Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Debt Securities, Available-for-Sale

Investments in debt securities as of September 30, 2022 were as follows (in thousands):

	As of September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-term Investments
Available-for-sale debt securities:
U.S. treasury securities	$	9,769	$	—	$	(80)	$	9,689	$	—	$	9,689
U.S. government agency securities	105,097		3		(281)		104,819		80,317		24,502
Commercial paper	130,993		—		(206)		130,787		76,704		54,083
Corporate debt securities	116,876		—		(1,522)		115,354		5,842		109,512
Total	$	362,735	$	3	$	(2,089)	$	360,649	$	162,863	$	197,786

Schedule of Cash and Cash Equivalents

Investments in debt securities as of September 30, 2022 were as follows (in thousands):

	As of September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-term Investments
Available-for-sale debt securities:
U.S. treasury securities	$	9,769	$	—	$	(80)	$	9,689	$	—	$	9,689
U.S. government agency securities	105,097		3		(281)		104,819		80,317		24,502
Commercial paper	130,993		—		(206)		130,787		76,704		54,083
Corporate debt securities	116,876		—		(1,522)		115,354		5,842		109,512
Total	$	362,735	$	3	$	(2,089)	$	360,649	$	162,863	$	197,786

Summary of Contractual Maturities, Available-for-Sale Debt Securities

The fair value and amortized cost of the Company’s debt securities with a stated contractual maturity or redemption date were as follows (in thousands):

	September 30, 2022
	Amortized Cost		Fair Value
Due in one year or less	$	255,526	$	255,007
Due in one year through five years	107,209		105,642
Total	$	362,735	$	360,649

Schedule of Assets Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands):

	As of September 30, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	640,978	$	640,978	$	—	$	—
U.S. government agency securities	80,317		—		80,317		—
Commercial paper	76,704		—		76,704		—
Corporate debt securities	5,842		—		5,842		—
Total cash equivalents	$	803,841	$	640,978	$	162,863	$	—
Short-term investments:
U.S. treasury securities	$	9,689	$	9,689	$	—	$	—
U.S. government agency securities	24,502		—		24,502		—
Commercial paper	54,083		—		54,083		—
Corporate debt securities	109,512		—		109,512		—
Total short-term investments	$	197,786	$	9,689	$	188,097	$	—
Total	$	1,001,627	$	650,667	$	350,960	$	—

	As of December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	1,077,550	$	1,077,550	$	—	$	—
Total	$	1,077,550	$	1,077,550	$	—	$	—

Schedule of Fair Value Assumptions

The Company used the following assumptions in the model:

	As of
	February 26, 2021	March 19, 2021
Fair value of underlying securities	$40.00	$40.00
Expected volatility	62.95%	60.85%
Expected term (in years)	1.76	0.79
Risk-free interest rate	0.14%	0.08%