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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

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

X

- 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

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- References

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X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

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