Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Company's Cash Equivalents and Marketable Securities

The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2023 and December 31, 2022:

	March 31, 2023
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents:
Money market funds	$	164,139	$	164,139	$	—	$	—
U.S. corporate bonds		19,965		—		19,965		—
International commercial paper		4,984		—		4,984		—
Total cash equivalents		189,088		164,139		24,949		—
Marketable securities:
U.S. government securities		232,688		—		232,688		—
U.S. corporate bonds		267,310		—		267,310		—
International corporate bonds		75,766		—		75,766		—
U.S. commercial paper		62,428		—		62,428		—
International commercial paper		108,999		—		108,999		—
U.S. certificates of deposit		15,286		—		15,286		—
U.S. municipal securities		160,551		—		160,551		—
Total marketable securities		923,028		—		923,028		—
	$	1,112,116	$	164,139	$	947,977	$	—

	December 31, 2022
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents:
Money market funds	$	161,185	$	161,185	$	—	$	—
Total cash equivalents		161,185		161,185		—		—
Marketable securities:
U.S. government securities		302,911		—		302,911		—
U.S. corporate bonds		354,495		—		354,495		—
International corporate bonds		127,248		—		127,248		—
U.S. commercial paper		63,114		—		63,114		—
International commercial paper		133,163		—		133,163		—
U.S. certificates of deposit		15,613		—		15,613		—
U.S. municipal securities		113,250		—		113,250		—
Total marketable securities		1,109,794		—		1,109,794		—
	$	1,270,979	$	161,185	$	1,109,794	$	—

Summary of Gross Unrealized Gains and Losses of Marketable Securities

The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of March 31, 2023 and December 31, 2022:

	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
	(in thousands)
Assets:
U.S. government securities	$	234,555	$	282	$	(2,149	)	$	—	$	232,688
U.S. corporate bonds		269,052		66		(1,808	)		—		267,310
International corporate bonds		76,313		7		(554	)		—		75,766
U.S. commercial paper		62,529		2		(103	)		—		62,428
International commercial paper		109,180		—		(181	)		—		108,999
U.S. certificates of deposit		15,286		—		—			—		15,286
U.S. municipal securities		161,191		138		(778	)		—		160,551
	$	928,106	$	495	$	(5,573	)	$	—	$	923,028

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
	(in thousands)
Assets:
U.S. government securities	$	307,173	$	—	$	(4,262	)	$	—	$	302,911
U.S. corporate bonds		358,019		6		(3,530	)		—		354,495
International corporate bonds		128,374		7		(1,133	)		—		127,248
U.S. commercial paper		63,234		—		(120	)		—		63,114
International commercial paper		133,338		—		(175	)		—		133,163
U.S. certificates of deposit		15,613		—		—			—		15,613
U.S. municipal securities		114,249		31		(1,030	)		—		113,250
	$	1,120,000	$	44	$	(10,250	)	$	—	$	1,109,794

Summary of Fair Value And Unrealized Losses of Marketable Securities In Loss Position

The following tables summarize the fair value and the unrealized losses of the Company’s marketable securities that have been in a loss position for either less than twelve months or greater than twelve months as of March 31, 2023 and December 31, 2022:

	March 31, 2023
	Less than 12 months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. government securities	$	59,680	$	(548	)	$	108,845	$	(1,601	)	$	168,525	$	(2,149	)
U.S. corporate bonds		144,665		(978	)		88,097		(830	)		232,762		(1,808	)
International corporate bonds		36,432		(213	)		35,015		(341	)		71,447		(554	)
U.S. commercial paper		36,712		(103	)		—		—			36,712		(103	)
International commercial paper		95,624		(181	)		—		—			95,624		(181	)
U.S. municipal securities		57,307		(299	)		22,014		(479	)		79,321		(778	)
	$	430,420	$	(2,322	)	$	253,971	$	(3,251	)	$	684,391	$	(5,573	)

	December 31, 2022
	Less than 12 months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. government securities	$	112,243	$	(1,517	)	$	185,691	$	(2,745	)	$	297,934	$	(4,262	)
U.S. corporate bonds		208,507		(1,989	)		130,633		(1,541	)		339,140		(3,530	)
International corporate bonds		50,982		(497	)		68,993		(636	)		119,975		(1,133	)
U.S. commercial paper		24,768		(120	)		—		—			24,768		(120	)
International commercial paper		30,987		(175	)		—		—			30,987		(175	)
U.S. municipal securities		86,251		(497	)		14,466		(533	)		100,717		(1,030	)
	$	513,738	$	(4,795	)	$	399,783	$	(5,455	)	$	913,521	$	(10,250	)