Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 (in thousands):

	December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	161,938	$	1	$	(474)	$	161,465
U.S. agency and government sponsored securities	4,995		—		(25)		4,970
Commercial paper	40,788		—		(4)		40,784
Corporate bonds	165,522		13		(345)		165,190
Asset-backed securities	46,540		—		(74)		46,466
Total debt securities	$	419,783	$	14	$	(922)	$	418,875
Included in cash and cash equivalents	$	950	$	—	$	—	$	950
Included in marketable securities	$	418,833	$	14	$	(922)	$	417,925

	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	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 December 31, 2021 and 2020 (in thousands):

	December 31, 2021				December 31, 2020
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	(474)	$	146,454	$	(6)	$	65,298
U.S. agency and government sponsored securities	(25)		4,970		—		—
Commercial paper	(4)		30,285		(4)		47,629
Corporate bonds	(345)		145,522		(2)		15,575
Asset-backed securities	(74)		45,251		—		—
Total	$	(922)	$	372,482	$	(12)	$	128,502

Schedule of Equity Investments

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

		December 31,
	Consolidated Balance Sheets Location	2021		2020
Money market funds(1)	Cash and cash equivalents	$	25,654	$	64,971
Marketable equity investments(1)	Marketable securities	44,216		—
Non-marketable equity investment measured using the measurement alternative(2)	Other non-current assets	10,002		—
		$	79,872	$	64,971

(1)    Investments with readily determinable fair values.

(2)    Investment in privately held company without readily determinable fair value.

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):

	Year Ended December 31,
	2021		2020		2019
Net realized gains (losses) recognized on equity investments sold	$	513	$	—	$	—
Net unrealized gains (losses) recognized on equity investments held	(156)		—		—
Total net gains (losses) recognized in other income (expense), net	$	357	$	—	$	—