Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Summary of Investments

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of June 30, 2022 and December 31, 2021 (in thousands, except for maturity in years):

	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
June 30, 2022
Classified as current assets:
U.S. Treasury debt securities	1 or less	$	120,196	$	(965	)	$	—	$	119,231
Municipal securities	1 or less		19,939		(278	)		—		19,661
Corporate debt securities	1 or less		178,376		(1,657	)		—		176,719
Commercial paper	1 or less		198,371		(407	)		—		197,964
Total short-term investments		$	516,882	$	(3,307	)	$	—	$	513,575
Classified as non-current assets:
Corporate debt securities	Greater than 1		12,035		(110	)		—		11,925
Total long-term investments		$	12,035	$	(110	)	$	—	$	11,925
December 31, 2021
Classified as current assets:
U.S. Treasury debt securities	1 or less	$	70,653	$	(163	)	$	—	$	70,490
Municipal securities	1 or less		18,017		(6	)		1		18,012
Corporate debt securities	1 or less		169,736		(187	)		—		169,549
Commercial paper	1 or less		224,333		(59	)		2		224,276
Total short-term investments		$	482,739	$	(415	)	$	3	$	482,327
Classified as non-current assets:
U.S. Treasury debt securities	Greater than 1	$	9,989	$	(35	)	$	—	$	9,954
Municipal securities	Greater than 1		9,034		(42	)		—		8,992
Corporate debt securities	Greater than 1		81,989		(271	)		—		81,718
Total long-term investments		$	101,012	$	(348	)	$	—	$	100,664

Aggregated by investment category and the length of time

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):

	Less Than 12 Months					12 Months or Greater					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
June 30, 2022
U.S. Treasury debt securities	$	119,232	$	(965	)	$	—	$	—		$	119,232	$	(965	)
Municipal securities		19,661		(278	)		—		—			19,661		(278	)
Corporate debt securities		150,489		(1,734	)		31,154		(33	)		181,643		(1,767	)
Commercial paper		84,465		(407	)		—		—			84,465		(407	)
Total	$	373,847	$	(3,384	)	$	31,154	$	(33	)	$	405,001	$	(3,417	)
December 31, 2021
U.S. Treasury debt securities	$	80,444	$	(198	)	$	—	$	—		$	80,444	$	(198	)
Municipal securities		23,352		(48	)		—		—			23,352		(48	)
Corporate debt securities		250,467		(458	)		—		—			250,467		(458	)
Commercial paper		59,863		(59	)		—		—			59,863		(59	)
Total	$	414,126	$	(763	)	$	—	$	—		$	414,126	$	(763	)