Fair Value Measurements

9 Months Ended

Sep. 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:

	September 30, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	103,979	$	—	$	—	$	103,979
Total cash equivalents	$	103,979	$	—	$	—	$	103,979
Short-term investments
Commercial paper	$	—	$	86,212	$	—	$	86,212
Corporate bonds	—		54,505		—		54,505
Asset backed securities	—		16,358		—		16,358
Certificates of deposit	—		10,000		—		10,000
Yankee bonds	—		6,834		—		6,834
U.S. Treasury and agency obligations	—		73,749		—		73,749
Total short-term investments	$	—	$	247,658	$	—	$	247,658

	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 September 30, 2023 and December 31, 2022, we had $10.0 million and $15.0 million, respectively, 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. During the three months ended September 30, 2023, we identified impairment indicators for one of our SAFE investments and determined our investment was impaired, resulting in an impairment loss of $5.0 million that was recorded in other expense, net on our consolidated statement of operations.

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