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Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

		September 30, 2022
		Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
U.S. Treasury notes		$	23,324			$	—			$	(42	)		$	23,282
Government sponsored enterprise securities			47,327				29				(225	)			47,131
Municipal bonds			22,196				—				(157	)			22,039
Commercial paper			190,281				—		*		(996	)			189,285
		$	283,128			$	29			$	(1,420	)		$	281,737

		December 31, 2021
		Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
U.S. Treasury notes		$	140,287			$	—			$	(100	)		$	140,187
Government sponsored enterprise securities			49,512				—				(38	)			49,474
Corporate debt securities			26,006				—				(22	)			25,984
Commercial paper			157,670				9				(53	)			157,626
		$	373,475			$	9			$	(213	)		$	373,271

Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position

The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):

		Less Than 12 Months								12 Months or Greater								Total
		Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
September 30, 2022
U.S. Treasury notes		$	23,282			$	(42	)		$	—			$	—			$	23,282			$	(42	)
Government sponsored enterprise securities			39,916				(225	)			—				—				39,916				(225	)
Municipal bonds			20,739				(157	)			—				—				20,739				(157	)
Commercial paper			174,313				(996	)			—				—				174,313				(996	)
Total		$	258,250			$	(1,420	)		$	—			$	—			$	258,250			$	(1,420	)
		Less Than 12 Months								12 Months or Greater								Total
		Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
December 31, 2021
U.S. Treasury notes		$	140,287			$	(100	)		$	—			$	—			$	140,287			$	(100	)
Government sponsored enterprise securities			49,512				(38	)			—				—				49,512				(38	)
Corporate debt securities			26,006				(22	)			—				—				26,006				(22	)
Commercial paper			75,192				(53	)			—				—				75,192				(53	)
Total		$	290,997			$	(213	)		$	—			$	—			$	290,997			$	(213	)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

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