Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Financial Instruments Pledged as Collateral [Abstract]

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

Investments

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

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	158,927	$	—	$	(2,342	)	$	156,585
Asset-backed securities		3,013		—		(38	)		2,975
Commercial paper		38,808		5		(37	)		38,776
U.S. government notes		135,613		—		(655	)		134,958
Total short-term investments		336,361		5		(3,072	)		333,294
Long-term investments
Corporate notes		30,276		—		(862	)		29,414
Total long-term investments		30,276		—		(862	)		29,414
Total investments	$	366,637	$	5	$	(3,934	)	$	362,708

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 September 30, 2022:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents
Cash	$	122,913	$	—	$	—	$	122,913
Money market funds		119,744		—		—		119,744
Total cash and cash equivalents		242,657		—		—		242,657
Short-term investments
Corporate notes		—		156,585		—		156,585
Asset-backed securities		—		2,975		—		2,975
Commercial paper		—		38,776		—		38,776
U.S. government notes		—		134,958		—		134,958
Total short-term investments		—		333,294		—		333,294
Long-term investments
Corporate notes		—		29,414		—		29,414
Total long-term investments		—		29,414		—		29,414
Total cash, cash equivalents and investments	$	242,657	$	362,708	$	—	$	605,365

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