Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	134,852	$	—	$	134,852
U.S. treasury securities	211,470		—		211,470
U.S. government agency securities	—		997		997
Corporate debt securities	—		41,811		41,811
Marketable securities:
U.S. treasury securities	292,201		—		292,201
U.S. government agency securities	—		333,561		333,561
Corporate debt securities	—		63,777		63,777
Certificates of deposit	—		49,770		49,770
Total financial assets	$	638,523	$	489,916	$	1,128,439

	December 31, 2023
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	77,832	$	—	$	77,832
U.S. treasury securities	239,749		—		239,749
U.S. government agency securities	—		8,389		8,389
Corporate debt securities	—		36,905		36,905
Marketable securities:
U.S. treasury securities	264,495		—		264,495
U.S. government agency securities	—		366,693		366,693
Corporate debt securities	—		66,740		66,740
Term bond mutual funds	—		1,578		1,578
Total financial assets	$	582,076	$	480,305	$	1,062,381

The fair value of derivative assets and liabilities as of March 31, 2024, and all related unrealized and realized gains and losses during the three months ended March 31, 2024, were not material. As of March 31, 2024, the total notional amount of outstanding designated foreign currency forward contracts was $58.9 million.