Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023 and December 31, 2022.
June 30, 2023
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Financial Assets:
Short-term marketable securities:
     U.S. Treasury securities $ 32,218  $ —  $ (338) $ 31,880 
     Yankee bonds 2,608  —  (58) 2,550 
     Agency bonds 6,025  —  (119) 5,906 
     Municipal bonds 12,768  —  (937) 11,831 
     Commercial paper 2,929  —  —  2,929 
     Asset-backed securities 15,537  —  (180) 15,357 
     Corporate bonds 51,299  1  (1,481) 49,819 
Total $ 123,384  $ 1  $ (3,113) $ 120,272 
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 June 30, 2023 and December 31, 2022.
June 30, 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 $ 31,880  $ —  $ —  $ 31,880 
     Yankee bonds 2,550  —  —  2,550 
     Agency bonds 3,557  2,349  —  5,906 
     Municipal bonds —  11,831  —  11,831 
     Commercial paper 2,929  —  —  2,929 
     Asset-backed securities 15,357  —  —  15,357 
     Corporate bonds 32,429  17,390  —  49,819 
Total $ 88,702  $ 31,570  $ —  $ 120,272 
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 June 30, 2023 and December 31, 2022.
June 30, 2023
(in thousands) Level 1 Level 2 Level 3 Total
Financial Assets:
  Cash equivalents:
     Money market funds $ 283,214  $ —  $ —  $ 283,214 
Marketable securities:
     U.S. Treasury securities 31,880  —  —  31,880 
     Yankee bonds 2,550  —  —  2,550 
     Agency bonds 5,906  —  —  5,906 
     Municipal bonds 11,831  —  —  11,831 
     Commercial paper —  2,929  —  2,929 
     Asset-backed securities —  15,357  —  15,357 
     Corporate bonds —  49,819  —  49,819 
Total $ 335,381  $ 68,105  $ —  $ 403,486 
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