Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	141,243	$	—	$	141,243
U.S. treasury securities	20,938		—		20,938
U.S. government agency securities	—		23,917		23,917
Corporate debt securities	—		53,734		53,734
Marketable securities:
U.S. treasury securities	307,434		—		307,434
U.S. government agency securities	—		290,957		290,957
Corporate debt securities	—		54,678		54,678
Certificates of deposit	—		55,779		55,779
Total financial assets	$	469,615	$	479,065	$	948,680

	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 June 30, 2024, and all related unrealized and realized gains and losses during the three and six months ended June 30, 2024, were not material. As of June 30, 2024, the total notional amount of outstanding designated foreign currency forward contracts was $61.6 million.