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Investments and Fair Value Measurements | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Investments and Fair Value Measurements | Investments and Fair Value Measurements The Company's total cash, cash equivalents and marketable securities as of September 30, 2022 and December 31, 2021 consisted of the following:
|  | As of September 30, |  | As of December 31,
|  | 2022 |  | 2021
|  | (in thousands)
Cash and cash equivalents: |  |  |  |
Cash |  | $ | 42,673 |  |  | $ | 134,774 |
Money market funds |  | 45,224 |  |  | 31,294 |
Total cash and cash equivalents (1) |  | $ | 87,897 |  |  | $ | 166,068 |
Marketable securities: |  |  |  |
U.S. Treasury securities |  | $ | 327,868 |  |  | $ | 184,946 |
Corporate notes and bonds |  | 84,342 |  |  | 11,327 |
Commercial paper |  | 6,498 |  |  | 124,089 |
Asset-backed securities |  | 6,464 |  |  | 21,576 |
Municipal securities |  | — |  |  | 2,250 |
Foreign government and supranational securities |  | 19,876 |  |  | 17,607 |
Total marketable securities, current (2) |  | $ | 445,048 |  |  | $ | 361,795 |
U.S. Treasury securities |  | — |  |  | 239,528 |
Corporate notes and bonds |  | 152,773 |  |  | 197,298 |
Asset-backed securities |  | 31,077 |  |  | 77,142 |
Municipal securities |  | 2,216 |  |  | 2,312 |
Foreign government and supranational securities |  | — |  |  | 12,631 |
Total marketable securities, non-current (3) |  | $ | 186,066 |  |  | $ | 528,911 |
Total marketable securities |  | $ | 631,114 |  |  | $ | 890,706 |
Total cash, cash equivalents and marketable securities |  | $ | 719,011 |  |  | $ | 1,056,774 |
(1)The Company's cash equivalents include investments with an original maturity date of three months or less. (2)The Company classifies its marketable securities as current, where it intends to hold the securities for less than 12 months. (3)The Company classifies its marketable securities are non-current, where it intends to hold the securities for longer than 12 months. Available-for-Sale Investments The Company’s marketable securities are classified as available-for-sale as of the balance sheet date and are reported at fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to available-for-sale securities classified as marketable securities as of September 30, 2022 and December 31, 2021:
|  | As of September 30, 2022
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in thousands)
U.S. Treasury securities |  | $ | 333,851 |  |  | $ | — |  |  | $ | (5,983) |  |  | $ | 327,868 |
Corporate notes and bonds |  | 242,536 |  |  | — |  |  | (5,421) |  |  | 237,115 |
Commercial paper |  | 6,498 |  |  | — |  |  | — |  |  | 6,498 |
Asset-backed securities |  | 37,938 |  |  | — |  |  | (397) |  |  | 37,541 |
Municipal securities |  | 2,323 |  |  | — |  |  | (107) |  |  | 2,216 |
Foreign government and supranational securities |  | 20,070 |  |  | — |  |  | (194) |  |  | 19,876 |
Total available-for-sale investments |  | $ | 643,216 |  |  | $ | — |  |  | $ | (12,102) |  |  | $ | 631,114 |
|  | As of December 31, 2021
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in thousands)
U.S. Treasury securities |  | $ | 425,560 |  |  | $ | 1 |  |  | $ | (1,086) |  |  | $ | 424,475 |
Corporate notes and bonds |  | 209,550 |  |  | — |  |  | (925) |  |  | 208,625 |
Commercial paper |  | 124,098 |  |  | — |  |  | (9) |  |  | 124,089 |
Asset-backed securities |  | 98,857 |  |  | — |  |  | (140) |  |  | 98,717 |
Municipal securities |  | 4,577 |  |  | — |  |  | (15) |  |  | 4,562 |
Foreign government and supranational securities |  | 30,306 |  |  | — |  |  | (68) |  |  | 30,238 |
Total available-for-sale investments |  | $ | 892,948 |  |  | $ | 1 |  |  | $ | (2,243) |  |  | $ | 890,706 |
There were no material realized gains or losses from sales of marketable securities that were reclassified out of accumulated other comprehensive (loss) income into investment income during the three and nine months ended September 30, 2022 and 2021. There were 19 securities in a continuous loss position for 12 months or longer as of September 30, 2022. No securities were in a continuous loss position for 12 months or longer as of December 31, 2021. Investments are reviewed periodically to identify possible other-than-temporary impairments. No impairment loss has been recorded on the securities included in either of the periods as the Company believes that the decrease in fair value of these securities is temporary. The Company does not intend to sell the impaired securities, nor is it more likely than not that the Company would be required to sell impaired securities before recovery of amortized cost basis. Fair Value of Financial Instruments For certain of the Company's financial instruments, including cash held in banks, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables below. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation. The Company measures its cash equivalents, marketable securities, and restricted cash at fair value. The Company classifies its cash equivalents, marketable securities and restricted cash within Level 1 or Level 2 because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The fair value of the Company's Level 1 financial assets is based on quoted market prices of the identical underlying security. The fair value of the Company's Level 2 financial assets is based on inputs that are directly or indirectly observable in the market, including the readily available pricing sources for the identical underlying security that may not be actively traded. Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments:
|  | As of September 30, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 45,224 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,224 |
Total cash equivalents |  | 45,224 |  |  | — |  |  | — |  |  | 45,224 |
Marketable securities: |  |  |  |  |  |  |  |
Corporate notes and bonds |  | — |  |  | 237,115 |  |  | — |  |  | 237,115 |
Commercial paper |  | — |  |  | 6,498 |  |  | — |  |  | 6,498 |
U.S. Treasury securities |  | — |  |  | 327,868 |  |  | — |  |  | 327,868 |
Municipal securities |  | — |  |  | 2,216 |  |  | — |  |  | 2,216 |
Asset-backed securities |  | — |  |  | 37,541 |  |  | — |  |  | 37,541 |
Foreign government and supranational securities |  | — |  |  | 19,876 |  |  | — |  |  | 19,876 |
Total marketable securities |  | — |  |  | 631,114 |  |  | — |  |  | 631,114 |
Restricted cash: |  |  |  |  |  |  |  |
Restricted cash, current |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total restricted cash |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total financial assets |  | $ | 45,374 |  |  | $ | 631,114 |  |  | $ | — |  |  | $ | 676,488 |
|  | As of December 31, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 31,294 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,294 |
Total cash equivalents |  | 31,294 |  |  | — |  |  | — |  |  | 31,294 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | — |  |  | 424,475 |  |  | — |  |  | 424,475 |
Corporate notes and bonds |  | — |  |  | 208,625 |  |  | — |  |  | 208,625 |
Commercial paper |  | — |  |  | 124,089 |  |  | — |  |  | 124,089 |
Asset-backed securities |  | — |  |  | 98,717 |  |  | — |  |  | 98,717 |
Municipal securities |  | — |  |  | 4,562 |  |  | — |  |  | 4,562 |
Foreign government and supranational securities |  | — |  |  | 30,238 |  |  | — |  |  | 30,238 |
Total marketable securities |  | — |  |  | 890,706 |  |  | — |  |  | 890,706 |
Restricted cash: |  |  |  |  |  |  |  |
Restricted cash, non-current |  | 893 |  |  | — |  |  | — |  |  | 893 |
Total restricted cash |  | 893 |  |  | — |  |  | — |  |  | 893 |
Total financial assets |  | $ | 32,187 |  |  | $ | 890,706 |  |  | $ | — |  |  | $ | 922,893 |
The Company classifies its investments, which are comprised of corporate notes and bonds, commercial paper, U.S. treasury securities, foreign government and supranational securities and asset-backed securities within Level 2 of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments. Restricted cash was $0.2 million and $0.9 million as of September 30, 2022 and December 31, 2021, respectively. The restricted cash balance consisted of letters of credit related to lease arrangements that were collateralized by the Company's cash. The amounts as of September 30, 2022 and December 31, 2021, were classified as current and non-current, respectively, on the Company's Condensed Consolidated Balance Sheets. There were no transfers of assets and liabilities measured at fair value between Level 1 and Level 2, or between Level 2 and Level 3, during the three and nine months ended September 30, 2022 and 2021.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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