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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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

 

 

 

Total
Carrying
Value

 

 

Quoted
Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

295,394

 

 

$

295,394

 

 

$

—

 

 

$

—

 

Short-term investments

 

 

275,304

 

 

 

—

 

 

 

275,304

 

 

 

—

 

Long-term investments

 

 

29,829

 

 

 

—

 

 

 

29,829

 

 

 

—

 

Total assets

 

$

600,527

 

 

$

295,394

 

 

$

305,133

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

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 (in thousands):

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
(Losses)

 

 

Fair
Value

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

160,657

 

 

$

149

 

 

$

—

 

 

$

160,806

 

Corporate bonds

 

 

47,150

 

 

 

62

 

 

 

—

 

 

 

47,212

 

US Treasury

 

 

68,111

 

 

 

46

 

 

 

—

 

 

 

68,157

 

Federal bonds

 

 

28,998

 

 

 

—

 

 

 

(40

)

 

 

28,958

 

 

 

$

304,916

 

 

$

257

 

 

$

(40

)

 

$

305,133

 

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