Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

The Company’s marketable securities, which consist of highly liquid marketable debt securities, are classified as available-for-sale and are stated at fair value. The following tables summarize the Company’s marketable securities (in thousands):

As of March 31, 2023	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. Treasury securities	1 or less	$	302,993	$	31	$	(1,396)	$	301,628
U.S. Government agency securities	1 or less	7,500		—		(22)		7,478
Negotiable certificates of deposit	1 or less	4,401		—		(45)		4,356
Corporate debt securities	1 or less	14,309		—		(120)		14,189
U.S. Treasury securities	1 - 2	137,466		79		(45)		137,500
Negotiable certificates of deposit	1 - 2	2,450		—		(11)		2,439
Total		$	469,119	$	110	$	(1,639)	$	467,590

As of December 31, 2022	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. Treasury securities	1 or less	$	230,349	$	1	$	(2,283)	$	228,067
U.S. Government agency securities	1 or less	5,000		—		(34)		4,966
Negotiable certificates of deposit	1 or less	3,911		1		(57)		3,855
Corporate debt securities	1 or less	16,360		—		(286)		16,074
U.S. Treasury securities	1 - 2	16,919		—		(41)		16,878
Negotiable certificates of deposit	1 - 2	490		1		—		491
Total		$	273,029	$	3	$	(2,701)	$	270,331