Financial Instruments

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

The fair value and amortized cost of cash equivalents and available-for-sale securities by major security type as of September 30, 2023 and as of December 31, 2022 are presented in the following tables:


	September 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
Money market funds	$	50,937	$	—	$	—	$	50,937
Corporate bonds	86,734		3		(558)		86,179
U.S. treasury securities	311,637		—		(680)		310,957
U.S. agency securities	41,998		—		(732)		41,266
Total cash equivalents and investments	$	491,306	$	3	$	(1,970)	$	489,339

Classified as:
Cash equivalents							$	60,910
Short-term investments							396,259
Long-term investments							32,170
Total cash equivalents and investments							$	489,339


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
Money market funds	$	10,679	$	—	$	—	$	10,679
Commercial paper	4,956		—		(2)		4,954
Corporate bonds	156,019		25		(2,788)		153,256
U.S. treasury securities	323,077		5		(5,060)		318,022
U.S. agency securities	41,078		—		(1,662)		39,416
Total cash equivalents and investments	$	535,809	$	30	$	(9,512)	$	526,327

Classified as:
Cash equivalents							$	11,760
Short-term investments							455,416
Long-term investments							59,151
Total cash equivalents and investments							$	526,327

As of September 30, 2023, the remaining contractual maturities of available-for-sale securities were less than 2 years. Realized losses on available-for-sale securities for the three and nine months ended September 30, 2023 were zero and $1.0 million, respectively. There were no significant realized losses on available-for-sale securities for the three and nine months ended September 30, 2022. As of September 30, 2023, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that it is more likely than not that investments in an unrealized loss position will be held until maturity and all interest and principal will be received. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors. As of September 30, 2023 and December 31, 2022, securities with a fair value of $81.0 million and $329.4 million, respectively, were in a continuous net unrealized loss position for more than 12 months. To date, the Company has not recorded any impairment charges on available-for-sale securities.

As of September 30, 2023 and December 31, 2022, the Company recognized $1.6 million and $1.8 million, respectively, of accrued interest receivable from available-for-sale securities within prepaid expenses and other current assets on the condensed consolidated balance sheets.