Investment Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023:

	June 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Money market funds	$	218,382	$	—	$	—	$	218,382
U.S. government agency bonds		—		93,411		—		93,411
U.S. treasury bonds		233,834		—		—		233,834
Corporate debt securities		—		105,739		—		105,739
Totals	$	452,216	$	199,150	$	—	$	651,366

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
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

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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:

	June 30, 2024
(in thousands)	Amortized cost		Gross unrealized gains in AOCI		Gross unrealized losses in AOCI			Fair value
U.S. government agency bonds	$	93,604	$	-	$	(193	)	$	93,411
U.S. treasury bonds		234,418		84		(668	)		233,834
Corporate debt securities		105,831		8		(100	)		105,739
Totals	$	433,853	$	92	$	(961	)	$	432,984

	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

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.

	June 30, 2024
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	325,690	$	325,138
Due after one year through five years		108,163		107,846
Due after five years through ten years		—		—
Due after ten years		—		—
Total	$	433,853	$	432,984

	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