Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial instruments (excluding restricted cash) that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	March 31, 2022
	Total		Level 1 (Quoted Prices in Active Markets For Identical Assets)		Level 2 (Significant Other Observable Remaining Inputs)		Level 3 (Significant Other Unobservable Remaining Inputs)
Money market funds	$	475,934	$	475,934	$	-	$	-
U.S. treasury securities		321,642		-		321,642		-
Corporate securities and commercial paper		524,051		-		524,051		-
Certificates of deposit		20,743				20,743
Total assets measured at fair value	$	1,342,370	$	475,934	$	866,436	$	-

	December 31, 2021
	Total		Level 1 (Quoted Prices in Active Markets For Identical Assets)		Level 2 (Significant Other Observable Remaining Inputs)		Level 3 (Significant Other Unobservable Remaining Inputs)
Money market funds	$	147,914	$	147,914	$	-	$	-
U.S. treasury securities		112,170		-		112,170		-
Corporate securities and commercial paper		421,214		-		421,214		-
Total assets measured at fair value	$	681,298	$	147,914	$	533,384	$	-

Schedule of Investments Classified as Available for Sale Securities with Contractual Maturities

Classified as (with contractual maturities):

	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	548,783	$	147,914
Short-term investments (due within one year)		664,751		351,394
Long-term investments (due between one and three years)		128,836		181,990
Total cash, cash equivalents and investments in marketable securities	$	1,342,370	$	681,298

Schedule of Fair Value and Amortized Cost of Investments in Marketable Securities by Major Security Type

The fair value and amortized cost of investments in marketable securities by major security type as of March 31, 2022 and December 31, 2021 are presented in the tables that follow (in thousands):

	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of March 31, 2022:
Money market funds	$	475,934	$	-	$	-		$	475,934
U.S. treasury securities		323,034		7		(1,399	)		321,642
Corporate securities and commercial paper		527,328		24		(3,301	)		524,051
Certificates of deposit		20,734		10		(1	)		20,743
Total	$	1,347,030	$	41	$	(4,701	)	$	1,342,370

	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of December 31, 2021:
Money market funds	$	147,914	$	-	$	-		$	147,914
U.S. treasury securities		112,473		1		(304	)		112,170
Corporate securities and commercial paper		422,172		3		(961	)		421,214
Total	$	682,559	$	4	$	(1,265	)	$	681,298