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Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2023. The Company’s marketable investments as of December 31, 2023 and 2022 were as follows (in thousands):
December 31, 2023
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$1,463 $— $— $1,463 
U.S. treasury securities315,608 191 (362)315,437 
U.S. agency and government-sponsored securities239,358 78 (177)239,259 
Commercial paper17,382 9 — 17,391 
Municipal bonds927 1 — 928 
Corporate bonds12,630 4 (16)12,618 
Total$587,368 $283 $(555)$587,096 
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 and government-sponsored securities$885 $— $— $885 
Total$885 $— $— $885 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
Certificates of deposit$— $— $(13)$734 
U.S. treasury securities(362)79,644 (1,382)126,534 
U.S. agency and government-sponsored securities(177)165,493 (1,660)172,458 
Municipal bonds— — (145)12,623 
Corporate bonds(16)7,550 (22)3,636 
Total$(555)$252,687 $(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 December 31, 2023 were as follows (in thousands):
CostFair Value
Due within one year$457,498 $457,484 
Due after one year through two years129,870 129,612 
Total$587,368 $587,096 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$66,661 $— $— $66,661 
Certificates of deposit— 493 — 493 
U.S. treasury securities4,983 — — 4,983 
Commercial paper— 1,498 — 1,498 
Total cash equivalents$71,644 $1,991 $— $73,635 
Marketable investments
Certificates of deposit$— $1,463 $— $1,463 
U.S. treasury securities315,437 — — 315,437 
U.S. agency and government-sponsored securities — 239,259 — 239,259 
Commercial paper— 17,391 — 17,391 
Municipal bonds— 928 — 928 
Corporate bonds— 12,618 — 12,618 
Total marketable investments$315,437 $271,659 $— $587,096 
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