Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022:

	March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	188,348	$	-	$	-	$	188,348
U.S. government agency bonds		-		285,935		-		285,935
U.S. treasury bonds		174,968		-		-		174,968
Corporate debt securities		-		20,357		-		20,357
Totals	$	363,316	$	306,292	$	-	$	669,608

	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents (money market funds)	$	92,850	$	-	$	-	$	92,850
U.S. government agency bonds		-		267,748		-		267,748
U.S. treasury bonds		186,477		-		-		186,477
Corporate debt securities		-		5,349		-		5,349
Totals	$	279,327	$	273,097	$	-	$	552,424

Summary of Amortized Cost, Fair Value, and Unrealized Losses by Type of Security

The following table presents the amortized cost, fair value, and unrealized losses by major security type, for the fixed income securities held by the Company:

	March 31, 2023
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	285,864	$	229	$	(158	)	$	285,935
U.S. treasury bonds		174,966		44		(42	)		174,968
Corporate debt securities		20,328		29		-			20,357
Totals	$	481,158	$	302	$	(200	)	$	481,260

	December 31, 2022
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	254,881	$	87	$	(211	)	$	254,757
U.S. treasury bonds		186,496		19		(37	)		186,478
Corporate debt securities		5,358		-		(9	)		5,349
Totals	$	446,735	$	106	$	(257	)	$	446,584

Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of the Company's fixed income securities by maturity grouping:

	March 31, 2023
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	376,908	$	376,776
Due after one year through five years		104,250		104,484
Due after five years through ten years		-		—
Due after ten years		-		—
Total	$	481,158	$	481,260

	December 31, 2022
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	328,405	$	328,359
Due after one year through five years		118,330		118,225
Due after five years through ten years		-		—
Due after ten years		-		—
Total	$	446,735	$	446,584