CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

5. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:

	As of September 30, 2022		As of December 31, 2021
	(in thousands)
Money market funds	$	508,864	$	1,562,358
Government and government agency bonds		115,177		—
Total	$	624,041	$	1,562,358

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of September 30, 2022 was approximately three months. The Company did not hold any short-term investments classified as available-for-sale securities as of December 31, 2021.

The following tables summarize the Company’s cash, cash equivalents and short-term investments as of the periods indicated:

	As of September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Cash and money market funds	$	923,447	$	—	$	—		$	923,447
Commercial paper		176,782		—		—			176,782
Government and government agency bonds		751,456		30		(2,355	)		749,131
Corporate bonds		175,193		1		(881	)		174,313
Certificates of deposit		48,811		—		—			48,811
Total cash, cash equivalents and investments	$	2,075,689	$	31	$	(3,236	)	$	2,072,484
As reported:
Cash and cash equivalents	$	1,038,617	$	7	$	—		$	1,038,624
Short-term investments		1,037,072		24		(3,236	)		1,033,860
Total cash, cash equivalents and investments	$	2,075,689	$	31	$	(3,236	)	$	2,072,484

	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Cash and money market funds	$	2,115,869	$	—	$	—	$	2,115,869
Total cash and cash equivalents	$	2,115,869	$	—	$	—	$	2,115,869
As reported:
Cash and cash equivalents	$	2,115,869	$	—	$	—	$	2,115,869
Total cash and cash equivalents	$	2,115,869	$	—	$	—	$	2,115,869