Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Financial Instruments Pledged as Collateral [Abstract]

Schedule of Short-term and Long-term Investment Marketable Securities by Security Type

The Company recognized its short-term and long-term investments by security type at June 30, 2022 as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	132,863	$	—	$	(1,783	)	$	131,080
Asset-backed securities		3,023		—		(42	)		2,981
Commercial paper		62,047		—		(132	)		61,915
U.S. government notes		62,139		—		(683	)		61,456
Total short-term investments		260,072		—		(2,640	)		257,432
Long-term investments
Corporate notes		44,175		—		(993	)		43,182
Total long-term investments		44,175		—		(993	)		43,182
Total investments	$	304,247	$	—	$	(3,633	)	$	300,614

The Company recognized its short-term and long-term investments by security type at December 31, 2021 as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	98,642	$	—	$	(95	)	$	98,547
Commercial paper		114,174		—		(27	)		114,147
U.S. government notes		18,033		—		(35	)		17,998
Total short-term investments		230,849		—		(157	)		230,692
Long-term investments
Corporate notes		117,868		—		(596	)		117,272
Asset-backed securities		3,044		—		(8	)		3,036
U.S. government notes		20,166		—		(77	)		20,089
Total long-term investments		141,078		—		(681	)		140,397
Total investments	$	371,927	$	—	$	(838	)	$	371,089

Summary of Fair Value of Financial Assets Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis as of June 30, 2022:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents
Cash	$	293,193	$	—	$	—	$	293,193
Money market funds		60,370		—		—		60,370
Total cash and cash equivalents		353,563		—		—		353,563
Short-term investments
Corporate notes		—		131,080		—		131,080
Asset-backed securities		—		2,981		—		2,981
Commercial paper		—		61,915		—		61,915
U.S. government notes		—		61,456		—		61,456
Total short-term investments		—		257,432		—		257,432
Long-term investments
Corporate notes		—		43,182		—		43,182
U.S. government notes		—		—		—		—
Total long-term investments		—		43,182		—		43,182
Total cash, cash equivalents and investments	$	353,563	$	300,614	$	—	$	654,177

The following table sets forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis as of December 31, 2021:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents
Cash	$	35,925	$	—	$	—	$	35,925
Money market funds		23,849		—		—		23,849
Total cash and cash equivalents		59,774		—		—		59,774
Short-term investments
Corporate notes		—		98,547		—		98,547
Commercial paper		—		114,147		—		114,147
U.S. government notes		—		17,998		—		17,998
Total short-term investments		—		230,692		—		230,692
Long-term investments
Corporate notes		—		117,272		—		117,272
Asset-backed securities		—		3,036		—		3,036
U.S. government notes		—		20,089		—		20,089
Total long-term investments		—		140,397		—		140,397
Total cash, cash equivalents and investments	$	59,774	$	371,089	$	—	$	430,863