| Marketable Securities and Fair Value Measurements |
NOTE 5 —MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis (in thousands):
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|
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Basis of Fair Value Measurements
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March 31, 2022
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|
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Level 1
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Level 2
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Level 3
|
|
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Money market funds
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$
|
16,913
|
|
|
$
|
16,913
|
|
|
$
|
—
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|
|
$
|
—
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|
|
Commercial paper
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|
74,583
|
|
|
|
—
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|
|
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74,583
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|
|
|
—
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|
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United States Treasury Bills
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21,650
|
|
|
|
—
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|
|
|
21,650
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|
|
|
—
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Government-related debt securities
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3,003
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|
|
|
—
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|
|
|
3,003
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|
|
|
—
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Corporate Bonds
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5,711
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|
|
|
—
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|
|
|
5,711
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|
|
|
—
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Total
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$
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121,860
|
|
|
$
|
16,913
|
|
|
$
|
104,947
|
|
|
$
|
—
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|
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Amounts included in:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents
|
$
|
16,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Marketable securities, current
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104,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Marketable securities, non, current
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total cash equivalents and marketable securities
|
$
|
121,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basis of Fair Value Measurements
|
|
|
|
December 31, 2021
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|
Level 1
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|
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Level 2
|
|
|
Level 3
|
|
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Money market funds
|
$
|
24,058
|
|
|
$
|
24,058
|
|
|
$
|
—
|
|
|
$
|
—
|
|
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Commercial paper
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|
103,113
|
|
|
|
—
|
|
|
|
103,113
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
14,023
|
|
|
|
—
|
|
|
|
14,023
|
|
|
|
—
|
|
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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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—
|
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Corporate Bonds
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5,726
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|
|
|
—
|
|
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|
5,726
|
|
|
|
—
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Total
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$
|
152,105
|
|
|
$
|
24,058
|
|
|
$
|
128,047
|
|
|
$
|
—
|
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Amounts included in:
|
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|
|
|
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents
|
$
|
25,058
|
|
|
|
|
|
|
|
|
|
|
|
|
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Marketable securities, current
|
|
118,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Marketable securities, non-current
|
|
8,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total cash equivalents and marketable securities
|
$
|
152,105
|
|
|
|
|
|
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The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities (in thousands):
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March 31, 2022
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Cost Basis
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Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
16,913
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,913
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
105,246
|
|
|
|
—
|
|
|
|
(299
|
)
|
|
|
104,947
|
|
|
Marketable securities, non-current - Treasury bills
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
December 31, 2021
|
|
|
|
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
|
|
|
$
|
6
|
|
|
$
|
(29
|
)
|
|
$
|
118,061
|
|
|
Marketable securities, non-current - Treasury bills
|
$
|
9,011
|
|
|
$
|
—
|
|
|
$
|
(25
|
)
|
|
$
|
8,986
|
|
The following summarized the contractual maturities of the Company’s available-for-sale investments (in thousands):
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|
March 31, 2022
|
|
|
|
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Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
122,159
|
|
|
$
|
121,860
|
|
|
Due after one year through five years
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
$
|
122,159
|
|
|
$
|
121,860
|
|
|
|
|
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
|
|
The Company received no proceeds from the sale of available-for-sale securities for the three months ended March 31, 2022 and March 31, 2021, respectively, and no realized gain for the three months ended March 31, 2022 and March 31, 2021.
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