Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Financial Assets Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of June 30, 2023 (in thousands):


									Balance Sheet Classification
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Level 1:
Cash	$	221,813	$	—	$	—	$	221,813	$	221,813	$	—
Money market mutual funds	12,847		—		—		12,847		12,847		—
U.S. treasury securities	145,485		10		(133)		145,362		2,492		142,870
Subtotal	380,145		10		(133)		380,022		237,152		142,870
Level 2:
Commercial paper	29,795		—		—		29,795		—		29,795
Certificates of deposit	12,694		—		—		12,694		1,511		11,183
Corporate notes and obligations	29,141		2		(81)		29,062		—		29,062
Asset-backed securities	12,402		10		(35)		12,377		—		12,377
U.S. agency securities	33,327		1		(50)		33,278		—		33,278
Subtotal	117,359		13		(166)		117,206		1,511		115,695
Total cash, cash equivalents, and marketable securities	$	497,504	$	23	$	(299)	$	497,228	$	238,663	$	258,565

As of December 31, 2022, the Company’s financial assets consisted of the following (in thousands):


									Balance Sheet Classification
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Level 1:
Cash	$	166,341	$	—	$	—	$	166,341	$	166,341	$	—
Money market mutual funds	49,545		—		—		49,545		49,545		—
U.S. treasury securities	204,580		9		(180)		204,409		2,995		201,414
Subtotal	420,466		9		(180)		420,295		218,881		201,414
Level 2:
Commercial paper	41,348		—		—		41,348		—		41,348
Certificates of deposit	6,116		—		—		6,116		—		6,116
Corporate notes and obligations	63,912		10		(202)		63,720		1,519		62,201
Asset-backed securities	15,150		17		(29)		15,138		—		15,138
U.S. agency securities	23,736		5		(3)		23,738		6,980		16,758
Subtotal	150,262		32		(234)		150,060		8,499		141,561
Total cash, cash equivalents, and marketable securities	$	570,728	$	41	$	(414)	$	570,355	$	227,380	$	342,975

Investments Classified by Contractual Maturity Date

The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of June 30, 2023 (in thousands):


Due within 1 year	$	250,266
Due after 1 year through 5 years	12,302
Total available-for-sale debt securities	$	262,568

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of June 30, 2023 (in thousands):


	Fair Value		Gross Unrealized Losses
Asset-backed securities	$	8,008	$	(35)
Corporate notes and obligations	25,359		(81)
U.S. treasury securities	97,245		(133)
U.S. agency securities	28,797		(50)
Total available-for-sale debt securities	$	159,409	$	(299)

The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of December 31, 2022 (in thousands):


	Fair Value		Gross Unrealized Losses
Asset-backed securities	$	6,598	$	(29)
Corporate notes and obligations	55,136		(202)
U.S. treasury securities	149,128		(180)
U.S. agency securities	7,517		(3)
Total available-for-sale debt securities	$	218,379	$	(414)