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Fair Value Measurement and Marketable Securities | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurement and Marketable Securities | 3. Fair Value Measurement and Marketable Securities The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. As of June 30, 2024, financial assets measured and recognized at fair value are as follows (in thousands):
|  |  |  | June 30, 2024 |
|  |  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | Level 2 |  | $ | 505,634 |  | $ | 58 |  | $ | (813 | ) | $ | 504,879 |
Corporate bonds |  | Level 2 |  |  | 162,797 |  |  | 10 |  |  | (583 | ) |  | 162,224 |
Commercial paper(1) |  | Level 2 |  |  | 213,224 |  |  | — |  |  | (87 | ) |  | 213,137 |
Marketable securities |  |  |  |  | 881,655 |  |  | 68 |  |  | (1,483 | ) |  | 880,240 |
Money market funds(2) |  | Level 1 |  |  | 63,890 |  |  | — |  |  | — |  |  | 63,890 |
Total fair value of assets |  |  |  | $ | 945,545 |  | $ | 68 |  | $ | (1,483 | ) | $ | 944,130 |
(1) $110.6 million was included in cash and cash equivalents on the condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (2) Included in cash and cash equivalents on the condensed balance sheets. As of December 31, 2023, financial assets measured and recognized at fair value are as follows (in thousands):
|  |  |  | December 31, 2023 |
|  |  |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |
U.S. government securities(1) |  | Level 2 |  | $ | 412,679 |  | $ | 591 |  | $ | (135 | ) | $ | 413,135 |
Corporate bonds |  | Level 2 |  |  | 53,983 |  |  | 197 |  |  | (32 | ) |  | 54,148 |
Commercial paper(2) |  | Level 2 |  |  | 126,601 |  | — |  |  | (58 | ) |  | 126,543 |
Marketable securities |  |  |  |  | 593,263 |  |  | 788 |  |  | (225 | ) |  | 593,826 |
Money market funds(3) |  | Level 1 |  |  | 38,300 |  |  | — |  |  | — |  |  | 38,300 |
Total fair value of assets |  |  |  | $ | 631,563 |  | $ | 788 |  | $ | (225 | ) | $ | 632,126 |
(1) $37.8 million was included in cash and cash equivalents on the condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (2) $80.4 million was included in cash and cash equivalents on the condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (3) Included in cash and cash equivalents on the condensed balance sheets. As of June 30, 2024 and December 31, 2023, all marketable securities had a remaining maturity of less than two years. There were no financial liabilities measured and recognized at fair value as of June 30, 2024 and December 31, 2023. The Company considers available evidence in evaluating potential other-than-temporary impairments of its marketable securities, including the duration and extent to which fair value is less than cost, and the Company’s ability and intent to hold the investment. As of June 30, 2024 and December 31, 2023, the Company held certain securities in an unrealized loss position. These unrealized losses were considered to be temporary as the Company expects to recover the entire amortized cost basis on the securities in unrealized loss positions based on the creditworthiness of the underlying issuer, and the Company neither intends to sell these securities nor considers it more likely than not that the Company would be required to sell any such security before its anticipated recovery. As a result, the Company did not consider any of these investments to be other-than-temporarily impaired at June 30, 2024 and December 31, 2023.

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