Fair Value Measurement and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured and Recognized at Fair Value

As of December 31, 2023, financial assets measured and recorded at fair value are as follows (in thousands):

		December 31, 2023
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Assets
U.S. government securities(1)	Level 2	$	412,679	$	591	$	(135	)	$	413,135
Corporate bonds	Level 2		53,983		197		(32	)		54,148
Commercial paper(2)	Level 2		126,601		—		(58	)		126,543
Marketable securities			593,263		788		(225	)		593,826
Money market funds(3)	Level 1		38,300		—		—			38,300
Total fair value of assets		$	631,563	$	788	$	(225	)	$	632,126

(1)$37.8 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates

(2)$80.4 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates

(3)Included in cash and cash equivalents on the balance sheet

As of December 31, 2022, financial assets measured and recognized at fair value are as follows (in thousands):

		December 31, 2022
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Assets
U.S. government securities	Level 2	$	146,030	$	—	$	(2,291	)	$	143,739
Corporate bonds	Level 2		86,546		—		(580	)		85,966
Commercial paper(1)	Level 2		78,797		—		—			78,797
Marketable securities			311,373		—		(2,871	)		308,502
Money market funds(2)	Level 1		64,153		—		—			64,153
Total fair value of assets		$	375,526	$	—	$	(2,871	)	$	372,655

(1)$4.0 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates

(2)Included in cash and cash equivalents on the balance sheet