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Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024. The Company’s marketable
investments as of June 30, 2024 and December 31, 2023 were as follows (in thousands):
June 30, 2024
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$857 $— $— $857 
U.S. treasury securities600,984 — (795)600,189 
U.S. agency and government-sponsored securities261,681 14 (319)261,376 
Commercial paper23,027 1 (14)23,014 
Municipal bonds1,000 — — 1,000 
Corporate bonds44,255 35 (87)44,203 
Total$931,804 $50 $(1,215)$930,639 
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)$587,096 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024December 31, 2023
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
U.S. treasury securities$(795)$592,669 $(362)$79,644 
U.S. agency and government-sponsored securities(319)217,756 (177)165,493 
Commercial paper(14)17,228 — — 
Corporate bonds(87)24,796 (16)7,550 
Total$(1,215)$852,449 $(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 June 30, 2024 were as follows (in thousands):
CostFair Value
Due within one year$702,098 $701,177 
Due after one year through two years229,706 229,462 
Total$931,804 $930,639 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
June 30, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$86,014 $— $— $86,014 
Certificates of deposit— 498 — 498 
Municipal bonds— 245 — 245 
Total cash equivalents$86,014 $743 $— $86,757 
Marketable investments
Certificates of deposit$— $857 $— $857 
U.S. treasury securities600,189 — — 600,189 
U.S. agency and government sponsored securities— 261,376 — 261,376 
Commercial paper— 23,014 — 23,014 
Municipal bonds— 1,000 — 1,000 
Corporate bonds— 44,203 — 44,203 
Total marketable investments$600,189 $330,450 $— $930,639 
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