Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Components of available-for-sale marketable securities

Available-for-sale marketable securities consisted of the following (in thousands):

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	296,309	$	71	$	(587)	$	295,793
Corporate debt securities	7,472		—		(26)		7,446
US government agencies	23,970		—		(182)		23,788
US Treasury securities	67,904		—		(629)		67,275
	$	395,655	$	71	$	(1,424)	$	394,302

Contractual maturities of available-for-sale debt securities

Contractual maturities of available-for-sale debt securities are as follows (in thousands):

	December 31, 2022
	Estimated Fair Value
Due within one year	$	394,302
After one but within five years	—
	$	394,302

Schedule of fair value, assets and liabilities measured on recurring basis

The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):

	December 31, 2022						December 31, 2021
	Level 1		Level 2		Total estimated fair value		Level 1		Level 2		Total estimated fair value
Cash equivalents:
Money market funds	$	26,811	$	—	$	26,811	$	43,653	$	—	$	43,653
Commercial paper	1,998		—		1,998		—		—		—
Total cash equivalents:	28,809		—		28,809		43,653		—		43,653
Available-for-sale marketable securities:
Commercial paper	—		295,793		295,793		—		199,277		199,277
Corporate debt securities	—		7,446		7,446		—		10,078		10,078
US government agencies	—		23,788		23,788		—		20,033		20,033
US Treasury securities	67,275		—		67,275		50,785		—		50,785
Total available-for-sale marketable securities:	67,275		327,027		394,302		50,785		229,388		280,173
Total assets measured at fair value	$	96,084	$	327,027	$	423,111	$	94,438	$	229,388	$	323,826