Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The Company’s investments in debt securities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	210,583	$	47	$	(749)	$	209,881

Commercial paper	7,467		—		(14)		7,453
Corporate bonds	43,946		2		(91)		43,857
Asset-backed securities	981		—		(3)		978
Total debt securities	$	262,977	$	49	$	(857)	$	262,169

Included in marketable securities	262,977		49		(857)		262,169


	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

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


	June 30, 2023				December 31, 2022
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	(749)	$	159,069	$	(2,598)	$	158,888
U.S. agency and government sponsored securities	—		—		(75)		4,924
Commercial paper	(14)		7,453		(232)		74,523
Corporate bonds	(91)		39,729		(1,214)		109,909
Asset-backed securities	(3)		978		(110)		11,835
Total	$	(857)	$	207,229	$	(4,229)	$	360,079

As of June 30, 2023, the total amortized cost basis of the Company’s available-for-sale securities exceeded its fair value by $0.9 million, which was primarily attributable to widening credit spreads and rising interest rates since purchase. The Company reviewed its available-for-sale securities and concluded that the decline in fair value was not related to credit losses and that it is more likely than not that the entire amortized cost of each security will be recoverable before the Company is required to sell them or when the security matures. Accordingly, during the three and six months ended June 30, 2023, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss.

Equity Investments

The Company’s equity investments consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	Condensed Consolidated Balance Sheets Location	June 30, 2023		December 31, 2022
Money market funds(1)	Cash and cash equivalents	$	55,517	$	42,056
Marketable equity investments(1)	Marketable securities	14,509		29,643
Non-marketable equity investment measured using the measurement alternative(2)	Other non-current assets	4,000		4,000
Total		$	74,026	$	75,699

(1) Investments with readily determinable fair values.

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

The Company assesses its non-marketable equity investments quarterly for impairment. Adjustments and impairments are recorded in other income (expense), net on the condensed consolidated statements of operations.