Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The Company’s investments in debt securities consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	185,504	$	12	$	(81)	$	185,435
U.S. agency and government sponsored securities	4,994		—		(3)		4,991
Commercial paper	226,610		18		(8)		226,620
Corporate bonds	84,672		71		(14)		84,729
Asset-backed securities	14,019		12		—		14,031
Total debt securities	$	515,799	$	113	$	(106)	$	515,806
Included in cash and cash equivalents	$	86,520	$	4	$	(1)	$	86,523
Included in marketable securities	$	429,279	$	109	$	(105)	$	429,283

	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	155,339	$	14	$	(6)	$	155,347
U.S. agency and government sponsored securities	19,996		—		—		19,996
Commercial paper	182,218		6		(4)		182,220
Corporate bonds	45,431		21		(2)		45,450
Asset-backed securities	7,012		6		—		7,018
Total debt securities	$	409,996	$	47	$	(12)	$	410,031
Included in cash and cash equivalents	$	133,319	$	4	$	(2)	$	133,321
Included in marketable securities	$	276,677	$	43	$	(10)	$	276,710

Schedule of Gross Unrealized Losses and the Fair Value for Marketable Investments

The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021				December 31, 2020
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	(81)	$	54,963	$	(6)	$	65,298
U.S. agency and government sponsored securities	(3)		4,991		—		—
Commercial paper	(8)		60,957		(4)		47,629
Corporate bonds	(14)		23,387		(2)		15,575
Total	$	(106)	$	144,298	$	(12)	$	128,502

Schedule of Equity Investments Included in Marketable Securities

The Company’s equity investments included in marketable securities as of June 30, 2021 and December 31, 2020 were as follows (in thousands):

	June 30, 2021		December 31, 2020
Equity investments included in marketable securities	$	16,472	$	—

Schedule of Total Realized and Unrealized Gains and Losses Associated with Equity Investments

Total realized and unrealized gains and losses associated with the Company’s equity investments consisted of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net realized gains (losses) recognized on equity investments sold	$	(33)	$	—	$	81	$	—
Net unrealized gains (losses) recognized on equity investments held	253		—		(25)		—
Total net gains (losses) recognized in other income (expense), net	$	220	$	—	$	56	$	—