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Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at June 30, 2024 and December 31, 2023:
|  |  | June 30, 2024
| Fair Value Hierarchy Level |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Assets |  |  | (in thousands)
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Cash | Level 1 |  | $ | 41,651 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,651 |
Money market funds | Level 1 |  | 96,932 |  |  | — |  |  | — |  |  | 96,932 |
U.S. Treasury securities | Level 1 |  | 4,964 |  |  | — |  |  | — |  |  | 4,964 |
Commercial paper | Level 2 |  | 327,252 |  |  | — |  |  | (170) |  |  | 327,082 |
U.S. government agency securities | Level 2 |  | 48,043 |  |  | — |  |  | (2) |  |  | 48,041 |
Total cash and cash equivalents |  |  | 518,842 |  |  | — |  |  | (172) |  |  | 518,670 |
Investments: |  |  |  |  |  |  |  |  |
U.S. Treasury securities | Level 1 |  | 674,993 |  |  | 50 |  |  | (1,082) |  |  | 673,961 |
Commercial paper | Level 2 |  | 104,229 |  |  | — |  |  | (61) |  |  | 104,168 |
Corporate debt | Level 2 |  | 323,913 |  |  | 41 |  |  | (817) |  |  | 323,137 |
Asset-backed securities | Level 2 |  | 111,055 |  |  | 22 |  |  | (50) |  |  | 111,027 |
U.S. government agency securities | Level 2 |  | 121,175 |  |  | 11 |  |  | (209) |  |  | 120,977 |
Total investments |  |  | 1,335,365 |  |  | 124 |  |  | (2,219) |  |  | 1,333,270 |
Total assets measured at fair value |  |  | $ | 1,854,207 |  |  | $ | 124 |  |  | $ | (2,391) |  |  | $ | 1,851,940 |
|  |  | December 31, 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 |  | $ | 50,003 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,003 |
Money market funds | Level 1 |  | 47,357 |  |  | — |  |  | — |  |  | 47,357 |
Commercial paper | Level 2 |  | 300,256 |  |  | — |  |  | (165) |  |  | 300,091 |
Total cash and cash equivalents |  |  | 397,616 |  |  | — |  |  | (165) |  |  | 397,451 |
Investments: |  |  |  |  |  |  |  |  |
U.S. Treasury securities | Level 1 |  | 481,704 |  |  | 422 |  |  | (44) |  |  | 482,082 |
Commercial paper | Level 2 |  | 102,435 |  |  | 7 |  |  | (35) |  |  | 102,407 |
Corporate debt | Level 2 |  | 133,523 |  |  | 168 |  |  | (42) |  |  | 133,649 |
Asset-backed securities | Level 2 |  | 23,963 |  |  | 18 |  |  | — |  |  | 23,981 |
U.S. government agency securities | Level 2 |  | 103,484 |  |  | — |  |  | (152) |  |  | 103,332 |
Total investments |  |  | 845,109 |  |  | 615 |  |  | (273) |  |  | 845,451 |
Total assets measured at fair value |  |  | $ | 1,242,725 |  |  | $ | 615 |  |  | $ | (438) |  |  | $ | 1,242,902 |
Schedule of Contractual Maturities of Investments | The following table presents the contractual maturities of our investments as of June 30, 2024 (in thousands):
| June 30, 2024
| Fair Value
Due in less than one year | $ | 934,027 |
Due in one to five years | 399,243 |
Total | $ | 1,333,270 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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