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

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

		March 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	20,288	$	—	$	—	$	20,288
Money market funds	Level 1	107,073		—		—		107,073
U.S. Treasury securities	Level 1	44,734		—		(1)		44,733
Commercial paper	Level 2	437,660		—		(237)		437,423
Corporate debt	Level 2	1,994		1		—		1,995
Total cash and cash equivalents		611,749		1		(238)		611,512
Investments:
U.S. Treasury securities	Level 1	734,969		—		(708)		734,261
Commercial paper	Level 2	132,929		—		(72)		132,857
Corporate debt	Level 2	272,753		26		(508)		272,271
Asset-backed securities	Level 2	43,548		—		(25)		43,523
U.S. government agency securities	Level 2	105,638		—		(297)		105,341
Total investments		1,289,837		26		(1,610)		1,288,253
Total assets measured at fair value		$	1,901,586	$	27	$	(1,848)	$	1,899,765
		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

Schedule of Contractual Maturities of Investments

The following table presents the contractual maturities of our investments as of March 31, 2024 (in thousands):

	March 31, 2024
	Fair Value
Due in less than one year	$	875,006
Due in one to five years	413,247
Total	$	1,288,253