Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-sale

The Company’s investments in debt securities consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	228,254	$	27	$	(1,392)	$	226,889
U.S. agency and government sponsored securities	5,000		—		(25)		4,975
Commercial paper	27,286		—		(84)		27,202
Corporate bonds	73,411		—		(493)		72,918
Asset-backed securities	4,523		—		(33)		4,490
Total debt securities	$	338,474	$	27	$	(2,027)	$	336,474
Included in cash and cash equivalents	$	29,828	$	2	$	(3)	$	29,827
Included in marketable securities	308,646		25		(2,024)		306,647

	December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	191,075	$	3	$	(2,598)	$	188,480
U.S. agency and government sponsored securities	4,999		—		(75)		4,924
Commercial paper	74,755		—		(232)		74,523
Corporate bonds	111,123		—		(1,214)		109,909
Asset-backed securities	11,945		—		(110)		11,835
Total debt securities	$	393,897	$	3	$	(4,229)	$	389,671
Included in marketable securities	$	393,897	$	3	$	(4,229)	$	389,671

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 March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023				December 31, 2022
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	(1,392)	$	174,013	$	(2,598)	$	158,888
U.S. agency and government sponsored securities	(25)		4,975		(75)		4,924
Commercial paper	(84)		27,202		(232)		74,523
Corporate bonds	(493)		72,918		(1,214)		109,909
Asset-backed securities	(33)		4,490		(110)		11,835
Total	$	(2,027)	$	283,598	$	(4,229)	$	360,079

Schedule of Equity Investments Included in Marketable Securities

The Company’s equity investments consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):

	Condensed Consolidated Balance Sheets Location	March 31, 2023		December 31, 2022
Money market funds(1)	Cash and cash equivalents	$	34,202	$	42,056
Marketable equity investments(1)	Marketable securities	25,716		29,643
Non-marketable equity investment measured using the measurement alternative(2)	Other non-current assets	4,000		4,000
Total		$	63,918	$	75,699

(1)    Investments with readily determinable fair values.

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