Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022.


	March 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	37,054	$	1	$	(351)	$	36,704

Yankee bonds	3,357		—		(78)		3,279
Agency bonds	6,010		—		(74)		5,936
Municipal bonds	12,804		—		(902)		11,902
Commercial paper	2,888		5		—		2,893
Asset-backed securities	21,433		—		(291)		21,142
Corporate bonds	62,136		10		(1,696)		60,450
Total	$	145,682	$	16	$	(3,392)	$	142,306


	December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	56,426	$	—	$	(651)	$	55,775
Yankee bonds	5,358		—		(92)		5,266
Agency bonds	12,485		—		(116)		12,369
Municipal bonds	12,841		—		(1,030)		11,811
Commercial paper	2,846		8		—		2,854
Asset-backed securities	25,544		2		(427)		25,119
Corporate bonds	63,748		3		(2,136)		61,615
Total	$	179,248	$	13	$	(4,452)	$	174,809

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 March 31, 2023 and December 31, 2022.


	March 31, 2023
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities	$	29,416	$	7,288	$	—	$	36,704

Yankee bonds	3,279		—		—		3,279
Agency bonds	3,573		2,363		—		5,936
Municipal bonds	—		11,902		—		11,902
Commercial paper	2,893		—		—		2,893
Asset-backed securities	21,142		—		—		21,142
Corporate bonds	33,083		27,367		—		60,450
Total	$	93,386	$	48,920	$	—	$	142,306


	December 31, 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	$	40,795	$	14,980	$	—	$	55,775
Yankee bonds	2,734		2,532		—		5,266
Agency bonds	6,470		5,899		—		12,369
Municipal bonds	—		11,811		—		11,811
Commercial paper	2,854		—		—		2,854
Asset-backed securities	23,179		1,940		—		25,119
Corporate bonds	35,377		26,238		—		61,615
Total	$	111,409	$	63,400	$	—	$	174,809

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 March 31, 2023 and December 31, 2022.


	March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	263,367	$	—	$	—	$	263,367

Commercial paper	—		998		—		998
Marketable securities:
U.S. Treasury securities	36,704		—		—		36,704

Yankee bonds	3,279		—		—		3,279
Agency bonds	5,936		—		—		5,936
Municipal bonds	11,902		—		—		11,902
Commercial paper	—		2,893		—		2,893
Asset-backed securities	—		21,142		—		21,142
Corporate bonds	—		60,450		—		60,450
Total	$	321,188	$	85,483	$	—	$	406,671


	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	196,749	$	—	$	—	$	196,749

Commercial paper	—		36,965		—		36,965
Marketable securities:
U.S. Treasury securities	55,775		—		—		55,775
Yankee bonds	5,266		—		—		5,266
Agency bonds	12,369		—		—		12,369
Municipal bonds	11,811		—		—		11,811
Commercial paper	—		2,854		—		2,854
Asset-backed securities	—		25,119		—		25,119
Corporate bonds	—		61,615		—		61,615
Total	$	281,970	$	126,553	$	—	$	408,523