities:
     U.S. Treasury securities $ 52,791  $ 11  $ (138) $ 52,664 
     Yankee bonds 6,175  (16) 6,160 
     Agency bonds 17,546  —  (16) 17,530 
     Municipal bonds 12,440  —  (211) 12,229 
     Commercial paper 17,694  —  (4) 17,690 
     Asset-backed securities 27,620  (86) 27,535 
     Corporate bonds 65,198  (452) 64,755 
Total $ 199,464  $ 22  $ (923) $ 198,563 
Schedule of Investments Classified by Contractual Maturity Date
The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at June 30, 2022 and December 31, 2021.
June 30, 2022
(in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total
Financial Assets:
Marketable Securities:
     U.S. Treasury securities $ 37,193  $ 13,111  $ —  $ 50,304 
     Yankee bonds 6,073  2,571  —  8,644 
     Agency bonds 9,899  2,377  —  12,276 
     Municipal bonds —  12,047  —  12,047 
     Commercial paper 8,412  —  —  8,412 
     Asset-backed securities 22,095  7,889  —  29,984 
     Corporate bonds 20,931  39,718  —  60,649 
Total $ 104,603  $ 77,713  $ —  $ 182,316 
December 31, 2021
(in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total
Financial Assets:
Marketable Securities:
     U.S. Treasury securities $ 22,550  $ 30,114  $ —  $ 52,664 
     Yankee bonds 4,150  2,010  —  6,160 
     Agency bonds 14,041  3,489  —  17,530 
     Municipal bonds —  12,229  —  12,229 
     Commercial paper 17,690  —  —  17,690 
     Asset-backed securities 20,868  6,667  —  27,535 
     Corporate bonds 25,412  39,343  —  64,755 
Total $ 104,711  $ 93,852  $ —  $ 198,563 
Schedule of Fair Value, Assets Measured on Recurring Basis The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of June 30, 2022 and December 31, 2021.
June 30, 2022
(in thousands) Level 1 Level 2 Level 3 Total
Financial Assets:
  Cash equivalents:
     Money market funds $ 216,373  $ —  $ —  $ 216,373 
     Commercial paper —  34,406  —  34,406 
Marketable securities:
     U.S. Treasury securities 50,304  —  —  50,304 
     Yankee bonds 8,644  —  —  8,644 
     Agency bonds 12,276  —  —  12,276 
     Municipal bonds 12,047  —  —  12,047 
     Commercial paper —  8,412  —  8,412 
     Asset-backed securities —  29,984  —  29,984 
     Corporate bonds —  60,649  —  60,649 
Total $ 299,644  $ 133,451  $ —  $ 433,095 
December 31, 2021
(in thousands) Level 1 Level 2 Level 3 Total
Financial Assets:
  Cash equivalents:
     Money market funds $ 254,157  $ —  $ —  $ 254,157 
     Commercial paper —  22,491  —  22,491 
Marketable securities:
     U.S. Treasury securities 52,664  —  —  52,664 
     Yankee bonds 6,160  —  —  6,160 
     Agency bonds 17,530  —  —  17,530 
     Municipal bonds 12,229  —  —  12,229 
     Commercial paper —  17,690  —  17,690 
     Asset-backed securities —  27,535  —  27,535 
     Corporate bonds —  64,755  —  64,755 
Total $ 342,740  $ 132,471  $ —  $ 475,211