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Marketable Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Marketable Securities [Abstract] |
Summary of Debt Securities, Available-for-sale | The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:
|  | Fair Value Measurements as of September 30, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Loss |  |  | Fair Value |
|  | (in thousands) |
Marketable debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 195,338 |  |  | $ | 10 |  |  | $ | (348 | ) |  | $ | 195,000 |
U.S. government agency bonds |  |  | 106,690 |  |  |  | — |  |  |  | (343 | ) |  |  | 106,347 |
|  | $ | 302,028 |  |  | $ | 10 |  |  | $ | (691 | ) |  | $ | 301,347 |
|  | Fair Value Measurements as of December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Loss |  |  | Fair Value |
|  | (in thousands) |
Marketable debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 201,834 |  |  | $ | 21 |  |  | $ | (2,610 | ) |  | $ | 199,245 |
U.S. government agency bonds |  |  | 108,036 |  |  |  | — |  |  |  | (1,116 | ) |  |  | 106,920 |
|  | $ | 309,870 |  |  | $ | 21 |  |  | $ | (3,726 | ) |  | $ | 306,165 |
Summary of Fair value and Gross Unrealized Losses on Securities | The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:
| September 30, 2023 |
| Less than twelve months |  |  | Greater than twelve months |  |  | Total |
| Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |
| (in thousands) |
U.S. Treasury bills | $ | 118,259 |  |  | $ | (111 | ) |  | $ | 24,726 |  |  | $ | (237 | ) |  | $ | 142,985 |  |  | $ | (348 | )
U.S. government agency bonds |  | 89,282 |  |  |  | (106 | ) |  |  | 17,064 |  |  |  | (237 | ) |  |  | 106,346 |  |  |  | (343 | )
| $ | 207,541 |  |  | $ | (217 | ) |  | $ | 41,790 |  |  | $ | (474 | ) |  | $ | 249,331 |  |  | $ | (691 | )
| December 31, 2022 |
| Less than twelve months |  |  | Greater than twelve months |  |  | Total |
| Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |
| (in thousands) |
U.S. Treasury bills | $ | 44,213 |  |  | $ | (640 | ) |  | $ | 84,997 |  |  | $ | (1,970 | ) |  | $ | 129,210 |  |  | $ | (2,610 | )
U.S. government agency bonds |  | 68,919 |  |  |  | (627 | ) |  |  | 38,000 |  |  |  | (489 | ) |  |  | 106,919 |  |  |  | (1,116 | )
| $ | 113,132 |  |  | $ | (1,267 | ) |  | $ | 122,997 |  |  | $ | (2,459 | ) |  | $ | 236,129 |  |  | $ | (3,726 | )

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