Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Debt Securities, Available-for-Sale

Investments on the condensed consolidated balance sheets consisted of the following (in thousands):

	As of March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities:
U.S. treasury securities	$	9,915	$	—	$	(45)	$	—	$	9,870	$	—	$	9,870
U.S. government agency securities	122,410		73		(444)		—		122,039		—		122,039
Commercial paper	118,507		—		(115)		—		118,392		9,896		108,496
Corporate debt securities	157,993		77		(1,441)		—		156,629		—		156,629
Total	$	408,825	$	150	$	(2,045)	$	—	$	406,930	$	9,896	$	397,034

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities:
U.S. treasury securities	$	9,843	$	—	$	(86)	$	—	$	9,757	$	—	$	9,757
U.S. government agency securities	97,139		34		(521)		—		96,652		—		96,652
Commercial paper	138,973		10		(207)		—		138,776		25,390		113,386
Corporate debt securities	159,045		55		(1,583)		—		157,517		—		157,517
Total	$	405,000	$	99	$	(2,397)	$	—	$	402,702	$	25,390	$	377,312

Schedule of Cash and Cash Equivalents

Investments on the condensed consolidated balance sheets consisted of the following (in thousands):

	As of March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities:
U.S. treasury securities	$	9,915	$	—	$	(45)	$	—	$	9,870	$	—	$	9,870
U.S. government agency securities	122,410		73		(444)		—		122,039		—		122,039
Commercial paper	118,507		—		(115)		—		118,392		9,896		108,496
Corporate debt securities	157,993		77		(1,441)		—		156,629		—		156,629
Total	$	408,825	$	150	$	(2,045)	$	—	$	406,930	$	9,896	$	397,034

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities:
U.S. treasury securities	$	9,843	$	—	$	(86)	$	—	$	9,757	$	—	$	9,757
U.S. government agency securities	97,139		34		(521)		—		96,652		—		96,652
Commercial paper	138,973		10		(207)		—		138,776		25,390		113,386
Corporate debt securities	159,045		55		(1,583)		—		157,517		—		157,517
Total	$	405,000	$	99	$	(2,397)	$	—	$	402,702	$	25,390	$	377,312

Schedule 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):

	As of March 31, 2023
	Amortized Cost		Fair Value
Due in one year or less	$	261,783	$	260,635
Due in one year through five years	147,042		146,295
Total	$	408,825	$	406,930

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 March 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	424,480	$	424,480	$	—	$	—
Commercial paper	9,896		—		9,896		—
Total cash equivalents	$	434,376	$	424,480	$	9,896	$	—
Short-term investments:
U.S. treasury securities	$	9,870	$	9,870	$	—	$	—
U.S. government agency securities	122,039		—		122,039		—
Commercial paper	108,496		—		108,496		—
Corporate debt securities	156,629		—		156,629		—
Total short-term investments	$	397,034	$	9,870	$	387,164	$	—
Total	$	831,410	$	434,350	$	397,060	$	—

	As of December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	530,674	$	530,674	$	—	$	—
Commercial paper	25,390		—		25,390		—
Total cash equivalents	$	556,064	$	530,674	$	25,390	$	—
Short-term investments:
U.S. treasury securities	$	9,757	$	9,757	$	—	$	—
U.S. government agency securities	96,652		—		96,652		—
Commercial paper	113,386		—		113,386		—
Corporate debt securities	157,517		—		157,517		—
Total short-term investments	$	377,312	$	9,757	$	367,555	$	—
Total	$	933,376	$	540,431	$	392,945	$	—