Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

Cash Equivalents and Marketable Securities

Cash equivalents and available-for-sale debt securities consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	306,917	$	—	$	—	$	306,917
U.S. treasury securities	44,963		—		(10)		44,953
U.S. government agency securities	172,992		—		(56)		172,936
Corporate debt securities	11,988		—		—		11,988
Total cash equivalents	536,860		—		(66)		536,794
Debt securities:
U.S. treasury securities	371,776		6		(3,714)		368,068
U.S. government agency securities	124,725		23		(1,676)		123,072
Corporate debt securities	93,757		—		(882)		92,875
Total debt securities	590,258		29		(6,272)		584,015
Total cash equivalents and debt securities	$	1,127,118	$	29	$	(6,338)	$	1,120,809

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	684,485	$	—	$	—	$	684,485
U.S. treasury securities	22,000		—		—		22,000
U.S. government agency securities	4,286		—		(1)		4,285
Corporate debt securities	15,998		—		—		15,998
Total cash equivalents	726,769		—		(1)		726,768
Debt securities:
U.S. treasury securities	442,715		2		(432)		442,285
U.S. government agency securities	75,725		—		(159)		75,566
Corporate debt securities	54,335		17		(175)		54,177
Total debt securities	572,775		19		(766)		572,028
Total cash equivalents and debt securities	$	1,299,544	$	19	$	(767)	$	1,298,796

As of June 30, 2022 and December 31, 2021, the securities in a continuous unrealized loss position for 12 months or longer were not material.

The amortized cost and fair value of the available-for-sale debt securities based on contractual maturities are as follows (in thousands):

	June 30, 2022
	Amortized Cost		Fair Value
Due within one year	$	433,496	$	429,867
Due after one year but within five years	156,762		154,148
Total	$	590,258	$	584,015

Accrued interest receivable of $1.6 million was classified in prepaid expenses and other current assets in the condensed consolidated balance sheet of as June 30, 2022.

In addition to available-for-sale debt securities, marketable securities also include term bond mutual funds, which are measured at fair value. As of June 30, 2022, there were no investments in term bond mutual funds. As of December 31, 2021, the fair value of the term bond mutual funds was $3.7 million.

The change in fair value of the term bond mutual funds is recorded in interest and other income, net in the condensed consolidated statements of operations. The realized and unrealized gains recognized in the condensed consolidated statements of operations for the term bond mutual funds were not material during the three and six months ended June 30, 2022 and 2021.