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Investments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024. The Company’s marketable
investments as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
March 31, 2024
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$1,220 $1 $— $1,221 
U.S. treasury securities581,951 12 (640)581,323 
U.S. agency and government-sponsored securities197,191 23 (130)197,084 
Commercial paper32,768 1 (23)32,746 
Municipal bonds1,925 — (1)1,924 
Corporate bonds28,975 2 (63)28,914 
Total$844,030 $39 $(857)$843,212 
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)$587,096 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024December 31, 2023
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
U.S. treasury securities$(640)$469,875 $(362)$79,644 
U.S. agency and government-sponsored securities(130)126,023 (177)165,493 
Commercial paper(23)31,559 — — 
Municipal bonds(1)1,924 — — 
Corporate bonds(63)24,840 (16)7,550 
Total$(857)$654,221 $(555)$252,687 
Schedule of Assets Carried at Fair Value
The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of March 31, 2024 were as follows (in thousands):
CostFair Value
Due within one year$682,459 $681,865 
Due after one year through two years161,571 161,347 
Total$844,030 $843,212 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
March 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$93,396 $— $— $93,396 
Certificates of deposit— 488 — 488 
U.S. treasury securities67,030 — — 67,030 
U.S. agency and government sponsored securities— 1,058 — 1,058 
Total cash equivalents$160,426 $1,546 $— $161,972 
Marketable investments
Certificates of deposit$— $1,221 $— $1,221 
U.S. treasury securities581,323 — — 581,323 
U.S. agency and government sponsored securities— 197,084 — 197,084 
Commercial paper— 32,746 — 32,746 
Municipal bonds— 1,924 — 1,924 
Corporate bonds— 28,914 — 28,914 
Total marketable investments$581,323 $261,889 $— $843,212 
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