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Investments and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Cash, Cash Equivalents, and Marketable Securities | The Company’s total cash, cash equivalents and marketable securities consisted of the following:
|  | As of December 31,
|  | 2023 |  | 2022
|  | (in thousands)
Cash and cash equivalents: |  |  |  |
Cash |  | $ | 21,269 |  |  | $ | 46,516 |
U.S. Treasury securities |  | 52,830 |  |  | — |
Money market funds |  | 21,166 |  |  | 96,875 |
Commercial paper |  | 12,656 |  |  | — |
Total cash and cash equivalents |  | 107,921 |  |  | 143,391 |
Marketable securities: |  |  |  |
U.S. Treasury securities |  | $ | 73,448 |  |  | $ | 287,988 |
Corporate notes and bonds |  | 105,566 |  |  | $ | 71,744 |
Commercial paper |  | 25,934 |  |  | — |
Agency bonds |  | 9,851 |  |  | — |
Asset-backed securities |  | — |  |  | 175 |
Municipal securities |  | — |  |  | 2,221 |
Foreign government and supranational securities |  | — |  |  | 12,453 |
Total marketable securities, current |  | $ | 214,799 |  |  | $ | 374,581 |
Corporate notes and bonds |  | 5,999 |  |  | 140,949 |
Asset-backed securities |  | 89 |  |  | 24,156 |
Total marketable securities, non-current |  | $ | 6,088 |  |  | $ | 165,105 |
Total marketable securities |  | $ | 220,887 |  |  | $ | 539,686 |
Total cash, cash equivalents and marketable securities |  | $ | 328,808 |  |  | $ | 683,077 |
Schedule of Available-For-Sale Investments | The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to cash and cash equivalents and available-for-sale securities on the accompanying consolidated balance sheets as of December 31, 2023 and December 31, 2022:
|  | As of December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in thousands)
Cash and cash equivalents: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 52,824 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 52,830 |
Commercial paper |  | $ | 12,663 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 12,656 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 73,444 |  |  | $ | 8 |  |  | $ | (4) |  |  | $ | 73,448 |
Corporate notes and bonds |  | 112,487 |  |  | 9 |  |  | (931) |  |  | 111,565 |
Commercial paper |  | 25,946 |  |  | — |  |  | (12) |  |  | 25,934 |
Asset-backed securities |  | 89 |  |  | — |  |  | — |  |  | 89 |
Agency bonds |  | 9,854 |  |  | — |  |  | (3) |  |  | 9,851 |
Total available-for-sale investments |  | $ | 287,307 |  |  | $ | 23 |  |  | $ | (957) |  |  | $ | 286,373 |
|  | As of December 31, 2022
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in thousands)
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 291,685 |  |  | $ | — |  |  | $ | (3,697) |  |  | $ | 287,988 |
Corporate notes and bonds |  | 217,187 |  |  | — |  |  | (4,494) |  |  | 212,693 |
Asset-backed securities |  | 24,617 |  |  | — |  |  | (286) |  |  | 24,331 |
Municipal securities |  | 2,322 |  |  | — |  |  | (101) |  |  | 2,221 |
Foreign government and supranational securities |  | 12,522 |  |  | — |  |  | (69) |  |  | 12,453 |
Total available-for-sale investments |  | $ | 548,333 |  |  | $ | — |  |  | $ | (8,647) |  |  | $ | 539,686 |
Schedule of 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 December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 21,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,166 |
U.S. Treasury securities |  | — |  |  | 52,830 |  |  | — |  |  | 52,830 |
Commercial paper |  | — |  |  | 12,656 |  |  | — |  |  | 12,656 |
Total cash equivalents |  | 21,166 |  |  | 65,486 |  |  | — |  |  | 86,652 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | — |  |  | 73,448 |  |  | — |  |  | 73,448 |
Corporate notes and bonds |  | — |  |  | 111,565 |  |  | — |  |  | 111,565 |
Commercial paper |  | — |  |  | 25,934 |  |  | — |  |  | 25,934 |
Asset-backed securities |  | — |  |  | 89 |  |  | — |  |  | 89 |
Agency bonds |  | — |  |  | 9,851 |  |  | — |  |  | 9,851 |
Total marketable securities |  | — |  |  | 220,887 |  |  | — |  |  | 220,887 |
Restricted cash: |  |  |  |  |  |  |  |
Restricted cash, current |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total restricted cash |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total financial assets |  | $ | 21,316 |  |  | $ | 286,373 |  |  | $ | — |  |  | $ | 307,689 |
|  | As of December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 96,875 |  |  | $ | — |  |  | $ | — |  |  | $ | 96,875 |
Total cash equivalents |  | 96,875 |  |  | — |  |  | — |  |  | 96,875 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | — |  |  | 287,988 |  |  | — |  |  | 287,988 |
Corporate notes and bonds |  | — |  |  | 212,693 |  |  | — |  |  | 212,693 |
Asset-backed securities |  | — |  |  | 24,331 |  |  | — |  |  | 24,331 |
Municipal securities |  | — |  |  | 2,221 |  |  | — |  |  | 2,221 |
Foreign government and supranational securities |  | — |  |  | 12,453 |  |  | — |  |  | 12,453 |
Total marketable securities |  | — |  |  | 539,686 |  |  | — |  |  | 539,686 |
Restricted cash: |  |  |  |  |  |  |  |
Restricted cash, current |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total restricted cash |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total financial assets |  | $ | 97,025 |  |  | $ | 539,686 |  |  | $ | — |  |  | $ | 636,711 |

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