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Investments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Cash, Cash Equivalents, and Marketable Securities | 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.
Schedule of Available-For-Sale Investments | 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 |
Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | 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 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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