Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of June 30, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurements at
	June 30, 2024
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	187,960	$	187,960	$	—	$	—
Money market funds		139,868		139,868		—		—
Certificates and term deposits		25,351		—		25,351		—
Commercial paper		125,895		—		125,895		—
Corporate debt securities		1,424		—		1,424		—
U.S. Treasury securities		3,974		—		3,974		—
Marketable securities:
U.S. Treasury securities		11,874		—		11,874		—
Corporate debt securities		1,011,180		—		1,011,180		—
Certificates and term deposits		132,499		—		132,499		—
Government-sponsored enterprise securities		242,616		—		242,616		—
Commercial paper		130,194		—		130,194		—
Total	$	2,012,835	$	327,828	$	1,685,007	$	—
	Fair Value Measurements at
	December 31, 2023
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	197,756	$	197,756	$	—	$	—
Money market funds		185,990		185,990		—		—
U.S. Treasury securities		5,731		—		5,731		—
Marketable securities:
U.S. Treasury securities		23,008		—		23,008		—
Corporate debt securities		885,358		—		885,358		—
Certificates and term deposits		47,282		—		47,282		—
Government-sponsored enterprise securities		195,131		—		195,131		—
Commercial paper		155,409		—		155,409		—
Total	$	1,695,665	$	383,746	$	1,311,919	$	—

Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. treasury securities and government agency securities, certificates of deposit, corporate bonds and commercial paper. The Company estimates the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources.