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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Financial Assets Measured at Fair Value | The following tables summarize the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category reported as cash and cash equivalents or marketable securities as of June 30, 2023 and December 31, 2022:
(In thousands) June 30, 2023 |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash |  | $ | 40,679 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,679 |  |  | $ | 40,679 |  |  | $ | — |
Level I |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 88,721 |  |  | — |  |  | — |  |  | 88,721 |  |  | 88,721 |  |  | — |
Treasury bills |  | 214,666 |  |  | 28 |  |  | (29) |  |  | 214,665 |  |  | 24,706 |  |  | 189,959 |
U.S. government securities |  | 58,411 |  |  | — |  |  | (575) |  |  | 57,836 |  |  | — |  |  | 57,836 |
Total Level I |  | 361,798 |  |  | 28 |  |  | (604) |  |  | 361,222 |  |  | 113,427 |  |  | 247,795 |
Level II |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 40,075 |  |  | — |  |  | — |  |  | 40,075 |  |  | — |  |  | 40,075 |
Corporate bonds |  | 10,919 |  |  | 6 |  |  | (41) |  |  | 10,884 |  |  | — |  |  | 10,884 |
Commercial deposits |  | 15,197 |  |  | — |  |  | — |  |  | 15,197 |  |  | — |  |  | 15,197 |
Asset-backed securities |  | 29,790 |  |  | — |  |  | (182) |  |  | 29,608 |  |  | — |  |  | 29,608 |
Foreign government and agency securities |  | 2,099 |  |  | — |  |  | (1) |  |  | 2,098 |  |  | — |  |  | 2,098 |
U.S. agency securities |  | 16,945 |  |  | — |  |  | (41) |  |  | 16,904 |  |  | — |  |  | 16,904 |
Total Level II |  | 115,025 |  |  | 6 |  |  | (265) |  |  | 114,766 |  |  | — |  |  | 114,766 |
Total |  | $ | 517,502 |  |  | $ | 34 |  |  | $ | (869) |  |  | $ | 516,667 |  |  | $ | 154,106 |  |  | $ | 362,561 |
(In thousands) December 31, 2022 |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Cash |  | $ | 27,528 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,528 |  |  | $ | 27,528 |  |  | $ | — |
Level I |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | 85,302 |  |  | — |  |  | — |  |  | 85,302 |  |  | 85,302 |  |  | — |
Treasury bills |  | 172,500 |  |  | 13 |  |  | (131) |  |  | 172,382 |  |  | 5,096 |  |  | 167,286 |
U.S. government securities |  | 106,167 |  |  | — |  |  | (2,025) |  |  | 104,142 |  |  | — |  |  | 104,142 |
Total Level I |  | 363,969 |  |  | 13 |  |  | (2,156) |  |  | 361,826 |  |  | 90,398 |  |  | 271,428 |
Level II |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 120,360 |  |  | — |  |  | — |  |  | 120,360 |  |  | 8,038 |  |  | 112,322 |
Corporate bonds |  | 85,639 |  |  | 3 |  |  | (639) |  |  | 85,003 |  |  | 3,420 |  |  | 81,583 |
Commercial deposits |  | 28,945 |  |  | — |  |  | — |  |  | 28,945 |  |  | — |  |  | 28,945 |
Asset-backed securities |  | 33,261 |  |  | 31 |  |  | (306) |  |  | 32,986 |  |  | — |  |  | 32,986 |
Foreign government and agency securities (1) |  | 8,176 |  |  | — |  |  | (10) |  |  | 8,166 |  |  | — |  |  | 8,166 |
U.S. agency securities (1) |  | 21,785 |  |  | 38 |  |  | (23) |  |  | 21,800 |  |  | — |  |  | 21,800 |
Total Level II |  | 298,166 |  |  | 72 |  |  | (978) |  |  | 297,260 |  |  | 11,458 |  |  | 285,802 |
Total |  | $ | 689,663 |  |  | $ | 85 |  |  | $ | (3,134) |  |  | $ | 686,614 |  |  | $ | 129,384 |  |  | $ | 557,230 |
(1) Prior period has been reclassified to conform to the current period presentation as of June 30, 2023.
Unrealized Gain (Loss) on Investments | The following tables summarize, for all debt securities classified as available for sale in an unrealized loss position as of June 30, 2023 and December 31, 2022, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.
(In thousands) | Less Than 12 Months |  | 12 Months or Longer |  | Total
Duration of unrealized losses June 30, 2023 | Fair Value |  | Unrealized loss |  | Fair Value |  | Unrealized loss |  | Fair Value |  | Unrealized loss
Commercial paper | $ | 999 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 999 |  |  | $ | — |
Treasury bills | 51,964 |  |  | (29) |  |  | — |  |  | — |  |  | 51,964 |  |  | (29) |
U.S. government securities | 13,352 |  |  | (86) |  |  | 44,483 |  |  | (489) |  |  | 57,835 |  |  | (575) |
Corporate bonds | 6,780 |  |  | (39) |  |  | 316 |  |  | (2) |  |  | 7,096 |  |  | (41) |
Asset-backed securities | 21,398 |  |  | (109) |  |  | 8,134 |  |  | (73) |  |  | 29,532 |  |  | (182) |
Foreign government and agency securities | 2,098 |  |  | (1) |  |  | — |  |  | — |  |  | 2,098 |  |  | (1) |
U.S. agency securities | 16,904 |  |  | (41) |  |  | — |  |  | — |  |  | 16,904 |  |  | (41) |
Total | $ | 113,495 |  |  | $ | (305) |  |  | $ | 52,933 |  |  | $ | (564) |  |  | $ | 166,428 |  |  | $ | (869) |
(In thousands) | Less Than 12 Months |  | 12 Months or Longer |  | Total
Duration of unrealized losses December 31, 2022 | Fair Value |  | Unrealized loss |  | Fair Value |  | Unrealized loss |  | Fair Value |  | Unrealized loss
Treasury bills | $ | 132,995 |  |  | $ | (131) |  |  | $ | — |  |  | $ | — |  |  | $ | 132,995 |  |  | $ | (131) |
U.S. government securities | 21,214 |  |  | (63) |  |  | 82,927 |  |  | (1,963) |  |  | 104,141 |  |  | (2,026) |
Corporate bonds | 18,274 |  |  | (120) |  |  | 58,235 |  |  | (519) |  |  | 76,509 |  |  | (639) |
Asset-backed securities | 23,515 |  |  | (285) |  |  | 1,707 |  |  | (20) |  |  | 25,222 |  |  | (305) |
Foreign government and agency securities (1) | 5,576 |  |  | (8) |  |  | 2,591 |  |  | (2) |  |  | 8,167 |  |  | (10) |
U.S. agency securities (1) | 9,478 |  |  | (23) |  |  | — |  |  | — |  |  | 9,478 |  |  | (23) |
Total | $ | 211,052 |  |  | $ | (630) |  |  | $ | 145,460 |  |  | $ | (2,504) |  |  | $ | 356,512 |  |  | $ | (3,134) |
(1) Prior period has been reclassified to conform to the current period presentation as of June 30, 2023.

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: 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 2: 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 + Details
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