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Fair Value Measurements and Available for Sale Investments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:

			Fair Value Measurements at End of Period Using:
(in thousands)			Fair Value						Quoted Market Prices for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
At December 31, 2023
Money market funds(1)			$	27,789					$	27,789					$	—					$	—
Mutual funds(1)			6,286						6,286						—						—
U.S. Treasury securities(2)			325,714						325,714						—						—
Certificates of deposit(2)			244						—						244						—
Agency securities(2)			20,253						—						20,253						—
Commercial and corporate obligations(2)			35,754						—						35,754						—
At December 31, 2022
Money market funds(1)			$	29,702					$	29,702					$	—					$	—
Mutual funds(1)			41,812						41,812						—						—
U.S. Treasury securities(2)			374,527						374,527						—						—
Certificates of deposit(2)			2,856						—						2,856						—
Agency securities(2)			74,602						—						74,602						—
Commercial and corporate obligations(2)			60,883						—						60,883						—

(1)    Included in cash and cash equivalents in the accompanying consolidated balance sheets.

(2)    Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.

Schedule of Available-for-sale Investments

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2023 are as follows:

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Fair Value
Agency securities(1)			$	20,322					$	—					$	(69)					$	20,253
Certificates of deposit(2)			246						—						(2)						244
Commercial and corporate obligations(3)			35,760						77						(83)						35,754
US Treasury securities(4)			326,227						122						(635)						325,714
Total available-for-sale investments			$	382,555					$	199					$	(789)					$	381,965

(1)     Of our outstanding agency securities, $20.3 million have maturity dates of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2023.

(2)     Of our outstanding certificates of deposit, $0.2 million have a maturity date of less than one year and $0.0 million have a maturity date of between one to two years as of December 31, 2023.

(3)     Of our outstanding commercial and corporate obligations, $25.8 million have maturity dates of less than one year and $10.0 million have a maturity date of between one to two years as of December 31, 2023.

(4)     Of our outstanding U.S. Treasury securities, $308.6 million have maturity dates of less than one year and $17.1 million have a maturity date of between one to two years as of December 31, 2023.

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2022 are as follows:

(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Fair Value
Agency securities(1)			$	75,504					$	11					$	(913)					$	74,602
Certificates of deposit(2)			2,915						—						(59)						2,856
Commercial and corporate obligations(3)			61,791						8						(916)						60,883
US Treasury securities(4)			377,697						19						(3,189)						374,527
Total available-for-sale investments			$	517,907					$	38					$	(5,077)					$	512,868

(1)     Of our outstanding agency securities, $57.1 million have maturity dates of less than one year and $17.5 million have a maturity date of between one to two years as of December 31, 2022.

(2)     Of our outstanding certificates of deposit, $2.6 million have a maturity date of less than one year and $0.3 million have a maturity date of between one to two years as of December 31, 2022.

(3)     Of our outstanding commercial and corporate obligations, $44.0 million have maturity dates of less than one year and $16.9 million have a maturity date of between one to two years as of December 31, 2022.

(4)    Of our outstanding U.S. Treasury securities, $266.2 million have maturity dates of less than one year and $108.3 million have a maturity date of between one to two years as of December 31, 2022.

Schedule of Unrealized Loss and Fair Values in a Loss Position

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2023 and December 31, 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

			December 31, 2023
			Less than 12 Months												12 Months or Greater												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Agency securities			$	2,530					$	(1)					$	17,723					$	(68)					$	20,253					$	(69)
Certificates of Deposit			—						—						244						(2)						244						(2)
Commercial and corporate obligations			5,160						(9)						15,200						(74)						20,360						(83)
US Treasury Securities			98,840						(110)						99,000						(525)						197,840						(635)
Total			$	106,530					$	(120)					$	132,167					$	(669)					$	238,697					$	(789)

			December 31, 2022
			Less than 12 Months												12 Months or Greater												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Agency securities			$	61,117					$	(843)					$	3,437					$	(70)					$	64,554					$	(913)
Certificates of Deposit			481						(10)						2,375						(49)						2,856						(59)
Commercial and corporate obligations			44,213						(624)						14,778						(292)						58,991						(916)
US Treasury Securities			298,575						(2,667)						41,937						(522)						340,513						(3,189)
Total			$	404,386					$	(4,144)					$	62,527					$	(933)					$	466,914					$	(5,077)

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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 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).

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