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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets, which are measured at fair value on a recurring basis (in thousands):

 

 

 

Fair Value Measurements at December 31, 2023 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

327,055

 

 

$

 

 

$

 

 

$

327,055

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

67,080

 

 

 

 

 

 

67,080

 

Corporate bonds

 

 

 

 

 

193,949

 

 

 

 

 

 

193,949

 

Government securities

 

 

 

 

 

89,027

 

 

 

 

 

 

89,027

 

U.S. treasury securities

 

 

 

 

 

34,462

 

 

 

 

 

 

34,462

 

 

 

$

327,055

 

 

$

384,518

 

 

$

 

 

$

711,573

 

 

 

 

Fair Value Measurements at December 31, 2022 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

240,803

 

 

$

 

 

$

 

 

$

240,803

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

90,593

 

 

 

 

 

 

90,593

 

Corporate bonds

 

 

 

 

 

75,581

 

 

 

 

 

 

75,581

 

Government securities

 

 

 

 

 

35,646

 

 

 

 

 

 

35,646

 

U.S. treasury securities

 

 

 

 

 

28,537

 

 

 

 

 

 

28,537

 

 

 

$

240,803

 

 

$

230,357

 

 

$

 

 

$

471,160