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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Financial Assets and Liabilities

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at September 30, 2023 and December 31, 2022:
 

 

 

September 30, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash equivalents and investments:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

215,494

 

 

$

—

 

 

$

—

 

 

$

215,494

 

Commercial paper

 

 

—

 

 

 

21,845

 

 

 

—

 

 

 

21,845

 

Corporate bonds

 

 

—

 

 

 

227,155

 

 

 

—

 

 

 

227,155

 

U.S. Government agency securities

 

 

—

 

 

 

85,894

 

 

 

—

 

 

 

85,894

 

U.S. Treasury securities

 

 

—

 

 

 

886,446

 

 

 

—

 

 

 

886,446

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

—

 

 

 

3,153

 

 

 

—

 

 

 

3,153

 

Total

 

$

215,494

 

 

$

1,224,493

 

 

$

—

 

 

$

1,439,987

 

 

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash equivalents and investments:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

11,518

 

 

$

—

 

 

$

—

 

 

$

11,518

 

Commercial paper

 

 

—

 

 

 

16,036

 

 

 

—

 

 

 

16,036

 

Corporate bonds

 

 

—

 

 

 

261,918

 

 

 

—

 

 

 

261,918

 

U.S. Government agency securities

 

 

—

 

 

 

39,965

 

 

 

—

 

 

 

39,965

 

U.S. Treasury securities

 

 

—

 

 

 

876,534

 

 

 

—

 

 

 

876,534

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

—

 

 

 

3,153

 

 

 

—

 

 

 

3,153

 

Total

 

$

11,518

 

 

$

1,197,606

 

 

$

—

 

 

$

1,209,124

 
Summary of Composition of Short and Long Term Investments

The following tables summarize the composition of our short- and long-term investments at September 30, 2023 and December 31, 2022.

 

 

September 30, 2023

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Aggregate
Fair Value

 

 

 

(in thousands)

 

Commercial paper

 

$

12,892

 

 

$

—

 

 

$

—

 

 

$

12,892

 

Corporate bonds

 

 

229,363

 

 

 

—

 

 

 

(2,208

)

 

 

227,155

 

U.S. Government agency securities

 

 

86,755

 

 

 

—

 

 

 

(861

)

 

 

85,894

 

U.S. Treasury securities

 

 

887,854

 

 

 

1

 

 

 

(1,409

)

 

 

886,446

 

Total

 

$

1,216,864

 

 

$

1

 

 

$

(4,478

)

 

$

1,212,387

 

 

 

 

 

December 31, 2022

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Aggregate
Fair Value

 

 

 

(in thousands)

 

Commercial paper

 

$

16,036

 

 

$

—

 

 

$

—

 

 

$

16,036

 

Corporate bonds

 

 

265,875

 

 

 

9

 

 

 

(3,966

)

 

 

261,918

 

U.S. Government agency securities

 

 

40,908

 

 

 

1

 

 

 

(944

)

 

 

39,965

 

U.S. Treasury securities

 

 

881,428

 

 

 

14

 

 

 

(4,908

)

 

 

876,534

 

Total

 

$

1,204,247

 

 

$

24

 

 

$

(9,818

)

 

$

1,194,453

 
Summary of Contractual Maturities of Short and Long Term Investments

The contractual maturities of short-term and long-term investments held at September 30, 2023 and December 31, 2022 are as follows:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Amortized
Cost Basis

 

 

Aggregate
Fair Value

 

 

Amortized
Cost Basis

 

 

Aggregate
Fair Value

 

 

 

(in thousands)

 

 

(in thousands)

 

Due within one year

 

$

1,064,497

 

 

$

1,061,526

 

 

$

1,089,250

 

 

$

1,081,662

 

Due after 1 year through 2 years

 

 

152,367

 

 

 

150,861

 

 

 

114,997

 

 

 

112,791

 

Total

 

$

1,216,864

 

 

$

1,212,387

 

 

$

1,204,247

 

 

$

1,194,453