Available-for-sale Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities

4.Available-for-sale securities

The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses:

	September 30, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	117,216	$	—	$	(19	)	$	117,197
U.S. and Canadian government and agency securities		324,275		12		(832	)		323,455
Corporate bonds		14,160		—		(16	)		14,144
Total marketable securities		455,651		12		(867	)		454,796
Cash equivalents:
Money market funds		182,799		—		—			182,799
Commercial paper		77,715		—		(29	)		77,686
U.S. and Canadian government and agency securities		94,573		13		—			94,586
Corporate bonds		—		—		—			—
Total cash equivalents		355,087		13		(29	)		355,071
Total available-for-sale investments	$	810,738	$	25	$	(896	)	$	809,867

	December 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	216,765	$	—	$	(328	)	$	216,437
U.S. and Canadian government and agency securities		236,916		43		(1,270	)		235,689
Corporate bonds		31,599		—		(194	)		31,405
Total marketable securities		485,280		43		(1,792	)		483,531
Cash equivalents:
Money market funds		48,522		—		—			48,522
Commercial paper		97,526		—		(35	)		97,491
Corporate bonds		16,137		4		—			16,141
Total cash equivalents		162,185		4		(35	)		162,154
Total available-for-sale investments	$	647,465	$	47	$	(1,827	)	$	645,685

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of September 30, 2023:

	September 30, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	727,252	$	18	$	(691	)	$	726,579
Mature after one year through two years		83,486		7		(205	)		83,288
Total marketable securities	$	810,738	$	25	$	(896	)	$	809,867