Fair Value of Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Fair Value Measurements of Financial Assets and Liabilities |
The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at June 30, 2024 and December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
(in thousands) |
|
Cash equivalents and investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
10,553 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,553 |
|
Commercial paper |
|
|
— |
|
|
|
24,099 |
|
|
|
— |
|
|
|
24,099 |
|
Corporate bonds |
|
|
— |
|
|
|
243,346 |
|
|
|
— |
|
|
|
243,346 |
|
U.S. Government agency securities |
|
|
— |
|
|
|
132,948 |
|
|
|
— |
|
|
|
132,948 |
|
U.S. Treasury securities |
|
|
— |
|
|
|
1,157,787 |
|
|
|
— |
|
|
|
1,157,787 |
|
Strategic investments |
|
|
— |
|
|
|
— |
|
|
|
31,625 |
|
|
|
31,625 |
|
Restricted cash: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
— |
|
|
|
4,053 |
|
|
|
— |
|
|
|
4,053 |
|
Total assets |
|
$ |
10,553 |
|
|
$ |
1,562,233 |
|
|
$ |
31,625 |
|
|
$ |
1,604,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency derivative liabilities |
|
$ |
— |
|
|
$ |
390 |
|
|
$ |
— |
|
|
$ |
390 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
390 |
|
|
$ |
— |
|
|
$ |
390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
(in thousands) |
|
Cash equivalents and investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
20,003 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,003 |
|
Commercial paper |
|
|
— |
|
|
|
13,504 |
|
|
|
— |
|
|
|
13,504 |
|
Corporate bonds |
|
|
— |
|
|
|
237,406 |
|
|
|
— |
|
|
|
237,406 |
|
U.S. Government agency securities |
|
|
— |
|
|
|
122,758 |
|
|
|
— |
|
|
|
122,758 |
|
U.S. Treasury securities |
|
|
— |
|
|
|
960,763 |
|
|
|
— |
|
|
|
960,763 |
|
Strategic investments |
|
|
— |
|
|
|
— |
|
|
|
13,159 |
|
|
|
13,159 |
|
Restricted cash: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
— |
|
|
|
4,053 |
|
|
|
— |
|
|
|
4,053 |
|
Total |
|
$ |
20,003 |
|
|
$ |
1,338,484 |
|
|
$ |
13,159 |
|
|
$ |
1,371,646 |
|
|
| Summary of Composition of Short and Long Term Investments |
The following tables summarize the composition of our short- and long-term investments at June 30, 2024 and December 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Aggregate
Fair Value |
|
|
|
(in thousands) |
|
Commercial paper |
|
$ |
21,612 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,612 |
|
Corporate bonds |
|
|
244,160 |
|
|
|
8 |
|
|
|
(822 |
) |
|
|
243,346 |
|
U.S. Government agency securities |
|
|
133,399 |
|
|
|
5 |
|
|
|
(456 |
) |
|
|
132,948 |
|
U.S. Treasury securities |
|
|
751,132 |
|
|
|
— |
|
|
|
(1,216 |
) |
|
|
749,916 |
|
Total |
|
$ |
1,150,303 |
|
|
$ |
13 |
|
|
$ |
(2,494 |
) |
|
$ |
1,147,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Aggregate
Fair Value |
|
|
|
(in thousands) |
|
Commercial paper |
|
$ |
11,513 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,513 |
|
Corporate bonds |
|
|
237,662 |
|
|
|
422 |
|
|
|
(678 |
) |
|
|
237,406 |
|
U.S. Government agency securities |
|
|
122,414 |
|
|
|
520 |
|
|
|
(176 |
) |
|
|
122,758 |
|
U.S. Treasury securities |
|
|
953,457 |
|
|
|
1,087 |
|
|
|
(273 |
) |
|
|
954,271 |
|
Total |
|
$ |
1,325,046 |
|
|
$ |
2,029 |
|
|
$ |
(1,127 |
) |
|
$ |
1,325,948 |
|
|
| Summary of Contractual Maturities of Short and Long Term Investments |
The contractual maturities of short-term and long-term investments held at June 30, 2024 and December 31, 2023 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
|
|
Amortized
Cost Basis |
|
|
Aggregate
Fair Value |
|
|
Amortized
Cost Basis |
|
|
Aggregate
Fair Value |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Due within one year |
|
$ |
939,531 |
|
|
$ |
937,830 |
|
|
$ |
1,000,447 |
|
|
$ |
1,000,245 |
|
Due after 1 year through 2 years |
|
|
210,772 |
|
|
|
209,992 |
|
|
|
324,599 |
|
|
|
325,703 |
|
Total |
|
$ |
1,150,303 |
|
|
$ |
1,147,822 |
|
|
$ |
1,325,046 |
|
|
$ |
1,325,948 |
|
|