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Cash Equivalents and Marketable Securities
 6 Months Ended
Jun. 30, 2023
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
The fair value and amortized cost of cash equivalents and marketable securities by major security type are as follows (in thousands):
June 30, 2023
Amortized Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Money market funds$116,970 $— $— $116,970 
U.S. Treasury securities292,610 31 (1,352)291,289 
U.S. government agency securities95,331 — (820)94,511 
Corporate debt securities106,706 — (238)106,468 
Total cash equivalents and marketable securities$611,617 $31 $(2,410)$609,238 
Classified as:Fair Value
Cash equivalents$200,910 
Marketable securities371,376 
Marketable securities, non-current36,952 
Total cash equivalents and marketable securities$609,238 
December 31, 2022
Amortized Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Money market funds$67,970 $— $— $67,970 
U.S. Treasury securities277,056 — (5,257)271,799 
U.S. government agency securities135,460 1 (1,416)134,045 
Corporate debt securities221,608 3 (930)220,681 
Total cash equivalents and marketable securities$702,094 $4 $(7,603)$694,495 
Classified as:Fair Value
Cash equivalents$107,780 
Marketable securities516,598 
Marketable securities, non-current70,117 
Total cash equivalents and marketable securities$694,495 
The fair values of securities held by the Company in an unrealized loss position for less than 12 months were $261.7 million and $287.8 million as of June 30, 2023 and December 31, 2022, respectively. The fair values of securities held by the Company in an unrealized loss position for greater than 12 months were $101.2 million and $278.7 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, all of the Company’s marketable securities had a maturity date of two years or less, were available for use and were classified as available‑for‑sale. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. The Company determined that there was no material change in the credit risk of the above investments as of both June 30, 2023 and December 31, 2022. As such, an allowance for credit losses has not been recognized. Gross realized gains and losses were de minimis for the three and six months ended June 30, 2023 and 2022 and as a result, amounts reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2023 and 2022 were also de minimis. See Note 6, Fair Value Measurements, for additional information regarding cash equivalents and marketable securities.