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Fair Value Measurement and Marketable Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets Measured and Recognized at 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.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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