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Cash Equivalents and Marketable Securities
 9 Months Ended
Sep. 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):
September 30, 2023
Amortized Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Money market funds$168,800 $— $— $168,800 
U.S. Treasury securities249,643 6 (492)249,157 
U.S. government agency securities69,497 — (544)68,953 
Corporate debt securities89,714 — (151)89,563 
Total cash equivalents and marketable securities$577,654 $6 $(1,187)$576,473 
Classified as:Fair Value
Cash equivalents$264,527 
Marketable securities289,217 
Marketable securities, non-current22,729 
Total cash equivalents and marketable securities$576,473 
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 $247.6 million and $287.8 million as of September 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 $104.9 million and $278.7 million as of September 30, 2023 and December 31, 2022, respectively. As of September 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 September 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 nine months ended September 30, 2023 and 2022 and as a result, amounts reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022 were also de minimis. See Note 6, Fair Value Measurements, for additional information regarding cash equivalents and marketable securities.