FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash and cash equivalents	$	356,602	$	—	$	—	$	356,602	$	356,602	$	—	$	—
Level 1:
Money market funds	434,842		—		—		434,842		434,842		—		—
U.S. Treasury securities	1,767,064		546		(6,193)		1,761,417		59,776		1,443,875		257,766
Subtotal	2,201,906		546		(6,193)		2,196,259		494,618		1,443,875		257,766
Level 2:
U.S. government agency securities	53,852		24		(74)		53,802		—		53,802		—
Certificates of deposit	110,152		54		(55)		110,151		—		110,151		—
Commercial paper	286,565		23		(91)		286,497		11,987		274,510		—
Corporate debt securities	418,602		545		(2,316)		416,831		36,831		196,039		183,961
Subtotal	869,171		646		(2,536)		867,281		48,818		634,502		183,961
Total assets measured at fair value	$	3,427,679	$	1,192	$	(8,729)	$	3,420,142	$	900,038	$	2,078,377	$	441,727


	December 31, 2022
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash and cash equivalents	$	321,667	$	—	$	—	$	321,667	$	321,667	$	—	$	—
Level 1:
Money market funds	1,377,540		—		—		1,377,540		1,377,540		—		—
U.S. Treasury securities	1,861,449		151		(9,431)		1,852,169		—		1,570,591		281,578
Subtotal	3,238,989		151		(9,431)		3,229,709		1,377,540		1,570,591		281,578
Level 2:
U.S. government agency securities	43,477		46		(18)		43,505		—		43,505		—
Certificates of deposit	174,037		67		(132)		173,972		—		173,972		—
Commercial paper	238,224		63		(122)		238,165		19,761		218,404		—
Corporate debt securities	438,148		208		(2,404)		435,952		16,797		170,759		248,396
Subtotal	893,886		384		(2,676)		891,594		36,558		606,640		248,396
Total assets measured at fair value	$	4,454,542	$	535	$	(12,107)	$	4,442,970	$	1,735,765	$	2,177,231	$	529,974

Summary of Available-for-sale Debt Securities by Contractual Maturity

The following table summarizes our available-for-sale securities by contractual maturity:


	March 31, 2023
	Amortized cost		Estimated Fair Value
Within one year	$	2,083,917	$	2,078,377
After one year through three years	443,723		441,727
Total	$	2,527,640	$	2,520,104

Schedule of Reconciliation of Liabilities Measured at Fair Value on a Recurring Basis

The following table presents a reconciliation of the common stock warrant liability measured and recorded at fair value on a recurring basis (in thousands):


	Three Months Ended March 31,
	2023		2022
Fair value-beginning of period	$	140,590	$	1,394,808
Change in fair value	40,802		(523,330)
Fair value-end of period	$	181,392	$	871,478