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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value

The table below presents information about the Company’s assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques the Company utilized to determine such fair values (in thousands):

 

 

Fair Value Measurements Using

 

 

 

 

 

 

Quoted

 

 

 

 

 

 

 

 

 

 

 

 

Prices

 

 

Significant

 

 

 

 

 

 

 

 

 

(unadjusted)

 

 

Other

 

 

Significant

 

 

 

Total

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

Carrying

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

 

Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

 

(In thousands)

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

94,550

 

 

$

94,550

 

 

$

—

 

 

$

—

 

Short-term investments

 

 

269,006

 

 

 

—

 

 

 

269,006

 

 

 

—

 

Long-term investments

 

 

15,705

 

 

 

—

 

 

 

15,705

 

 

 

—

 

Total assets

 

$

379,261

 

 

$

94,550

 

 

$

284,711

 

 

$

—

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

74,356

 

 

$

59,496

 

 

$

14,860

 

 

$

—

 

Short-term investments

 

 

401,446

 

 

 

—

 

 

 

401,446

 

 

 

—

 

Long-term investments

 

 

5,469

 

 

 

—

 

 

 

5,469

 

 

 

—

 

Total assets

 

$

481,271

 

 

$

59,496

 

 

$

421,775

 

 

$

—

 
Summary of Available-for-Sale Securities

The following table summarizes the available-for-sale securities:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

 

 

(In thousands)

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

179,096

 

 

$

—

 

 

$

(112

)

 

$

178,984

 

Corporate bonds

 

 

7,899

 

 

 

—

 

 

 

(22

)

 

 

7,877

 

US Treasury

 

 

48,244

 

 

 

—

 

 

 

(131

)

 

 

48,113

 

Federal bonds

 

 

49,927

 

 

 

—

 

 

 

(190

)

 

 

49,737

 

 

 

$

285,166

 

 

$

—

 

 

$

(455

)

 

$

284,711

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

321,630

 

 

$

—

 

 

$

(205

)

 

$

321,425

 

US Treasury

 

 

64,759

 

 

 

—

 

 

 

(566

)

 

 

64,193

 

Federal bonds

 

 

36,192

 

 

 

—

 

 

 

(35

)

 

 

36,157

 

 

 

$

422,581

 

 

$

—

 

 

$

(806

)

 

$

421,775