| Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2021 and 2020:
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Basis of Fair Value Measurements
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December 31, 2021
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Level 1
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Level 2
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Level 3
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|
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Money market funds
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$
|
24,058
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|
|
$
|
24,058
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|
|
$
|
—
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|
|
$
|
—
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|
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Commercial paper
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|
103,113
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|
|
|
—
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|
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103,113
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|
|
|
—
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|
|
United States Treasury Bills
|
|
14,023
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|
|
|
—
|
|
|
|
14,023
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|
|
|
—
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Government-related debt securities
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|
5,185
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|
|
|
—
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|
|
|
5,185
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|
|
|
—
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Corporate Bonds
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|
5,726
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|
|
|
—
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|
|
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5,726
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|
|
|
—
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Total
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$
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152,105
|
|
|
$
|
24,058
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|
|
$
|
128,047
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|
|
$
|
—
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|
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Amounts included in:
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|
|
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents
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$
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25,058
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|
|
|
|
|
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Marketable securities, current
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118,061
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|
|
|
|
|
|
|
|
|
|
|
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Marketable securities, non-current
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|
8,986
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|
|
|
|
|
|
|
|
|
|
|
|
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Total cash equivalents and marketable securities
|
$
|
152,105
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
December 31, 2020
|
|
|
Level 1
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|
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Level 2
|
|
|
Level 3
|
|
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Money market funds
|
$
|
23,794
|
|
|
$
|
23,794
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|
|
$
|
—
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|
|
$
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—
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|
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Commercial paper
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42,863
|
|
|
|
—
|
|
|
|
42,863
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|
|
|
—
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|
United States Treasury Bills
|
|
21,794
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|
|
|
—
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|
|
|
21,794
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|
|
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—
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Government-related debt securities
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4,009
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|
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—
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4,009
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|
|
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—
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Total
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$
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92,460
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|
|
$
|
23,794
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|
|
$
|
68,666
|
|
|
$
|
—
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|
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Amounts included in:
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|
|
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents
|
$
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23,793
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|
|
|
|
|
|
|
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|
|
|
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Marketable securities, current
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|
68,667
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|
|
|
|
|
|
|
|
|
|
|
|
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Total cash equivalents and marketable securities
|
$
|
92,460
|
|
|
|
|
|
|
|
|
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| Summary of Company's Available-for-Sale Securities |
The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at December 31, 2021 and 2020:
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December 31, 2021
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Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
25,058
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,058
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
118,084
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|
|
|
6
|
|
|
|
(29
|
)
|
|
|
118,061
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|
|
Marketable securities, non-current - Treasury bills
|
$
|
9,011
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|
|
$
|
—
|
|
|
$
|
(25
|
)
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|
$
|
8,986
|
|
|
|
December 31, 2020
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
23,793
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,793
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
68,650
|
|
|
|
19
|
|
|
|
(2
|
)
|
|
|
68,667
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|
|
| Summary of Contractual Maturities of Available-for-Sale-Investments |
The following summarized the contractual maturities of the Company’s available-for-sale investments at December 31, 2021 and 2020:
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|
December 31, 2021
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
143,142
|
|
|
$
|
143,119
|
|
|
Due after one year through five years
|
|
|
9,011
|
|
|
|
8,986
|
|
|
Total
|
|
$
|
152,153
|
|
|
$
|
152,105
|
|
|
|
|
December 31, 2020
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
92,443
|
|
|
$
|
92,460
|
|
|
Due after one year through five years
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
$
|
92,443
|
|
|
$
|
92,460
|
|
|