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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of December 31, 2023 (in thousands):
|  |  | Balance Sheet Classification
|  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Level 1: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 237,104 |  |  | $ | — |  |  | $ | — |  |  | $ | 237,104 |  |  | $ | 237,104 |  |  | $ | — |
Money market mutual funds |  | 23,762 |  |  | — |  |  | — |  |  | 23,762 |  |  | 23,762 |  |  | — |
U.S. treasury securities |  | 138,893 |  |  | 38 |  |  | (8) |  |  | 138,923 |  |  | — |  |  | 138,923 |
Subtotal |  | 399,759 |  |  | 38 |  |  | (8) |  |  | 399,789 |  |  | 260,866 |  |  | 138,923 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 25,899 |  |  | — |  |  | — |  |  | 25,899 |  |  | 6,495 |  |  | 19,404 |
Certificates of deposit |  | 7,768 |  |  | — |  |  | — |  |  | 7,768 |  |  | 3,010 |  |  | 4,758 |
Corporate notes and obligations |  | 71,545 |  |  | 12 |  |  | (21) |  |  | 71,536 |  |  | 12,672 |  |  | 58,864 |
Asset-backed securities |  | 7,319 |  |  | 7 |  |  | (10) |  |  | 7,316 |  |  | — |  |  | 7,316 |
U.S. agency securities |  | 7,814 |  |  | — |  |  | (5) |  |  | 7,809 |  |  | — |  |  | 7,809 |
Subtotal |  | 120,345 |  |  | 19 |  |  | (36) |  |  | 120,328 |  |  | 22,177 |  |  | 98,151 |
Total cash, cash equivalents, and marketable securities |  | $ | 520,104 |  |  | $ | 57 |  |  | $ | (44) |  |  | $ | 520,117 |  |  | $ | 283,043 |  |  | $ | 237,074 |
As of December 31, 2022, the Company’s financial assets consisted of the following (in thousands):
|  |  | Balance Sheet Classification
|  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Level 1: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 166,341 |  |  | $ | — |  |  | $ | — |  |  | $ | 166,341 |  |  | $ | 166,341 |  |  | $ | — |
Money market mutual funds |  | 49,545 |  |  | — |  |  | — |  |  | 49,545 |  |  | 49,545 |  |  | — |
U.S. treasury securities |  | 204,580 |  |  | 9 |  |  | (180) |  |  | 204,409 |  |  | 2,995 |  |  | 201,414 |
Subtotal |  | 420,466 |  |  | 9 |  |  | (180) |  |  | 420,295 |  |  | 218,881 |  |  | 201,414 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 41,348 |  |  | — |  |  | — |  |  | 41,348 |  |  | — |  |  | 41,348 |
Certificates of deposit |  | 6,116 |  |  | — |  |  | — |  |  | 6,116 |  |  | — |  |  | 6,116 |
Corporate notes and obligations |  | 63,912 |  |  | 10 |  |  | (202) |  |  | 63,720 |  |  | 1,519 |  |  | 62,201 |
Asset-backed securities |  | 15,150 |  |  | 17 |  |  | (29) |  |  | 15,138 |  |  | — |  |  | 15,138 |
U.S. agency securities |  | 23,736 |  |  | 5 |  |  | (3) |  |  | 23,738 |  |  | 6,980 |  |  | 16,758 |
Subtotal |  | 150,262 |  |  | 32 |  |  | (234) |  |  | 150,060 |  |  | 8,499 |  |  | 141,561 |
Total cash, cash equivalents, and marketable securities |  | $ | 570,728 |  |  | $ | 41 |  |  | $ | (414) |  |  | $ | 570,355 |  |  | $ | 227,380 |  |  | $ | 342,975 |
Schedule of Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of December 31, 2023 (in thousands):
Due within 1 year | $ | 254,426 |
Due after 1 year through 5 years | 4,825 |
Total available-for-sale debt securities | $ | 259,251 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months as of December 31, 2023 (in thousands):
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Asset-backed securities | $ | 3,211 |  |  | $ | (6) |  |  | $ | 1,027 |  |  | $ | (4) |  |  | $ | 4,238 |  |  | $ | (10) |
Corporate notes and obligations | 40,527 |  |  | (21) |  |  | — |  |  | — |  |  | 40,527 |  |  | (21) |
U.S. treasury securities | 7,397 |  |  | (8) |  |  | — |  |  | — |  |  | 7,397 |  |  | (8) |
U.S. agency securities | 7,809 |  |  | (5) |  |  | — |  |  | — |  |  | 7,809 |  |  | (5) |
Total available-for-sale debt securities | $ | 58,944 |  |  | $ | (40) |  |  | $ | 1,027 |  |  | $ | (4) |  |  | $ | 59,971 |  |  | $ | (44) |
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of December 31, 2022 (in thousands):
| Fair Value |  | Gross Unrealized Losses
Asset-backed securities | $ | 6,598 |  |  | $ | (29) |
Corporate notes and obligations | 55,136 |  |  | (202) |
U.S. treasury securities | 149,128 |  |  | (180) |
U.S. agency securities | 7,517 |  |  | (3) |
Total available-for-sale debt securities | $ | 218,379 |  |  | $ | (414) |

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