Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Financial Assets and Liabilities

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at June 30, 2022 and December 31, 2021:
 

	June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	17,738	$	—	$	—	$	17,738
Commercial paper		—		25,629		—		25,629
Corporate bonds		—		250,939		—		250,939
U.S. Government agency securities		—		35,378		—		35,378
U.S. Treasury securities		—		791,093		—		791,093
Restricted cash:
Money market funds		—		3,029		—		3,029
Total	$	17,738	$	1,106,068	$	—	$	1,123,806

	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	125,940	$	—	$	—	$	125,940
Commercial paper		—		28,337		—		28,337
Corporate bonds		—		249,846		—		249,846
U.S. Government agency securities		—		22,466		—		22,466
U.S. Treasury securities		—		698,300		—		698,300
Restricted cash:
Money market funds		—		3,029		—		3,029
Total	$	125,940	$	1,001,978	$	—	$	1,127,918

Summary of Composition of Short and Long Term Investments

The following tables summarize the composition of our short- and long-term investments at June 30, 2022 and December 31, 2021.

	June 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	25,629	$	—	$	—		$	25,629
Corporate bonds		254,861		9		(3,931	)		250,939
U.S. Government agency securities		35,986		13		(621	)		35,378
U.S. Treasury securities		793,998		38		(2,943	)		791,093
Total	$	1,110,474	$	60	$	(7,495	)	$	1,103,039

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	25,245	$	—	$	—		$	25,245
Corporate bonds		250,443		9		(606	)		249,846
U.S. Government agency securities		22,504		—		(38	)		22,466
U.S. Treasury securities		698,446		2		(148	)		698,300
Total	$	996,638	$	11	$	(792	)	$	995,857

Summary of Contractual Maturities of Short and Long Term Investments

The contractual maturities of short-term and long-term investments held at June 30, 2022 and December 31, 2021 are as follows:

	June 30, 2022				December 31, 2021
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	(in thousands)				(in thousands)
Due within one year	$	944,398	$	940,379	$	821,101	$	820,962
Due after 1 year through 2 years		166,076		162,660		175,537		174,895
Total	$	1,110,474	$	1,103,039	$	996,638	$	995,857