Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments Pledged as Collateral [Abstract]

Financial Instruments

(4)Financial Instruments

Investments

The Company recognized its short-term and long-term investments by security type at December 31, 2022 as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	244,498	$	11	$	(1,743	)	$	242,766
Asset-backed securities		16,625		—		(15	)		16,610
Commercial paper		18,035		3		(13	)		18,025
U.S. government notes		34,029		—		(290	)		33,739
Total short-term investments		313,187		14		(2,061	)		311,140
Long-term investments
Corporate notes		81,436		18		(572	)		80,882
Total long-term investments		81,436		18		(572	)		80,882
Total investments	$	394,623	$	32	$	(2,633	)	$	392,022

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

Fair Value of Financial Instruments

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, 2022:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Short-term investments
Corporate notes	$	—	$	242,766	$	—	$	242,766
Asset-backed securities		—		16,610		—		16,610
Commercial paper		—		18,025				18,025
U.S. government notes		—		33,739				33,739
Total short-term investments		—		311,140		—		311,140
Long-term investments
Corporate notes		—		80,882		—		80,882
Total long-term investments		—		80,882		—		80,882
Total investments	$	—	$	392,022	$	—	$	392,022

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)
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 investments	$	—	$	371,089	$	—	$	371,089