Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Cash, Cash Equivalents, and Marketable Securities

The Company's total cash, cash equivalents and marketable securities as of June 30, 2022 and December 31, 2021 consisted of the following:


	As of June 30,		As of December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents:
Cash	$	48,864	$	134,774
Money market funds	9,665		31,294
Commercial paper	3,981		—
Total cash and cash equivalents (1)	$	62,510	$	166,068
Marketable securities:
U.S. Treasury securities	$	274,449	$	184,946
Corporate notes and bonds	77,241		11,327
Commercial paper	16,489		124,089
Asset-backed securities	31,840		21,576
Municipal securities	—		2,250
Foreign government and supranational securities	19,886		17,607
Total marketable securities, current (2)	$	419,905	$	361,795
U.S. Treasury securities	53,555		239,528
Corporate notes and bonds	173,509		197,298
Asset-backed securities	55,648		77,142
Municipal securities	2,239		2,312
Foreign government and supranational securities	—		12,631
Total marketable securities, non-current (3)	$	284,951	$	528,911
Total marketable securities	$	704,856	$	890,706
Total cash, cash equivalents and marketable securities	$	767,366	$	1,056,774

(1)The Company's cash equivalents include investments with an original maturity date of three months or less.

(2)The Company classifies its marketable securities as current, where it intends to hold the securities for less than 12 months.

(3)The Company classifies its marketable securities are non-current, where it intends to hold the securities for longer than 12 months.

Schedule of Available-For-Sale Investments

The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to available-for-sale securities classified as marketable securities as of June 30, 2022 and December 31, 2021:


	As of June 30, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in thousands)
U.S. Treasury securities	$	333,938	$	—	$	(5,934)	$	328,004
Corporate notes and bonds	255,927		—		(5,177)		250,750
Commercial paper	16,489		—		—		16,489
Asset-backed securities	88,020		—		(532)		87,488
Municipal securities	2,325		—		(86)		2,239
Foreign government and supranational securities	20,145		—		(259)		19,886
Total available-for-sale investments	$	716,844	$	—	$	(11,988)	$	704,856

	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in thousands)
U.S. Treasury securities	$	425,560	$	1	$	(1,086)	$	424,475
Corporate notes and bonds	209,550		—		(925)		208,625
Commercial paper	124,098		—		(9)		124,089
Asset-backed securities	98,857		—		(140)		98,717
Municipal securities	4,577		—		(15)		4,562
Foreign government and supranational securities	30,306		—		(68)		30,238
Total available-for-sale investments	$	892,948	$	1	$	(2,243)	$	890,706

Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments:


	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	9,665	$	—	$	—	$	9,665
Commercial paper	—		3,981		—		3,981
Total cash equivalents	9,665		3,981		—		13,646
Marketable securities:
Corporate notes and bonds	—		250,750		—		250,750
Commercial paper	—		16,489		—		16,489
U.S. Treasury securities	—		328,004		—		328,004
Municipal securities	—		2,239		—		2,239
Asset-backed securities	—		87,488		—		87,488
Foreign government and supranational securities	—		19,886		—		19,886
Total marketable securities	—		704,856		—		704,856
Restricted cash:
Restricted cash, current	150		—		—		150
Total restricted cash	150		—		—		150
Total financial assets	$	9,815	$	708,837	$	—	$	718,652


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	31,294	$	—	$	—	$	31,294
Total cash equivalents	31,294		—		—		31,294
Marketable securities:
U.S. Treasury securities	—		424,475		—		424,475
Corporate notes and bonds	—		208,625		—		208,625
Commercial paper	—		124,089		—		124,089
Asset-backed securities	—		98,717		—		98,717
Municipal securities	—		4,562		—		4,562
Foreign government and supranational securities	—		30,238		—		30,238
Total marketable securities	—		890,706		—		890,706
Restricted cash:
Restricted cash, non-current	893		—		—		893
Total restricted cash	893		—		—		893
Total financial assets	$	32,187	$	890,706	$	—	$	922,893