Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Summary of Investments

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of December 31, 2021 and 2020 (in thousands):

	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
December 31, 2021
Classified as current assets:
U.S. Treasury debt securities	1 or less	$	70,653	$	(163	)	$	—	$	70,490
Municipal securities	1 or less		18,017		(6	)		1		18,012
Corporate debt securities	1 or less		169,736		(187	)		—		169,549
Commercial paper	1 or less		224,333		(59	)		2		224,276
Total short-term investments		$	482,739	$	(415	)	$	3	$	482,327
Classified as non-current assets:
U.S. Treasury debt securities	Greater than 1	$	9,989	$	(35	)	$	—	$	9,954
Municipal securities	Greater than 1		9,034		(42	)		—		8,992
Corporate debt securities	Greater than 1		81,989		(271	)		—		81,718
Total long-term investments		$	101,012	$	(348	)	$	—	$	100,664
December 31, 2020
Classified as current assets:
U.S. Treasury debt securities	1 or less	$	39,736	$	—		$	31	$	39,767
Non-U.S. government securities	1 or less		5,054		—			2	$	5,056
Municipal securities	1 or less		3,082		(1	)		—	$	3,081
Corporate debt securities	1 or less		159,947		(68	)		124	$	160,003
Commercial paper	1 or less		107,680		(18	)		—	$	107,662
Total short-term investments		$	315,499	$	(87	)	$	157	$	315,569

Aggregated by investment category and the length of time

aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):

	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2021
U.S. Treasury debt securities	$	80,444	$	(198	)	$	—	$	—	$	80,444	$	(198	)
Municipal securities		23,352		(48	)		—		—		23,352		(48	)
Corporate debt securities		250,467		(458	)		—		—		250,467		(458	)
Commercial paper		59,863		(59	)		—		—		59,863		(59	)
Total	$	414,126	$	(763	)	$	—	$	—	$	414,126	$	(763	)
December 31, 2020
Municipal securities	$	3,081	$	(1	)	$	—	$	—	$	3,081	$	(1	)
Corporate debt securities		108,147		(68	)		—		—		108,147		(68	)
Commercial paper		55,688		(18	)		—		—		55,688		(18	)
Total	$	166,916	$	(87	)	$	—	$	—	$	166,916	$	(87	)