Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value

The following table summarizes cash equivalents and marketable securities held at June 30, 2024 and December 31, 2023 (in thousands), which are recorded at fair value. The table below excludes $188.0 million and $197.8 million of cash at June 30, 2024 and December 31, 2023, respectively.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2024
Cash equivalents:
Money market funds	$	139,868	$	—	$	—		$	139,868
Certificates and term deposits		25,351		—		—			25,351
Commercial paper		125,953		—		(58	)		125,895
Corporate debt securities		1,424		—		—			1,424
U.S. Treasury securities		3,974		—		—			3,974
Total cash equivalents		296,570		—		(58	)		296,512
Marketable securities:
U.S. Treasury securities		11,883		—		(9	)		11,874
Corporate debt securities		1,013,028		669		(2,517	)		1,011,180
Certificates and term deposits		132,499		—		—			132,499
Government-sponsored enterprise securities		243,521		22		(927	)		242,616
Commercial paper		130,273		—		(79	)		130,194
Total marketable securities		1,531,204		691		(3,532	)		1,528,363
Total cash equivalents and marketable securities	$	1,827,774	$	691	$	(3,590	)	$	1,824,875
December 31, 2023
Cash equivalents:
Money market funds	$	185,990	$	—	$	—		$	185,990
U.S. Treasury securities		5,731		—		—			5,731
Total cash equivalents		191,721		—		—			191,721
Marketable securities:
U.S. Treasury securities		22,963		45		—			23,008
Corporate debt securities		883,550		3,367		(1,559	)		885,358
Certificates and term deposits		47,282		—		—			47,282
Government-sponsored enterprise securities		195,106		377		(352	)		195,131
Commercial paper		155,403		32		(26	)		155,409
Total marketable securities		1,304,304		3,821		(1,937	)		1,306,188
Total cash equivalents and marketable securities	$	1,496,025	$	3,821	$	(1,937	)	$	1,497,909