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Financial Instruments (Tables)

12 Months Ended

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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- Definition

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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-Topic 820
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