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Investment Securities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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:

 

 

 

December 31, 2023

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents (money market funds)

 

$

228,406

 

 

$

—

 

 

$

—

 

 

$

228,406

 

U.S. government agency bonds

 

 

—

 

 

 

193,076

 

 

 

—

 

 

$

193,076

 

U.S. treasury bonds

 

 

103,597

 

 

 

—

 

 

 

—

 

 

$

103,597

 

Corporate debt securities

 

 

—

 

 

 

84,605

 

 

 

—

 

 

$

84,605

 

Totals

 

$

332,003

 

 

$

277,681

 

 

$

—

 

 

$

609,684

 

 

 

 

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 Company's fixed income securities held as of December 31, 2023 and December 31, 2022 are classified as available-for-sale. The following table presents the amortized cost, fair value, and gross unrealized gains and losses by major security type, for the fixed income securities held by the Company:

 

 

 

December 31, 2023

 

(in thousands)

 

Amortized cost

 

 

Gross unrealized gains in AOCI

 

 

Gross unrealized losses in AOCI

 

 

Fair value

 

U.S. government agency bonds

 

$

193,231

 

 

$

90

 

 

$

(245

)

 

$

193,076

 

U.S. treasury bonds

 

 

103,476

 

 

 

156

 

 

 

(35

)

 

 

103,597

 

Corporate debt securities

 

 

84,536

 

 

 

114

 

 

 

(45

)

 

 

84,605

 

     Totals

 

$

381,243

 

 

$

360

 

 

$

(325

)

 

$

381,278

 

 

 

 

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:

 

 

 

December 31, 2023

 

(in thousands)

 

Amortized cost

 

 

Fair value

 

Due in one year or less

 

$

281,035

 

 

$

280,739

 

Due after one year through five years

 

 

100,208

 

 

 

100,539

 

Due after five years through ten years

 

 

—

 

 

 

—

 

Due after ten years

 

 

—

 

 

 

—

 

Total

 

$

381,243

 

 

$

381,278

 

 

 

 

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