Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

All of our available-for-sale debt investments as of June 30, 2024 are available to fund current operations and are recorded at fair value (Note 14).

The following table summarizes our cash equivalents and available-for-sale debt investments:

	June 30, 2024
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Commercial paper	$	48,055	$	—	$	—	$	48,055	$	—	$	48,055
Corporate bonds	708		—		—		708		—		708
Money market funds	109,377		—		—		109,377		109,377		—
U.S. government bonds	3,704		—		—		3,704		3,704		—
Total cash equivalents (2)	161,844		—		—		161,844		113,081		48,763
Short-term investments
Asset-backed securities	57,317		42		(33)		57,326		—		57,326
Certificate of deposits	24,233		—		—		24,233		24,233		—
Commercial paper	48,208		—		—		48,208		—		48,208
Corporate bonds	262,294		165		(374)		262,085		—		262,085
Municipal bonds	1,004		—		(1)		1,003		—		1,003
U.S. government agency bonds	3,548		—		(3)		3,545		—		3,545
U.S. government bonds	65,247		5		(125)		65,127		65,127		—
Total short-term investments	461,851		212		(536)		461,527		89,360		372,167
Total	$	623,695	$	212	$	(536)	$	623,371	$	202,441	$	420,930

	December 31, 2023
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Asset-backed securities	$	138	$	—	$	—	$	138	$	—	$	138
Commercial paper	48,063		—		—		48,063		—		48,063
Money market funds	60,719		—		—		60,719		60,719		—
U.S. government bonds	2,996		—		—		2,996		2,996		—
Total cash equivalents	111,916		—		—		111,916		63,715		48,201
Short-term investments
Asset-backed securities	65,340		170		(22)		65,488		—		65,488
Certificate of deposits	17,086		—		—		17,086		17,086		—
Commercial paper	56,273		—		—		56,273		—		56,273
Corporate bonds	251,671		432		(299)		251,804		—		251,804
U.S. government agency bonds	13,200		—		(9)		13,191		—		13,191
U.S. government bonds	65,881		13		(79)		65,815		65,815		—
Total short-term investments	469,451		615		(409)		469,657		82,901		386,756
Total	$	581,367	$	615	$	(409)	$	581,573	$	146,616	$	434,957

(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.

(2)For six months ended June 30, 2024 and 2023, we sold cash equivalent investments for proceeds of $16.6 million and $40.1 million, respectively, and realized no gain or loss on such sales.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2024:

	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	484,229	$	484,015
After 1 year through 5 years	82,149		82,030
Asset-backed securities	57,317		57,326
Total	$	623,695	$	623,371

Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties.

As of June 30, 2024, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year were $4.3 million and $4.2 million, respectively. As of December 31, 2023, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year were $5.2 million.