Marketable Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. Treasury securities	1 or less	$	318,419	$	1	$	(1,142)	$	317,278
U.S. Government agency securities	1 or less	5,000		—		(10)		4,990
Negotiable certificates of deposit	1 or less	5,880		—		(21)		5,859
Corporate debt securities	1 or less	1,256		—		(11)		1,245
U.S. Treasury securities	1 - 2	126,786		—		(679)		126,107
Negotiable certificates of deposit	1 - 2	1,470		—		(16)		1,454
Total		$	458,811	$	1	$	(1,879)	$	456,933

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