Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2023 and 2022:

		December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	50,003	$	—	$	—		$	50,003
Money market funds	Level 1		47,357		—		—			47,357
Commercial paper	Level 2		300,256		—		(165	)		300,091
Total cash and cash equivalents			397,616		—		(165	)		397,451
Investments:
U.S. Treasury securities	Level 1		481,704		422		(44	)		482,082
Commercial paper	Level 2		102,435		7		(35	)		102,407
Corporate debt	Level 2		133,523		168		(42	)		133,649
Asset backed securities	Level 2		23,963		18		—			23,981
U.S. government agency securities	Level 2		103,484		—		(152	)		103,332
Total investments			845,109		615		(273	)		845,451
Total assets measured at fair value		$	1,242,725	$	615	$	(438	)	$	1,242,902
		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

Schedule of Contractual Maturities of Investments

The following table presents the contractual maturities of our investments as of December 31, 2023 (in thousands):

	December 31, 2023
	Fair Value
Due in less than one year	$	682,776
Due in one to five years		162,675
Total	$	845,451