Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The Company’s investments in debt securities consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	210,786	$	—	$	(3,684)	$	207,102
U.S. agency and government sponsored securities	4,998		—		(117)		4,881
Commercial paper	123,984		—		(306)		123,678
Corporate bonds	125,521		—		(1,676)		123,845
Asset-backed securities	21,093		—		(206)		20,887
Total debt securities	$	486,382	$	—	$	(5,989)	$	480,393
Included in cash and cash equivalents	$	9,996	$	—	$	(1)	$	9,995
Included in marketable securities	476,386		—		(5,988)		470,398

	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

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 September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022				December 31, 2021
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	(3,684)	$	207,102	$	(474)	$	146,454
U.S. agency and government sponsored securities	(117)		4,881		(25)		4,970
Commercial paper	(306)		123,678		(4)		30,285
Corporate bonds	(1,676)		123,845		(345)		145,522
Asset-backed securities	(206)		20,887		(74)		45,251
Total	$	(5,989)	$	480,393	$	(922)	$	372,482

Schedule of Equity Investments Included in Marketable Securities

The Company’s equity investments consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands):

	Condensed Consolidated Balance Sheets Location	September 30, 2022		December 31, 2021
Money market funds(1)	Cash and cash equivalents	$	23,118	$	25,654
Marketable equity investments(1)	Marketable securities	26,585		$	44,216
Non-marketable equity investment measured using the measurement alternative(2)	Other non-current assets	$	10,002	$	10,002
Total		$	59,705	$	79,872

(1)    Investments with readily determinable fair values.

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