| Schedule of Financial Instruments Measured at Fair Value on Recurring Basis |
The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Fair Value Hierarchy Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | | | | | | | | | Assets | | | (in thousands) | | Cash and cash equivalents: | | | | | | | | | | | Cash | Level 1 | | $ | 25,939 | | | $ | — | | | $ | — | | | $ | 25,939 | | | Money market funds | Level 1 | | 463,700 | | | — | | | — | | | 463,700 | | | U.S. Treasury securities | Level 1 | | 75,578 | | | 7 | | | (3) | | | 75,582 | | | Commercial paper | Level 2 | | 466,099 | | | 8 | | | (49) | | | 466,058 | | | | | | | | | | | | | U.S. government agency securities | Level 2 | | 18,909 | | | 2 | | | (1) | | | 18,910 | | | Total cash and cash equivalents | | | 1,050,225 | | | 17 | | | (53) | | | 1,050,189 | | | Investments: | | | | | | | | | | | U.S. Treasury securities | Level 1 | | 1,124,838 | | | 3,341 | | | (452) | | | 1,127,727 | | | Commercial paper | Level 2 | | 128,620 | | | 141 | | | — | | | 128,761 | | | Corporate debt | Level 2 | | 603,485 | | | 2,427 | | | (133) | | | 605,779 | | | Asset-backed securities | Level 2 | | 160,491 | | | 444 | | | (15) | | | 160,920 | | | U.S. government agency securities | Level 2 | | 198,955 | | | 769 | | | (61) | | | 199,663 | | | Total investments | | | 2,216,389 | | | 7,122 | | | (661) | | | 2,222,850 | | | | | | | | | | | | | Total assets measured at fair value | | | $ | 3,266,614 | | | $ | 7,139 | | | $ | (714) | | | $ | 3,273,039 | | | | | | | | | | | | | | | December 31, 2023 | | Fair Value Hierarchy Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | | | | | | | | | Assets | | | (in thousands) | | Cash and cash equivalents: | | | | | | | | | | | Cash | Level 1 | | $ | 50,003 | | | $ | — | | | $ | — | | | $ | 50,003 | | | Money market funds | Level 1 | | 47,357 | | | — | | | — | | | 47,357 | | | Commercial paper | Level 2 | | 300,256 | | | — | | | (165) | | | 300,091 | | | | | | | | | | | | | Total cash and cash equivalents | | | 397,616 | | | — | | | (165) | | | 397,451 | | | Investments: | | | | | | | | | | | U.S. Treasury securities | Level 1 | | 481,704 | | | 422 | | | (44) | | | 482,082 | | | Commercial paper | Level 2 | | 102,435 | | | 7 | | | (35) | | | 102,407 | | | Corporate debt | Level 2 | | 133,523 | | | 168 | | | (42) | | | 133,649 | | | Asset-backed securities | Level 2 | | 23,963 | | | 18 | | | — | | | 23,981 | | | U.S. government agency securities | Level 2 | | 103,484 | | | — | | | (152) | | | 103,332 | | | Total investments | | | 845,109 | | | 615 | | | (273) | | | 845,451 | | | | | | | | | | | | | Total assets measured at fair value | | | $ | 1,242,725 | | | $ | 615 | | | $ | (438) | | | $ | 1,242,902 | |
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