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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Values of Financial Instruments

The fair values of the Company’s financial instruments are presented below (in thousands):

						Fair Value Measurements at March 31, 2024
		Total				Level 1				Level 2				Level 3
Financial assets carried at fair value:
Cash equivalents:		$	183,873			$	151,151			$	32,722			$	—
Short-term investments
Commercial paper, available-for-sale			16,042				—				16,042				—
Corporate debt securities, available-for-sale			509,136				—				509,136				—
Government debt securities, available-for-sale			242,219				—				242,219				—
Total financial assets		$	951,270			$	151,151			$	800,119			$	—

						Fair Value Measurements at December 31, 2023
		Total				Level 1				Level 2				Level 3
Financial assets carried at fair value:
Cash equivalents:		$	40,479			$	16,411			$	24,068			$	—
Short-term investments
Commercial paper, available-for-sale			24,226				—				24,226				—
Corporate debt securities, available-for-sale			168,584				—				168,584				—
Government debt securities, available-for-sale			113,753				—				113,753				—
Total financial assets		$	347,042			$	16,411			$	330,631			$	—

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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- References

No definition available.

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