Investments and fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):

As of December 31, 2023	Level 1		Level 2		Level 3
Current assets:
Cash equivalents:
Money market funds	$	266,692	$	—	$	—
Marketable securities:
U.S. government securities	$	—	$	171,372	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	10,311
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	48

As of December 31, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	130,377	$	—	$	—
U.S. government securities	—		48,900		—
Total cash equivalents	$	130,377	$	48,900	$	—
Marketable securities:
U.S. government securities	$	—	$	151,687	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	12,104
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	462

Summary of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):

As of December 31, 2023	Level 1		Level 2		Level 3
Current assets:
Cash equivalents:
Money market funds	$	266,692	$	—	$	—
Marketable securities:
U.S. government securities	$	—	$	171,372	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	10,311
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	48

As of December 31, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	130,377	$	—	$	—
U.S. government securities	—		48,900		—
Total cash equivalents	$	130,377	$	48,900	$	—
Marketable securities:
U.S. government securities	$	—	$	151,687	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	12,104
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	462

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):

	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of SARs, net of exercises	—		550		—
Purchases of strategic investments	—		—		10,000
Balance— December 31, 2021	—		818		10,000
Vesting and remeasurement of SARs, net of exercises	—		(294)		—
Purchases of strategic investments	—		—		5,000
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— December 31, 2022	—		462		12,104
Vesting and remeasurement of SARs	—		(161)		—
Exercises of SARs	—		(253)		—
Unrealized loss on strategic investments	—		—		(1,793)
Balance— December 31, 2023	$	—	$	48	$	10,311

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):

	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of SARs, net of exercises	—		550		—
Purchases of strategic investments	—		—		10,000
Balance— December 31, 2021	—		818		10,000
Vesting and remeasurement of SARs, net of exercises	—		(294)		—
Purchases of strategic investments	—		—		5,000
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— December 31, 2022	—		462		12,104
Vesting and remeasurement of SARs	—		(161)		—
Exercises of SARs	—		(253)		—
Unrealized loss on strategic investments	—		—		(1,793)
Balance— December 31, 2023	$	—	$	48	$	10,311