Cash, Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Summary of cash, cash equivalents and available-for-sale marketable securities

A summary of cash, cash equivalents and available-for-sale marketable securities held by the Company as of March 31, 2024 and December 31, 2023 is as follows (in thousands):

	March 31, 2024
	Cost		Unrealized gains		Unrealized losses		Fair value
Cash and cash equivalents:
Cash (Level 1)	$	3,094	$	—	$	—	$	3,094
Money market funds (Level 1)	604,553		—		—		604,553
Corporate debt securities due within 3 months of date of purchase (Level 2)	14,870		—		—		14,870
Total cash and cash equivalents	622,517		—		—		622,517
Marketable securities:
Corporate debt securities due within 1 year of date of purchase (Level 2)	260,811		32		(140)		260,703
U.S. government and government sponsored entities due within 1 year of date of purchase (Level 2)	175,907		25		(89)		175,843
Total cash, cash equivalents and marketable securities	$	1,059,235	$	57	$	(229)	$	1,059,063

	December 31, 2023
	Cost		Unrealized gains		Unrealized losses		Fair value
Cash and cash equivalents:
Cash (Level 1)	$	2,729	$	—	$	—	$	2,729
Money market funds (Level 1)	78,555		—		—		78,555
US government and government sponsored entities (Level 1)	14,967		—		—		14,967
Corporate debt securities due within 3 months of date of purchase (Level 2)	3,664		—		—		3,664
Total cash and cash equivalents	99,915		—		—		99,915
Marketable securities:
Corporate debt securities due within 1 year of date of purchase (Level 2)	382,028		195		(7)		382,216
US government and government sponsored entities due within 1 year of date of purchase (Level 2)	150,743		280		(1)		151,022
Corporate debt securities due within 1 to 2 years of date of purchase (Level 2)	977		1		—		978
Total cash, cash equivalents and marketable securities	$	633,663	$	476	$	(8)	$	634,131