Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Available-For-Sale Investment Securities Held by the Company

The Company reports its available-for-sale investment securities at their estimated fair values. The following is a summary of the available-for-sale investment securities held by the Company as of June 30, 2024 and December 31, 2023 (in thousands):

	As of June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government obligations	$	269,618	$	14	$	(99	)	$	269,533
Agency obligations		7,806		—		(5	)		7,801
Certificates of deposit		735		—		—			735
Corporate debt securities		282,822		118		(218	)		282,722
Total	$	560,981	$	132	$	(322	)	$	560,791

	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government obligations	$	279,577	$	731	$	(99	)	$	280,209
Agency obligations		21,271		16		(17	)		21,270
Certificates of deposit		2,450		2		(12	)		2,440
Corporate debt securities		196,399		526		(170	)		196,755
Commercial paper		2,984		—		—			2,984
Total	$	502,681	$	1,275	$	(298	)	$	503,658

Summary of Available-For-Sale Investment Securities By Contractual Maturity

As of June 30, 2024 and December 31, 2023, available-for-sale investment securities by contractual maturity were as follows (in thousands):

	As of June 30, 2024				As of December 31, 2023
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	444,738	$	444,621	$	414,031	$	414,406
Due after one year through five years		116,243		116,170		88,650		89,252
Total	$	560,981	$	560,791	$	502,681	$	503,658

Summary of Available-For-Sale Securities Investment

The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of June 30, 2024 and December 31, 2023 (in thousands):

	As of June 30, 2024
	Less Than 12 Months					More Than 12 Months				Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government obligations	$	153,626	$	(99	)	$	—	$	—	$	153,626	$	(99	)
Agency obligations		7,801		(5	)		—		—		7,801		(5	)
Certificates of deposit		245		—			490		—		735		—
Corporate debt securities		188,674		(218	)		—		—		188,674		(218	)
Total	$	350,346	$	(322	)	$	490	$	—	$	350,836	$	(322	)

	As of December 31, 2023
	Less Than 12 Months					More Than 12 Months					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government obligations	$	10,400	$	(11	)	$	12,374	$	(88	)	$	22,774	$	(99	)
Agency obligations		8,170		(3	)		5,484		(14	)		13,654		(17	)
Certificates of deposit		244		(1	)		1,213		(11	)		1,457		(12	)
Corporate debt securities		3,595		—			32,612		(170	)		36,207		(170	)
Total	$	22,409	$	(15	)	$	51,683	$	(283	)	$	74,092	$	(298	)