Fair Value Measurement and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

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.