Financial Instruments

3 Months Ended

Mar. 31, 2023

Financial Instruments Pledged as Collateral [Abstract]

Financial Instruments

(3)Financial Instruments

Investments

The Company recognized its short-term and long-term investments by security type at March 31, 2023 as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	211,915	$	7	$	(1,268	)	$	210,654
Asset-backed securities		36,025		2		(9	)		36,018
Commercial paper		12,932		1		(3	)		12,930
U.S. government notes		8,996		—		(26	)		8,970
Total short-term investments		269,868		10		(1,306	)		268,572
Long-term investments
Corporate notes		79,501		132		(96	)		79,537
Asset-backed securities		30,887		18		—			30,905
Total long-term investments		110,388		150		(96	)		110,442
Total investments	$	380,256	$	160	$	(1,402	)	$	379,014

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

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 March 31, 2023:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Short-term investments
Corporate notes	$	—	$	210,654	$	—	$	210,654
Asset-backed securities		—		36,018		—		36,018
Commercial paper		—		12,930		—		12,930
U.S. government notes		—		8,970		—		8,970
Total short-term investments		—		268,572		—		268,572
Long-term investments
Corporate notes		—		79,537		—		79,537
Asset-backed securities		—		30,905		—		30,905
Total long-term investments		—		110,442		—		110,442
Total investments	$	—	$	379,014	$	—	$	379,014

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

As of March 31, 2023 and December 31, 2022, the fair values of cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated their carrying values due to the short-term nature of these instruments.