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Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):

 

 

Fair Value Measured as of June 30, 2023

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Assets included in:

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

168,502

 

 

$

—

 

 

$

168,502

 

Commercial paper(2)

 

 

—

 

 

 

71,502

 

 

 

71,502

 

U.S. government and agency securities(2)

 

 

—

 

 

 

534,913

 

 

 

534,913

 

Corporate notes and bonds(2)

 

 

—

 

 

 

146,409

 

 

 

146,409

 

Total fair value

 

$

168,502

 

 

$

752,824

 

 

$

921,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measured as of December 31, 2022

 

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Assets included in:

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

107,439

 

 

$

—

 

 

$

107,439

 

Commercial paper(2)

 

 

—

 

 

 

104,231

 

 

 

104,231

 

U.S. government and agency securities(2)

 

 

—

 

 

 

610,450

 

 

 

610,450

 

Corporate notes and bonds(2)

 

 

—

 

 

 

188,658

 

 

 

188,658

 

Total fair value

 

$

107,439

 

 

$

903,339

 

 

$

1,010,778

 

 

 

 

 

 

 

 

 

 

 
(1)
Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
(2)
Marketable securities consist of commercial paper, U.S. government and agency securities, corporate notes and bonds. As of June 30, 2023 and December 31, 2022, marketable securities with original maturities of three months or less of $76.0 million and $77.0 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis The fair value as of June 30, 2023 and December 31, 2022 are as follows (amounts in thousands):

 

 

June 30, 2023

 

 

 

Amortized
 Cost

 

 

Gross Unrealized
 Gain

 

 

Gross Unrealized
 Loss

 

 

Fair Value

 

Level 1 securities

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

168,502

 

 

$

—

 

 

$

—

 

 

$

168,502

 

Level 2 securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

71,502

 

 

 

—

 

 

 

—

 

 

 

71,502

 

U.S. government and agency securities

 

 

539,838

 

 

 

39

 

 

 

(4,964

)

 

 

534,913

 

Corporate notes and bonds

 

 

151,199

 

 

 

5

 

 

 

(4,795

)

 

 

146,409

 

Total

 

$

931,041

 

 

$

44

 

 

$

(9,759

)

 

$

921,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Amortized
 Cost

 

 

Gross Unrealized
 Gain

 

 

Gross Unrealized
 Loss

 

 

Fair Value

 

Level 1 securities

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

107,439

 

 

$

—

 

 

$

—

 

 

$

107,439

 

Level 2 securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

104,231

 

 

 

—

 

 

 

—

 

 

 

104,231

 

U.S. government and agency securities

 

 

620,660

 

 

 

24

 

 

 

(10,234

)

 

 

610,450

 

Corporate notes and bonds

 

 

196,321

 

 

 

—

 

 

 

(7,663

)

 

 

188,658

 

Total

 

$

1,028,651

 

 

$

24

 

 

$

(17,897

)

 

$

1,010,778

 

 
Summary of Additional Information Gross Unrealized Losses and Fair Value By Major Security For Marketable Securities The following tables display additional information regarding gross unrealized losses and fair value by major security type for the 77 and 95 marketable securities in unrealized loss positions as of June 30, 2023 and December 31, 2022, respectively (amounts in thousands):

 

 

June 30, 2023

 

 

 

Less than 12 Consecutive Months

 

 

12 Consecutive Months or Longer

 

 

Total

 

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

U.S. government and agency securities

 

$

(234

)

 

$

256,659

 

 

$

(4,731

)

 

$

151,902

 

 

$

(4,965

)

 

$

408,561

 

Corporate notes and bonds

 

 

(11

)

 

 

6,001

 

 

 

(4,783

)

 

 

138,678

 

 

 

(4,794

)

 

 

144,679

 

Total

 

$

(245

)

 

$

262,660

 

 

$

(9,514

)

 

$

290,580

 

 

$

(9,759

)

 

$

553,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Less than 12 Consecutive Months

 

 

12 Consecutive Months or Longer

 

 

Total

 

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

 

Gross Unrealized Loss

 

 

Fair Value

 

U.S. government and agency securities

 

$

(521

)

 

$

231,047

 

 

$

(9,713

)

 

$

336,517

 

 

$

(10,234

)

 

$

567,564

 

Corporate notes and bonds

 

 

(261

)

 

 

18,585

 

 

 

(7,402

)

 

 

170,073

 

 

 

(7,663

)

 

 

188,658

 

Total

 

$

(782

)

 

$

249,632

 

 

$

(17,115

)

 

$

506,590

 

 

$

(17,897

)

 

$

756,222

 

 
Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity

The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of June 30, 2023 are as follows (amounts in thousands):

 

 

 

June 30, 2023

 

 

 

Amortized Cost

 

 

Fair Value

 

Due within one year

 

$

895,706

 

 

$

887,714

 

Due after one year and through five years

 

 

35,335

 

 

 

33,612

 

Total

 

$

931,041

 

 

$

921,326