Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

We classify the inputs used to measure fair value into the following hierarchy:


Level 1			Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2			Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability.
Level 3			Unobservable inputs for the asset or liability.

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

Our financial assets measured at fair value on a recurring basis are summarized below by their classification within the fair value hierarchy (in thousands):


	March 31, 2023
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	18,174	$	18,174	$	—	$	—	$	18,174
Commercial paper	117,710		—		117,710		—		117,710
Agency bonds	20,359		—		20,359		—		20,359
Short-term marketable securities

Commercial paper	22,059		—		22,059		—		22,059




Total assets measured at fair value	$	178,302	$	18,174	$	160,128	$	—	$	178,302


	December 31, 2022
	Carrying Value		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	13,015	$	13,015	$	—	$	—	$	13,015
Commercial paper	112,268		—		112,268		—		112,268
Agency bonds	1,342		—		1,342		—		1,342




Total assets measured at fair value	$	126,625	$	13,015	$	113,610	$	—	$	126,625

Summary of Contractual Maturities

The following table summarizes our cash equivalents and available-for-sale debt securities by contractual maturity (in thousands):


	As of March 31, 2023				As of December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in 1 year	$	178,326	$	178,302	$	126,664	$	126,625

Summary of Unrealized Gains and Losses

Unrealized gains and losses on available-for-sale debt securities that are not credit related are included in accumulated other comprehensive income and summarized as follows (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	18,174	$	—	$	—	$	18,174
Commercial paper	117,732		—		(22)		117,710
Agency bonds	20,349		10		—		20,359
Short-term marketable securities

Commercial paper	22,071		—		(12)		22,059



Total	$	178,326	$	10	$	(34)	$	178,302


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	13,015	$	—	$	—	$	13,015
Commercial paper	112,307		—		(39)		112,268
Agency bonds	1,342		—		—		1,342






Total	$	126,664	$	—	$	(39)	$	126,625