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Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Marketable Investments
The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of June 30, 2023 and December 31, 2022 were as follows (in thousands):
June 30, 2023
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$2,205 $— $(2)$2,203 
U.S. treasury securities169,199 17 (343)168,873 
U.S. agency securities246,153 4 (811)245,346 
Commercial paper35,624 1 (23)35,602 
Municipal bonds10,861 — (29)10,832 
Corporate bonds1,389 — (1)1,388 
Total$465,431 $22 $(1,209)$464,244 
June 30, 2023
Long-term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. treasury securities$57,122 $— $(836)$56,286 
U.S. agency securities21,569 — (179)21,390 
Corporate bonds7,524 — (90)7,434 
Total$86,215 $— $(1,105)$85,110 
December 31, 2022
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$747 $— $(13)$734 
U.S. treasury securities186,776 8 (1,382)185,402 
U.S. agency and government-sponsored securities197,597 29 (1,660)195,966 
Commercial paper25,386 — — 25,386 
Municipal bonds22,764 — (145)22,619 
Corporate bonds3,658 — (22)3,636 
Total$436,928 $37 $(3,222)$433,743 
December 31, 2022
Long-term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. agency securities$885 $— $— $885 
Total$885 $— $— $885 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023December 31, 2022
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
Certificates of deposit$(2)$496 $(13)$734 
U.S. treasury securities(1,179)153,087 (1,382)126,534 
U.S. agency securities(990)255,208 (1,660)172,458 
Commercial paper(23)30,682 — — 
Municipal bonds(29)8,362 (145)12,623 
Corporate bonds(91)8,822 (22)3,636 
Total$(2,314)$456,657 $(3,222)$315,985 
Schedule of Assets Carried at Fair Value
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
June 30, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$90,698 $— $— $90,698 
U.S. treasury securities11,926 — — 11,926 
U.S. agency securities and government sponsored securities— 14,988 — 14,988 
Total cash equivalents$102,624 $14,988 $— $117,612 
Marketable investments (short and long term)
Certificates of deposit$— $2,203 $— $2,203 
U.S. treasury securities225,159 — — 225,159 
U.S. agency securities and government sponsored securities— 266,736 — 266,736 
Commercial paper— 35,602 — 35,602 
Municipal bonds— 10,832 — 10,832 
Corporate bonds— 8,822 — 8,822 
Total marketable investments$225,159 $324,195 $— $549,354 
December 31, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$37,560 $— $— $37,560 
U.S. treasury securities19,700 — — 19,700 
Total cash equivalents$57,260 $— $— $57,260 
Marketable investments (short and long-term)
Certificates of deposit$— $734 $— $734 
U.S. treasury securities185,402 — — 185,402 
U.S. agency and government-sponsored securities— 196,851 — 196,851 
Commercial paper— 25,386 — 25,386 
Municipal bonds— 22,619 — 22,619 
Corporate bonds— 3,636 — 3,636 
Total marketable investments$185,402 $249,226 $— $434,628