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Fair Value Measurements (Tables)

6 Months Ended

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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- References

No definition available.

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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

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- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

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