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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

114,615

 

 

$

94,707

 

 

$

19,908

 

 

$

—

 

Short-term investments

 

 

319,963

 

 

 

—

 

 

 

319,963

 

 

 

—

 

Long-term investments

 

 

87,416

 

 

 

—

 

 

 

87,416

 

 

 

—

 

Total assets

 

$

521,994

 

 

$

94,707

 

 

$

427,287

 

 

$

—

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and 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

 

 

$

—

 
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)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

180,927

 

 

$

—

 

 

$

(101

)

 

$

180,826

 

Corporate bonds

 

 

47,604

 

 

 

—

 

 

 

(72

)

 

 

47,532

 

US Treasury

 

 

176,012

 

 

 

—

 

 

 

(548

)

 

 

175,464

 

Federal bonds

 

 

23,500

 

 

 

—

 

 

 

(35

)

 

 

23,465

 

 

 

$

428,043

 

 

$

—

 

 

$

(756

)

 

$

427,287

 

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