September 30, 2023

Fair Value
Hierarchy Level

Amortized
Cost

Gross 
Unrealized Gains

Gross 
Unrealized Losses

Fair
Value

Assets

(in thousands)

Cash and cash equivalents:

Cash

Level 1

$

58,838

$

—

$

—

$

58,838

Money market funds

Level 1

49,321

—

—

49,321

Commercial paper

Level 2

437,133

—

(158

)

436,975

Total cash and cash equivalents

545,292

—

(158

)

545,134

Investments:

U.S. Treasury securities

Level 1

498,495

—

(1,012

)

497,483

Commercial paper

Level 2

137,780

—

(12

)

137,768

Corporate debt

Level 2

126,820

—

(342

)

126,478

Asset-backed securities

Level 2

24,655

—

(53

)

24,602

U.S. government agency securities

Level 2

103,496

1

(714

)

102,783

Total investments

891,246

1

(2,133

)

889,114

Total assets measured at fair value

$

1,436,538

$

1

$

(2,291

)

$

1,434,248

December 31, 2022

Fair Value
Hierarchy Level

Amortized
Cost

Gross 
Unrealized Gains

Gross 
Unrealized Losses

Fair
Value

Assets

(in thousands)

Cash and cash equivalents:

Cash

Level 1

$

56,198

$

—

$

—

$

56,198

Money market funds

Level 1

680,934

—

—

680,934

Commercial paper

Level 2

92,581

—

(34

)

92,547

U.S. government agency securities

Level 2

4,978

—

—

4,978

Total cash and cash equivalents

834,691

—

(34

)

834,657

Investments:

U.S. Treasury securities

Level 1

37,651

—

(70

)

37,581

Commercial paper

Level 2

28,161

—

(17

)

28,144

Corporate debt

Level 2

25,402

—

(131

)

25,271

Asset-backed securities

Level 2

6,954

20

—

6,974

U.S. government agency securities

Level 2

25,427

19

(148

)

25,298

Total investments

123,595

39

(366

)

123,268

Total assets measured at fair value

$

958,286

$

39

$

(400

)

$

957,925