December 31, 2022

Fair Value
Hierarchy Level

Amortized
Cost

Gross 
Unrealized Gains

Gross 
Unrealized Losses

Fair
Value

Assets

(in thousands)

Cash and cash equivalents:

Cash

Level 1

$

56,198

$

—

$

—

$

56,198

Money market funds

Level 1

680,934

—

—

680,934

Commercial paper

Level 2

92,581

—

(34

)

92,547

U.S. government agency securities

Level 2

4,978

—

—

4,978

Total cash and cash equivalents

834,691

—

(34

)

834,657

Investments:

U.S. Treasury securities

Level 1

37,651

—

(70

)

37,581

Commercial paper

Level 2

28,161

—

(17

)

28,144

Corporate debt

Level 2

25,402

—

(131

)

25,271

Asset backed securities

Level 2

6,954

20

—

6,974

U.S. government agency securities

Level 2

25,427

19

(148

)

25,298

Total investments

123,595

39

(366

)

123,268

Total assets measured at fair value

$

958,286

$

39

$

(400

)

$

957,925

December 31, 2021

Fair Value
Hierarchy Level

Amortized
Cost

Gross 
Unrealized Gains

Gross 
Unrealized Losses

Fair
Value

Assets

(in thousands)

Cash

Level 1

$

27,834

$

—

$

—

$

27,834

Money market funds

Level 1

17,555

—

—

17,555

Commercial paper

Level 2

23,597

—

(1

)

23,596

Total cash and cash equivalents

68,986

-

(1

)

68,985

Investments:

U.S. Treasury securities

Level 1

45,290

—

(73

)

45,217

Commercial paper

Level 2

61,941

—

(22

)

61,919

Corporate debt

Level 2

58,498

—

(74

)

58,424

Asset backed securities

Level 2

13,899

(25

)

13,874

U.S. government agency securities

Level 2

24,714

—

(46

)

24,668

Total investments

204,342

—

(240

)

204,102

Total assets measured at fair value

$

273,328

$

-

$

(241

)

$

273,087