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Investments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 intent is that all marketable investments are available for use in its current operations, including marketable investments with maturity dates greater than one year from September 30, 2023. The Company’s
marketable investments as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
September 30, 2023
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$1,206 $— $— $1,206 
U.S. treasury securities263,979 10 (903)263,086 
U.S. agency securities267,458 — (659)266,799 
Commercial paper31,412 1 (10)31,403 
Corporate bonds10,056 — (88)9,968 
Total$574,111 $11 $(1,660)$572,462 

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 $— $— $885 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023December 31, 2022
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
Certificates of deposit$— $— $(13)$734 
U.S. treasury securities(903)123,889 (1,382)126,534 
U.S. agency securities(659)266,183 (1,660)172,458 
Commercial paper(10)28,284 — — 
Municipal bonds— — (145)12,623 
Corporate bonds(88)9,969 (22)3,636 
Total$(1,660)$428,325 $(3,222)$315,985 
Schedule of Assets Carried at Fair Value
The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of September 30, 2023 were as follows (in thousands):
CostFair Value
Due within one year$456,826 $456,282 
Due after one year through two years117,285 116,180 
Total$574,111 $572,462 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
September 30, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$34,026 $— $— $34,026 
Certificates of deposit— 249 — 249 
U.S. treasury securities11,970 — — 11,970 
Total cash equivalents$45,996 $249 $— $46,245 
Marketable investments
Certificates of deposit$— $1,206 $— $1,206 
U.S. treasury securities263,086 — — 263,086 
U.S. agency securities and government sponsored securities— 266,799 — 266,799 
Commercial paper— 31,403 — 31,403 
Corporate bonds— 9,968 — 9,968 
Total marketable investments$263,086 $309,376 $— $572,462 




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