Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Debt Securities

The Company’s investments in debt securities consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	18,140	$	—	$	(4)	$	18,136
U.S. agency and government sponsored securities	1,543		—		(1)		1,542
Commercial paper	9,876		—		—		9,876
Corporate bonds	75,949		3		(107)		75,845
Certificate of deposit	500		—		—		500
Total debt securities	$	106,008	$	3	$	(112)	$	105,899
Included in cash and cash equivalents	$	—	$	—	$	—	$	—
Included in marketable securities	$	106,008	$	3	$	(112)	$	105,899

	December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	86,764	$	20	$	—	$	86,784
U.S. agency and government sponsored securities	2,732		—		—		2,732
Commercial paper	10,144		—		—		10,144
Corporate bonds	44,924		9		(27)		44,906
Total debt securities	$	144,564	$	29	$	(27)	$	144,566
Included in cash and cash equivalents	$	1,595	$	—	$	(1)	$	1,594
Included in marketable securities	$	142,969	$	29	$	(26)	$	142,972

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, 2024 and December 31, 2023 (in thousands):

	June 30, 2024				December 31, 2023
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	(4)	$	16,487	$	—	$	—
U.S. agency and government sponsored securities	(1)		1,542		—		741
Corporate bonds	(107)		44,802		(27)		30,621
Total	$	(112)	$	62,831	$	(27)	$	31,362

Equity Investments

The Company’s equity investments consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):

	Condensed Consolidated Balance Sheets Location	June 30, 2024		December 31, 2023
Money market funds(1)	Cash and cash equivalents	$	40,627	$	101,842
Marketable equity investments(1)	Marketable securities	3,090		7,755
Investment in non-marketable securities(2)	Other non-current assets	10,000		10,000
Non-marketable equity investment measured using the measurement alternative(2)	Other non-current assets	—		4,000
Total		$	53,717	$	123,597

(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.

The Company measured the current value of its investment in Robotic Research OpCo, LLC (“Forterra”) at cost as provided under the guidance for measurement of equity investment using the measurement alternative. As a result of anticipated losses of preferred rights and decline in enterprise value of Forterra, the Company has recorded an impairment charge of $4.0 million related to the said investment in the second quarter of 2024.