Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Company's Cash Equivalents and Marketable Securities |
The following tables summarize the Company’s cash equivalents and marketable securities as of June 30, 2023 and December 31, 2022:
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June 30, 2023 |
|
|
|
Total |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
(in thousands) |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
104,261 |
|
|
$ |
104,261 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. commercial paper |
|
|
15,919 |
|
|
|
— |
|
|
|
15,919 |
|
|
|
— |
|
Total cash equivalents |
|
|
120,180 |
|
|
|
104,261 |
|
|
|
15,919 |
|
|
|
— |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
|
227,933 |
|
|
|
— |
|
|
|
227,933 |
|
|
|
— |
|
U.S. corporate bonds |
|
|
227,695 |
|
|
|
— |
|
|
|
227,695 |
|
|
|
— |
|
International corporate bonds |
|
|
86,356 |
|
|
|
— |
|
|
|
86,356 |
|
|
|
— |
|
U.S. commercial paper |
|
|
59,317 |
|
|
|
— |
|
|
|
59,317 |
|
|
|
— |
|
International commercial paper |
|
|
100,870 |
|
|
|
— |
|
|
|
100,870 |
|
|
|
— |
|
U.S. certificates of deposit |
|
|
13,893 |
|
|
|
— |
|
|
|
13,893 |
|
|
|
— |
|
U.S. municipal securities |
|
|
165,136 |
|
|
|
— |
|
|
|
165,136 |
|
|
|
— |
|
Total marketable securities |
|
|
881,200 |
|
|
|
— |
|
|
|
881,200 |
|
|
|
— |
|
|
|
$ |
1,001,380 |
|
|
$ |
104,261 |
|
|
$ |
897,119 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
Total |
|
|
Quoted
Prices in
Active
Markets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
(in thousands) |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
161,185 |
|
|
$ |
161,185 |
|
|
$ |
— |
|
|
$ |
— |
|
Total cash equivalents |
|
|
161,185 |
|
|
|
161,185 |
|
|
|
— |
|
|
|
— |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
|
302,911 |
|
|
|
— |
|
|
|
302,911 |
|
|
|
— |
|
U.S. corporate bonds |
|
|
354,495 |
|
|
|
— |
|
|
|
354,495 |
|
|
|
— |
|
International corporate bonds |
|
|
127,248 |
|
|
|
— |
|
|
|
127,248 |
|
|
|
— |
|
U.S. commercial paper |
|
|
63,114 |
|
|
|
— |
|
|
|
63,114 |
|
|
|
— |
|
International commercial paper |
|
|
133,163 |
|
|
|
— |
|
|
|
133,163 |
|
|
|
— |
|
U.S. certificates of deposit |
|
|
15,613 |
|
|
|
— |
|
|
|
15,613 |
|
|
|
— |
|
U.S. municipal securities |
|
|
113,250 |
|
|
|
— |
|
|
|
113,250 |
|
|
|
— |
|
Total marketable securities |
|
|
1,109,794 |
|
|
|
— |
|
|
|
1,109,794 |
|
|
|
— |
|
|
|
$ |
1,270,979 |
|
|
$ |
161,185 |
|
|
$ |
1,109,794 |
|
|
$ |
— |
|
|
| Summary of Gross Unrealized Gains and Losses of Marketable Securities |
The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of June 30, 2023 and December 31, 2022:
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|
|
|
June 30, 2023 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Credit Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
229,757 |
|
|
$ |
2 |
|
|
$ |
(1,826 |
) |
|
$ |
— |
|
|
$ |
227,933 |
|
U.S. corporate bonds |
|
|
229,502 |
|
|
|
3 |
|
|
|
(1,810 |
) |
|
|
— |
|
|
|
227,695 |
|
International corporate bonds |
|
|
86,906 |
|
|
|
1 |
|
|
|
(551 |
) |
|
|
— |
|
|
|
86,356 |
|
U.S. commercial paper |
|
|
59,392 |
|
|
|
— |
|
|
|
(75 |
) |
|
|
— |
|
|
|
59,317 |
|
International commercial paper |
|
|
101,055 |
|
|
|
— |
|
|
|
(185 |
) |
|
|
— |
|
|
|
100,870 |
|
U.S. certificates of deposit |
|
|
13,893 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,893 |
|
U.S. municipal securities |
|
|
166,339 |
|
|
|
— |
|
|
|
(1,203 |
) |
|
|
— |
|
|
|
165,136 |
|
|
|
$ |
886,844 |
|
|
$ |
6 |
|
|
$ |
(5,650 |
) |
|
$ |
— |
|
|
$ |
881,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Credit Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
307,173 |
|
|
$ |
— |
|
|
$ |
(4,262 |
) |
|
$ |
— |
|
|
$ |
302,911 |
|
U.S. corporate bonds |
|
|
358,019 |
|
|
|
6 |
|
|
|
(3,530 |
) |
|
|
— |
|
|
|
354,495 |
|
International corporate bonds |
|
|
128,374 |
|
|
|
7 |
|
|
|
(1,133 |
) |
|
|
— |
|
|
|
127,248 |
|
U.S. commercial paper |
|
|
63,234 |
|
|
|
— |
|
|
|
(120 |
) |
|
|
— |
|
|
|
63,114 |
|
International commercial paper |
|
|
133,338 |
|
|
|
— |
|
|
|
(175 |
) |
|
|
— |
|
|
|
133,163 |
|
U.S. certificates of deposit |
|
|
15,613 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,613 |
|
U.S. municipal securities |
|
|
114,249 |
|
|
|
31 |
|
|
|
(1,030 |
) |
|
|
— |
|
|
|
113,250 |
|
|
|
$ |
1,120,000 |
|
|
$ |
44 |
|
|
$ |
(10,250 |
) |
|
$ |
— |
|
|
$ |
1,109,794 |
|
|
| Summary of Fair Value And Unrealized Losses of Marketable Securities In Loss Position |
The following tables summarize the fair value and the unrealized losses of the Company’s marketable securities that have been in a loss position for either less than twelve months or greater than twelve months as of June 30, 2023 and December 31, 2022:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
|
Less than 12 months |
|
|
Greater than 12 months |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. government securities |
|
$ |
140,520 |
|
|
$ |
(804 |
) |
|
$ |
72,484 |
|
|
$ |
(1,022 |
) |
|
$ |
213,004 |
|
|
$ |
(1,826 |
) |
U.S. corporate bonds |
|
|
160,348 |
|
|
|
(1,130 |
) |
|
|
47,918 |
|
|
|
(680 |
) |
|
|
208,266 |
|
|
|
(1,810 |
) |
International corporate bonds |
|
|
69,198 |
|
|
|
(392 |
) |
|
|
14,160 |
|
|
|
(159 |
) |
|
|
83,358 |
|
|
|
(551 |
) |
U.S. commercial paper |
|
|
58,232 |
|
|
|
(75 |
) |
|
|
— |
|
|
|
— |
|
|
|
58,232 |
|
|
|
(75 |
) |
International commercial paper |
|
|
83,020 |
|
|
|
(185 |
) |
|
|
— |
|
|
|
— |
|
|
|
83,020 |
|
|
|
(185 |
) |
U.S. municipal securities |
|
|
145,520 |
|
|
|
(824 |
) |
|
|
19,615 |
|
|
|
(379 |
) |
|
|
165,135 |
|
|
|
(1,203 |
) |
|
|
$ |
656,838 |
|
|
$ |
(3,410 |
) |
|
$ |
154,177 |
|
|
$ |
(2,240 |
) |
|
$ |
811,015 |
|
|
$ |
(5,650 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
Less than 12 months |
|
|
Greater than 12 months |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. government securities |
|
$ |
112,243 |
|
|
$ |
(1,517 |
) |
|
$ |
185,691 |
|
|
$ |
(2,745 |
) |
|
$ |
297,934 |
|
|
$ |
(4,262 |
) |
U.S. corporate bonds |
|
|
208,507 |
|
|
|
(1,989 |
) |
|
|
130,633 |
|
|
|
(1,541 |
) |
|
|
339,140 |
|
|
|
(3,530 |
) |
International corporate bonds |
|
|
50,982 |
|
|
|
(497 |
) |
|
|
68,993 |
|
|
|
(636 |
) |
|
|
119,975 |
|
|
|
(1,133 |
) |
U.S. commercial paper |
|
|
24,768 |
|
|
|
(120 |
) |
|
|
— |
|
|
|
— |
|
|
|
24,768 |
|
|
|
(120 |
) |
International commercial paper |
|
|
30,987 |
|
|
|
(175 |
) |
|
|
— |
|
|
|
— |
|
|
|
30,987 |
|
|
|
(175 |
) |
U.S. municipal securities |
|
|
86,251 |
|
|
|
(497 |
) |
|
|
14,466 |
|
|
|
(533 |
) |
|
|
100,717 |
|
|
|
(1,030 |
) |
|
|
$ |
513,738 |
|
|
$ |
(4,795 |
) |
|
$ |
399,783 |
|
|
$ |
(5,455 |
) |
|
$ |
913,521 |
|
|
$ |
(10,250 |
) |
|