Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments [Abstract]

Summary of Investments

The following table summarizes the Company’s investments accounted for as available-for-sale securities as of March 31, 2022 and December 31, 2021 (in thousands, except for maturity in years):

	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
March 31, 2022
Classified as current assets:
U.S. Treasury debt securities	1 or less	$	140,478	$	(773	)	$	3	$	139,708
Municipal securities	1 or less		16,847		(157	)		—		16,690
Corporate debt securities	1 or less		168,484		(491	)		—		167,993
Commercial paper	1 or less		184,976		(336	)		—		184,640
Total short-term investments		$	510,785	$	(1,757	)	$	3	$	509,031
Classified as non-current assets:
Municipal securities	Greater than 1	$	4,979	$	(39	)	$	—	$	4,940
Corporate debt securities	Greater than 1		64,070		(1,068	)		—		63,002
Total long-term investments		$	69,049	$	(1,107	)	$	—	$	67,942
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

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
March 31, 2022
U.S. Treasury debt securities	$	129,711	$	(773	)	$	—	$	—		$	129,711	$	(773	)
Municipal securities		21,630		(196	)		—		—			21,630		(196	)
Corporate debt securities		202,366		(1,536	)		23,192		(23	)		225,558		(1,559	)
Commercial paper		66,900		(336	)		—		—			66,900		(336	)
Total	$	420,607	$	(2,841	)	$	23,192	$	(23	)	$	443,799	$	(2,864	)
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	)