Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of Fair Value Measurement on Recurring Basis and Indicates the level of Fair Value Hierarchy Utilized

The following tables present information about the Company’s assets as of March 31, 2023 and December 31, 2022 that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	Fair Value Measurement
	at March 31, 2023 Using
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	484,195	$	—	$	—	$	484,195
Commercial paper		—		48,830		—		48,830
US government agencies		14,870		—		—		14,870
Short-term investments, other:
Certificate of deposit		—		2,033		—		2,033
Investment securities:
US Treasuries		456,104		—		—		456,104
US government agencies		203,976		—		—		203,976
Corporate debt securities		—		64,747		—		64,747
Commercial paper		—		184,934		—		184,934
Total	$	1,159,145	$	300,544	$	—	$	1,459,689
	Fair Value Measurement
	at December 31, 2022 Using
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market fund	$	160,158	$	—	$	—	$	160,158
Commercial paper		—		61,277		—		61,277
Investment securities:
US Treasuries		423,688		—		—		423,688
US government agencies		210,188		—		—		210,188
Corporate debt securities		—		63,728		—		63,728
Commercial paper		—		178,111		—		178,111
Total	$	794,034	$	303,116	$	—	$	1,097,150

Summary of Estimated Fair Value and Amortized Cost of Available-for-Sale Investments by Contractual Maturity

The estimated fair value and amortized cost of the Company’s available-for-sale investments, by contractual maturity and security type, are summarized as follows (in thousands):

	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
US Treasuries (due within one year)		372,497		62		(1,258	)		371,301
US Treasuries (due after one year and less than three years)		84,773		256		(225	)		84,804
US government agencies (due within one year)		178,907		54		(156	)		178,805
US government agencies (due after one year and less than three years)		25,287		—		(115	)		25,172
Corporate debt securities (due within one year)		46,118		10		(118	)		46,010
Corporate debt securities (due after one year and less than three years)		18,735		24		(23	)		18,736
Commercial paper (due within one year)		185,059		—		(126	)		184,933
Total	$	911,376	$	406	$	(2,021	)	$	909,761
	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
US Treasuries (due within one year)	$	329,533	$	17	$	(2,044	)	$	327,506
US Treasuries (due after one year and less than three   years)		96,802		—		(620	)		96,182
US government agencies (due within one year)		178,319		54		(108	)		178,265
US government agencies (due after one year and less    than three years)		32,104		—		(181	)		31,923
Corporate debt securities (due within one year)		51,952		1		(170	)		51,783
Corporate debt securities (due after one year and less    than three years)		11,983		—		(38	)		11,945
Commercial paper (due within one year)		178,312		16		(217	)		178,111
Total	$	879,005	$	88	$	(3,378	)	$	875,715