Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities consisted of the following as of June 30, 2024 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	167,659	$	3	$	(96)	$	167,566
Commercial paper	53,138		—		(68)		53,070
Corporate notes and obligations	204,137		11		(234)		203,914
Total marketable securities	$	424,934	$	14	$	(398)	$	424,550

Marketable securities consisted of the following as of December 31, 2023 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	128,479	$	124	$	(27)	$	128,576
Commercial paper	47,415		1		(35)		47,381
Corporate notes and obligations	139,747		61		(128)		139,680
Time deposits	4,525		—		(1)		4,524
Total marketable securities	$	320,166	$	186	$	(191)	$	320,161

Investments Classified by Contractual Maturity Date

The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):

	June 30, 2024		December 31, 2023
Due within 1 year	$	379,120	$	320,161
Due in 1 to 2 years	45,430		—
Total marketable securities	$	424,550	$	320,161

Schedule of Strategic Investments Activity

Strategic investment activity during the six months ended June 30, 2024 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527
Interest accrued on available-for-sale debt securities	—		—		4		4
Purchases of strategic investments	498		574		—		1,072
Unrealized gain on strategic investments	671		154		—		825
Impairment of strategic investments	(184)		—		—		(184)
Balance as of June 30, 2024	$	8,164	$	4,714	$	366	$	13,244

Strategic investment activity during the six months ended June 30, 2023 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2022	$	7,286	$	3,402	$	355	$	11,043
Interest accrued on available-for-sale debt securities	—		—		4		4
Purchases of strategic investments	—		442		—		442
Unrealized loss on strategic investments	—		(6)		—		(6)
Balance as of June 30, 2023	$	7,286	$	3,838	$	359	$	11,483