Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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| Fair Value Disclosures [Abstract] |
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| 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:
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March 31, 2023 |
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(in thousands) |
|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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|
Total |
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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 |
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Corporate debt securities |
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|
- |
|
|
|
20,357 |
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|
|
- |
|
|
|
20,357 |
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Totals |
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$ |
363,316 |
|
|
$ |
306,292 |
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|
$ |
- |
|
|
$ |
669,608 |
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December 31, 2022 |
|
(in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
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Total |
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Cash equivalents (money market funds) |
|
$ |
92,850 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
92,850 |
|
U.S. government agency bonds |
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|
- |
|
|
|
267,748 |
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|
|
- |
|
|
|
267,748 |
|
U.S. treasury bonds |
|
|
186,477 |
|
|
|
- |
|
|
|
- |
|
|
|
186,477 |
|
Corporate debt securities |
|
|
- |
|
|
|
5,349 |
|
|
|
- |
|
|
|
5,349 |
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Totals |
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$ |
279,327 |
|
|
$ |
273,097 |
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|
$ |
- |
|
|
$ |
552,424 |
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| 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:
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March 31, 2023 |
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(in thousands) |
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Amortized cost |
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|
Gross unrealized gains in AOCI |
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Gross unrealized losses in AOCI |
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|
Fair value |
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U.S. government agency bonds |
|
$ |
285,864 |
|
|
$ |
229 |
|
|
$ |
(158 |
) |
|
$ |
285,935 |
|
U.S. treasury bonds |
|
|
174,966 |
|
|
|
44 |
|
|
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(42 |
) |
|
|
174,968 |
|
Corporate debt securities |
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|
20,328 |
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|
|
29 |
|
|
|
- |
|
|
|
20,357 |
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Totals |
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$ |
481,158 |
|
|
$ |
302 |
|
|
$ |
(200 |
) |
|
$ |
481,260 |
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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 |
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Totals |
|
$ |
446,735 |
|
|
$ |
106 |
|
|
$ |
(257 |
) |
|
$ |
446,584 |
|
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| 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:
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March 31, 2023 |
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(in thousands) |
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Amortized cost |
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|
Fair value |
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Due in one year or less |
|
$ |
376,908 |
|
|
$ |
376,776 |
|
Due after one year through five years |
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|
104,250 |
|
|
|
104,484 |
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Due after five years through ten years |
|
|
- |
|
|
|
— |
|
Due after ten years |
|
|
- |
|
|
|
— |
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Total |
|
$ |
481,158 |
|
|
$ |
481,260 |
|
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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 |
|
|
- |
|
|
|
— |
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Total |
|
$ |
446,735 |
|
|
$ |
446,584 |
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