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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Measurements [Abstract]  
Assets Measured at Fair Value on a Recurring Basis

The following tables present the major security types we held at March 31, 2022 and December 31, 2021 that we regularly measure and carry at fair value. As of March 31, 2022 and December 31, 2021, our Bicycle investment was subject to trading restrictions that extend to the third quarter of 2022; as a result, we included a lack of marketability discount in valuing this investment, which is a Level 3 input. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective securities’ fair value (in thousands):

  
At
March 31, 2022
    
Quoted Prices in
Active Markets
(Level 1)
    
Significant Other
Observable Inputs
(Level 2)
    
Significant
Unobservable Inputs
(Level 3)
  
Cash equivalents (1)
  
$
407,399
    
$
407,399
    
$
—
    
$
—
  
Corporate debt securities (2)
    
754,008
      
—
      
754,008
      
—
  
Debt securities issued by U.S. government agencies (3)
    
105,228
      
—
      
105,228
      
—
  
Debt securities issued by the U.S. Treasury (4)
    
490,792
      
490,792
      
—
      
—
  
Debt securities issued by states of the U.S. and political subdivisions of the states (5)
    
192,350
      
—
      
192,350
      
—
  
Other municipal debt securities (3)
    
6,320
      
—
      
6,320
      
—
  
Investment in Bicycle Therapeutics plc (6)
    
11,131
      
—
      
—
      
11,131
  
Investment in ProQR Therapeutics N.V. (6)
    
438
      
438
      
—
      
—
  
Total
  
$
1,967,666
    
$
898,629
    
$
1,057,906
    
$
11,131
  


 
At
December 31, 2021
    
Quoted Prices in
Active Markets
(Level 1)
    
Significant Other
Observable Inputs
(Level 2)
    
Significant
Unobservable Inputs
(Level 3)
  
Cash equivalents (1)
  
$
541,199
    
$
541,199
    
$
—
    
$
—
  
Corporate debt securities (3)
    
764,059
      
—
      
764,059
      
—
  
Debt securities issued by U.S. government agencies (3)
    
120,868
      
—
      
120,868
      
—
  
Debt securities issued by the U.S. Treasury (3)
    
182,634
      
182,634
      
—
      
—
  
Debt securities issued by states of the U.S. and political subdivisions of the states (7)
    
174,464
      
—
      
174,464
      
—
  
Other municipal debt securities (3)
    
6,099
      
—
      
6,099
      
—
  
Investment in Bicycle Therapeutics plc (6)
    
14,330
      
—
      
—
      
14,330
  
Investment in ProQR Therapeutics N.V. (6)
    
3,875
      
3,875
      
—
      
—
  
Total
  
$
1,807,528
    
$
727,708
    
$
1,065,490
    
$
14,330
  

The following footnotes reference lines on our condensed consolidated balance sheet:

(1)
Included in cash and cash equivalents on our condensed consolidated balance sheet.

(2)
$13.5 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.

(3)
Included in short-term investments.

(4)
$15.0 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.

(5)
$10.3 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.

(6)
Included in other current assets on our condensed consolidated balance sheet.

(7)
$2.3 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.