Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:

	June 30, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	232,888	$	—	$	—	$	232,888
Total cash equivalents	$	232,888	$	—	$	—	$	232,888
Short-term investments
Commercial paper	$	—	$	113,220	$	—	$	113,220
Corporate bonds	—		49,869		—		49,869
Asset backed securities	—		23,619		—		23,619
Certificates of deposit	—		10,000		—		10,000
Yankee bond	—		3,964		—		3,964
U.S. Treasury and agency obligations	—		68,815		—		68,815
Total short-term investments	$	—	$	269,487	$	—	$	269,487

	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	201,476	$	—	$	—	$	201,476
Total cash equivalents	$	201,476	$	—	$	—	$	201,476
Short-term investments
Commercial paper	$	—	$	143,718	$	—	$	143,718
Corporate bonds	—		37,584		—		37,584
Asset backed securities	—		19,573		—		19,573
Certificates of deposit	—		10,000		—		10,000
Supranational bonds	—		3,950		—		3,950
U.S. Treasury and agency obligations	—		51,744		—		51,744
Total short-term investments	$	—	$	266,569	$	—	$	266,569

At June 30, 2023 and December 31, 2022, we had $15.0 million of non-marketable simple agreements for future equity ("SAFE") investments with privately held companies, which are included in other assets on our consolidated balance sheets. We record our SAFE investments at cost, less any impairment, plus or minus observable price changes for similar investments of the same issuer. No material events impacted the carrying value of our SAFE investments in the six months ended June 30, 2023 or 2022.

We did not have any liabilities measured and recorded at fair value on a recurring basis at June 30, 2023 and December 31, 2022.