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Fair Value Measurements and Marketable Securities Available-for-Sale (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Marketable securities Measured at Fair Value on Recurring Basis

There have not been any transfers between the levels during the periods.

		June 30, 2023
		Total				Level 1				Level 2				Level 3
		(In thousands)
Financial assets:
Cash equivalents:
Money market funds		$	22,752			$	22,752			$	—			$	—
U.S. government securities			1,994				—				1,994				—
			24,746				22,752				1,994				—
Marketable securities:
Certificate of deposits			11,373				—				11,373				—
Commercial paper			45,699				—				45,699				—
U.S. government and government agency securities			424,872				—				424,872				—
Corporate bonds			97,895				—				97,895				—
Municipal bonds			996				—				996				—
			580,835				—				580,835				—
Total financial assets:		$	605,581			$	22,752			$	582,829			$	—
Financial liabilities:
Warrants		$	972			$	930			$	—			$	42

		December 31, 2022
		Total				Level 1				Level 2				Level 3
		(In thousands)
Financial assets:
Cash equivalents:
Money market funds		$	35,204			$	35,204			$	—			$	—
U.S. government and government agency securities			32,779				—				32,779				—
Corporate bonds			328				—				328				—
			68,311				35,204				33,107				—
Marketable securities:
Certificate of deposits			13,984				—				13,984				—
Commercial paper			50,173				—				50,173				—
U.S. government and government agency securities			305,657				—				305,657				—
Corporate bonds			187,130				—				187,130				—
Municipal bonds			2,971				—				2,971				—
			559,915				—				559,915				—
Total financial assets:		$	628,226			$	35,204			$	593,022			$	—
Financial liabilities:
Warrants		$	850			$	813			$	—			$	37

Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale

The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of June 30, 2023 and December 31, 2022:

		June 30, 2023
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
		(In thousands)
Cash equivalents:
Money market funds		$	22,752			$	—			$	—			$	22,752
U.S. government securities			1,993				1				—				1,994
			24,745				1				—				24,746
Marketable securities:
Certificate of deposits			11,400				—				(27	)			11,373
Commercial paper			45,747				—				(48	)			45,699
U.S. government and government agency securities			428,020				3				(3,151	)			424,872
Corporate bonds			99,064				34				(1,203	)			97,895
Municipal bonds			1,000				—				(4	)			996
			585,231				37				(4,433	)			580,835
		$	609,976			$	38			$	(4,433	)		$	605,581

		December 31, 2022
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
		(In thousands)
Cash equivalents:
Money market funds		$	35,204			$	—			$	—			$	35,204
U.S. government and government agency securities			32,773				6				—				32,779
Corporate bonds			328				—				—				328
			68,305				6				—				68,311
Marketable securities:
Certificate of deposits			13,998				6				(20	)			13,984
Commercial paper			50,240				21				(88	)			50,173
U.S. government and government agency securities			308,510				30				(2,883	)			305,657
Corporate bonds			189,695				23				(2,588	)			187,130
Municipal bonds			3,004				—				(33	)			2,971
			565,447				80				(5,612	)			559,915
		$	633,752			$	86			$	(5,612	)		$	628,226

Schedule of Net Realized Gain (Loss) on Marketable Securities

For the three and six months ended June 30, 2023 and 2022, the activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Net realized gains (losses) on available-for-sale securities were as follows:
Realized gains from sales of available-for-sale securities		$	12			$	2			$	12			$	9
Realized losses from sales of available-for-sale securities			(111	)			(695	)			(207	)			(745	)
			(99	)			(693	)			(195	)			(736	)
Net recognized gains (losses) on equity securities were as follows:
Net realized losses on equities sold			—				—				—				(337	)
Net unrealized gains on equities			—				(1	)			—				165
			—				(1	)			—				(172	)
Total losses on marketable securities		$	(99	)		$	(694	)		$	(195	)		$	(908	)

Schedule of Marketable Securities with Continuous Unrealized Losses

The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of June 30, 2023 and December 31, 2022 were as follows:

		June 30, 2023
		Less than 12 Months								12 Months or Greater								Total				Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In thousands)
Certificate of deposits		$	11,373			$	(26	)		$	—			$	—			$	11,373			$	(26	)
Commercial paper			45,699				(48	)			—				—				45,699				(48	)
U.S. government and government agency securities			363,906				(2,485	)			43,477				(666	)			407,383				(3,151	)
Corporate bonds			45,153				(488	)			39,264				(716	)			84,417				(1,204	)
Municipal bonds			—				—				996				(4	)			996				(4	)
		$	466,131			$	(3,047	)		$	83,737			$	(1,386	)		$	549,868			$	(4,433	)

		December 31, 2022
		Less than 12 Months								12 Months or Greater								Total				Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In thousands)
Certificate of deposits		$	7,139			$	(20	)		$	—			$	—			$	7,139			$	(20	)
Commercial paper			26,938				(88	)			—				—				26,938				(88	)
U.S. government and government agency securities			150,126				(977	)			101,095				(1,906	)			251,221				(2,883	)
Corporate bonds			69,402				(565	)			108,748				(2,023	)			178,150				(2,588	)
Municipal bonds			—				—				2,971				(33	)			2,971				(33	)
		$	253,605			$	(1,650	)		$	212,814			$	(3,962	)		$	466,419			$	(5,612	)

Schedule Of Available for sale Securities Maturity On Fair Value

Maturity information based on fair value is as follows as of June 30, 2023:

		Within one year				After one year through five years				Total
		(In thousands)
Certificate of deposits		$	11,373			$	—			$	11,373
Commercial paper			45,699				—				45,699
U.S. government and government agency securities			283,635				141,237				424,872
Corporate bonds			78,535				19,360				97,895
Municipal bonds			996				—				996
		$	420,238			$	160,597			$	580,835

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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