Investment securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:

	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	92,850	$	—	$	—	$	92,850
U.S. government agency bonds		-		267,748		-	$	267,748
U.S. treasury bonds		186,477		-		-	$	186,477
Corporate debt securities		-		5,349		-	$	5,349
Totals	$	279,327	$	273,097	$	—	$	552,424

	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	797,448	$	—	$	—	$	797,448
Totals	$	797,448	$	—	$	—	$	797,448

Summary of Fair Value of Available-for-sale Marketable Debt Securities by Type of Security

The Company's fixed income securities held as of December 31, 2022 are classified as available-for-sale. The following table presents the amortized cost, fair value, and unrealized losses by major security type, for the fixed income securities held by the Company:

	December 31, 2022
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	254,881	$	87	$	(211	)	$	254,757
U.S. treasury bonds		186,496		19		(37	)		186,478
Corporate debt securities		5,358		-		(9	)		5,349
Totals	$	446,735	$	106	$	(257	)	$	446,584

Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of the Company's fixed income securities by maturity grouping:

	December 31, 2022
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	328,405	$	328,359
Due after one year through five years		118,330		118,225
Due after five years through ten years		-		—
Due after ten years		-		—
Total	$	446,735	$	446,584