XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.24.3

Investments and Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, 2024. The Company’s marketable investments as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | September 30, 2024
Short-Term Marketable Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Certificates of deposit |  | $ | 1,545 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 1,547 |
U.S. treasury securities |  | 507,567 |  |  | 841 |  |  | (23) |  |  | 508,385 |
U.S. agency and government-sponsored securities |  | 113,260 |  |  | 40 |  |  | (9) |  |  | 113,291 |
Commercial paper |  | 9,947 |  |  | 21 |  |  | — |  |  | 9,968 |
Corporate bonds |  | 42,246 |  |  | 274 |  |  | (7) |  |  | 42,513 |
Total |  | $ | 674,565 |  |  | $ | 1,178 |  |  | $ | (39) |  |  | $ | 675,704 |
|  | December 31, 2023
Short-Term Marketable Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Certificates of deposit |  | $ | 1,463 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,463 |
U.S. treasury securities |  | 315,608 |  |  | 191 |  |  | (362) |  |  | 315,437 |
U.S. agency and government-sponsored securities |  | 239,358 |  |  | 78 |  |  | (177) |  |  | 239,259 |
Commercial paper |  | 17,382 |  |  | 9 |  |  | — |  |  | 17,391 |
Municipal bonds |  | 927 |  |  | 1 |  |  | — |  |  | 928 |
Corporate bonds |  | 12,630 |  |  | 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 September 30, 2024 and December 31, 2023 (in thousands):
|  | September 30, 2024 |  | December 31, 2023
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | (23) |  |  | $ | 60,477 |  |  | $ | (362) |  |  | $ | 79,644 |
U.S. agency and government-sponsored securities |  | (9) |  |  | 36,341 |  |  | (177) |  |  | 165,493 |
Corporate bonds |  | (7) |  |  | 8,385 |  |  | (16) |  |  | 7,550 |
Total |  | $ | (39) |  |  | $ | 105,203 |  |  | $ | (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 September 30, 2024 were as follows (in thousands):
| Cost |  | Fair Value
Due within one year | $ | 550,615 |  |  | $ | 551,485 |
Due after one year through two years | 123,950 |  |  | 124,219 |
Total | $ | 674,565 |  |  | $ | 675,704 |
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
| September 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 157,556 |  |  | $ | — |  |  | $ | — |  |  | $ | 157,556 |
U.S. treasury securities | 17,769 |  |  | — |  |  | — |  |  | 17,769 |
Total cash equivalents | $ | 175,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 175,325 |
Marketable investments |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 1,547 |  |  | $ | — |  |  | $ | 1,547 |
U.S. treasury securities | 508,385 |  |  | — |  |  | — |  |  | 508,385 |
U.S. agency and government sponsored securities | — |  |  | 113,291 |  |  | — |  |  | 113,291 |
Commercial paper | — |  |  | 9,968 |  |  | — |  |  | 9,968 |
Corporate bonds | — |  |  | 42,513 |  |  | — |  |  | 42,513 |
Total marketable investments | $ | 508,385 |  |  | $ | 167,319 |  |  | $ | — |  |  | $ | 675,704 |
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 66,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 66,661 |
Certificates of deposit | — |  |  | 493 |  |  | — |  |  | 493 |
U.S. treasury securities | 4,983 |  |  | — |  |  | — |  |  | 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 securities | 315,437 |  |  | — |  |  | — |  |  | 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 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration