Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities

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


	March 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	251,673	$	1	$	(2,685)	$	248,989
U.S. agency and government sponsored securities	4,996		—		(89)		4,907
Commercial paper	130,103		1		(126)		129,978
Corporate bonds	158,595		1		(1,348)		157,248
Asset-backed securities	41,185		—		(311)		40,874
Total debt securities	$	586,552	$	3	$	(4,559)	$	581,996
Included in cash and cash equivalents	$	80,201	$	2	$	(28)	$	80,175
Included in marketable securities	506,351		1		(4,531)		501,821


	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

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 March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022				December 31, 2021
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	(2,685)	$	228,993	$	(474)	$	146,454
U.S. agency and government sponsored securities	(89)		4,907		(25)		4,970
Commercial paper	(126)		114,980		(4)		30,285
Corporate bonds	(1,348)		156,246		(345)		145,522
Asset-backed securities	(311)		40,874		(74)		45,251
Total	$	(4,559)	$	546,000	$	(922)	$	372,482

Equity Investments

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


	Condensed Consolidated Balance Sheets Location	March 31, 2022		December 31, 2021
Money market funds(1)	Cash and cash equivalents	$	47,497	$	25,654
Marketable equity investments(1)	Marketable securities	45,619		$	44,216
Non-marketable equity investment measured using the measurement alternative(2)	Other non-current assets	$	10,002	$	10,002
Total		$	103,118	$	79,872

(1) Investments with readily determinable fair values.

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

In December 2021, the Company made an investment in 1,495 Class A Preferred Units of Robotic Research OpCo, LLC (“Robotic Research”) for consideration of $10.0 million, which was settled by issuing 618,924 shares of Class A common stock of the Company. The Company’s investment in Robotic Research represents less than 5% of Robotic Research’s capitalization. The Company neither has a significant influence over Robotic Research nor does its investment amount to a controlling financial interest in Robotic Research. As such, the Company measured the investment in Robotic Research at cost as provided under the guidance for measurement of equity investment using the measurement alternative.

Total realized and unrealized gains and losses associated with the Company’s equity investments was not material in the three months ended March 31, 2022 and 2021.