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Investments and Fair Value Measurements (Tables)

9 Months Ended

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

X

- 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

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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

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-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

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