Investment Securities and Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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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 June 30, 2024 and December 31, 2023:
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June 30, 2024 |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Money market funds |
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$ |
218,382 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
218,382 |
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U.S. government agency bonds |
|
|
— |
|
|
|
93,411 |
|
|
|
— |
|
|
|
93,411 |
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U.S. treasury bonds |
|
|
233,834 |
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|
|
— |
|
|
|
— |
|
|
|
233,834 |
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Corporate debt securities |
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|
— |
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|
|
105,739 |
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|
|
— |
|
|
|
105,739 |
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Totals |
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$ |
452,216 |
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|
$ |
199,150 |
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|
$ |
— |
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|
$ |
651,366 |
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December 31, 2023 |
|
(in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
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Total |
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Money market funds |
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$ |
228,406 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
228,406 |
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U.S. government agency bonds |
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|
— |
|
|
|
193,076 |
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|
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— |
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|
193,076 |
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U.S. treasury bonds |
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|
103,597 |
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|
|
— |
|
|
|
— |
|
|
|
103,597 |
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Corporate debt securities |
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|
— |
|
|
|
84,605 |
|
|
|
— |
|
|
|
84,605 |
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Totals |
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$ |
332,003 |
|
|
$ |
277,681 |
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|
$ |
— |
|
|
$ |
609,684 |
|
M
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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 gains and losses by major security type, for the fixed income securities held by the Company:
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June 30, 2024 |
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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 |
|
$ |
93,604 |
|
|
$ |
- |
|
|
$ |
(193 |
) |
|
$ |
93,411 |
|
U.S. treasury bonds |
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|
234,418 |
|
|
|
84 |
|
|
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(668 |
) |
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|
233,834 |
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Corporate debt securities |
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|
105,831 |
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|
|
8 |
|
|
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(100 |
) |
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|
105,739 |
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Totals |
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$ |
433,853 |
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|
$ |
92 |
|
|
$ |
(961 |
) |
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$ |
432,984 |
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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 |
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Totals |
|
$ |
381,243 |
|
|
$ |
360 |
|
|
$ |
(325 |
) |
|
$ |
381,278 |
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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. The $5.0 million reconciling difference between the total amortized cost and total fair value for the short-term investments, as noted in the above paragraph, also applies to the below table as of June 30, 2024.
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June 30, 2024 |
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(in thousands) |
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Amortized cost |
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|
Fair value |
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Due in one year or less |
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$ |
325,690 |
|
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$ |
325,138 |
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Due after one year through five years |
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|
108,163 |
|
|
|
107,846 |
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Due after five years through ten years |
|
|
— |
|
|
|
— |
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Due after ten years |
|
|
— |
|
|
|
— |
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Total |
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$ |
433,853 |
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|
$ |
432,984 |
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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 |
|
|
— |
|
|
|
— |
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Due after ten years |
|
|
— |
|
|
|
— |
|
Total |
|
$ |
381,243 |
|
|
$ |
381,278 |
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