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Investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Schedule of Investments [Abstract] |
Summary of Fair Value of Available-for-Sale Investments by Type of Security | The fair value of available-for-sale investments by type of security was as follows:
|  | June 30, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | 238,934 |  |  | $ | — |  |  | $ | (2,343 | ) |  | $ | 236,591 |
U.S. agency securities |  |  | 340,204 |  |  |  | — |  |  |  | (2,586 | ) |  |  | 337,618 |
Total investments with a maturity of one year or less |  |  | 579,138 |  |  |  | — |  |  |  | (4,929 | ) |  |  | 574,209 |
U.S. treasury bills |  |  | 142,850 |  |  |  | — |  |  |  | (1,050 | ) |  |  | 141,800 |
U.S. agency securities |  |  | 9,764 |  |  |  | — |  |  |  | (102 | ) |  |  | 9,662 |
Total investments with a maturity of one to two years |  |  | 152,614 |  |  |  | — |  |  |  | (1,152 | ) |  |  | 151,462 |
Total investments |  | $ | 731,752 |  |  | $ | — |  |  | $ | (6,081 | ) |  | $ | 725,671 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | 356,728 |  |  | $ | 9 |  |  | $ | (5,523 | ) |  | $ | 351,214 |
U.S. agency securities |  |  | 236,483 |  |  |  | 49 |  |  |  | (3,104 | ) |  |  | 233,428 |
Total investments with a maturity of one year or less |  |  | 593,211 |  |  |  | 58 |  |  |  | (8,627 | ) |  |  | 584,642 |
U.S. treasury bills |  |  | 116,290 |  |  |  | 14 |  |  |  | (915 | ) |  |  | 115,389 |
U.S. agency securities |  |  | 148,042 |  |  |  | 36 |  |  |  | (986 | ) |  |  | 147,092 |
Total investments with a maturity of one to two years |  |  | 264,332 |  |  |  | 50 |  |  |  | (1,901 | ) |  |  | 262,481 |
Total investments |  | $ | 857,543 |  |  | $ | 108 |  |  | $ | (10,528 | ) |  | $ | 847,123 |
Available-for-sale Debt Securities in an Unrealized Loss Position | The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | June 30, 2023 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (in thousands) |
U.S. treasury bills |  | $ | 225,573 |  |  | $ | (1,528 | ) |  | $ | 152,818 |  |  | $ | (1,864 | ) |  | $ | 378,391 |  |  | $ | (3,392 | )
U.S. agency securities |  |  | 258,424 |  |  |  | (1,213 | ) |  |  | 88,856 |  |  |  | (1,476 | ) |  |  | 347,280 |  |  |  | (2,689 | )
Total |  | $ | 483,997 |  |  | $ | (2,741 | ) |  | $ | 241,674 |  |  | $ | (3,340 | ) |  | $ | 725,671 |  |  | $ | (6,081 | )
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (in thousands) |
U.S. treasury bills |  | $ | 143,089 |  |  | $ | (1,860 | ) |  | $ | 275,445 |  |  | $ | (4,578 | ) |  | $ | 418,534 |  |  | $ | (6,438 | )
U.S. agency securities |  |  | 190,468 |  |  |  | (1,649 | ) |  |  | 97,305 |  |  |  | (2,441 | ) |  |  | 287,773 |  |  |  | (4,090 | )
Total |  | $ | 333,557 |  |  | $ | (3,509 | ) |  | $ | 372,750 |  |  | $ | (7,019 | ) |  | $ | 706,307 |  |  | $ | (10,528 | )

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