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Investments
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
Investments Measured at Fair Value on a Recurring Basis
The following table summarizes our investments measured at fair value on a recurring basis by balance sheet classification and investment type:
September 30, 2023December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value - Level 1		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value - Level 1
Cash equivalents—money market funds$204,011 $— $— $204,011 $304,750 $— $— $304,750 
Cash equivalents—U.S. Treasury securities271,695 40 — 271,735 — — — — 
Total cash equivalents475,706 40 — 475,746 304,750 — — 304,750 
Marketable securities—U.S. Treasury securities214,255 1 (260)213,996 460,372 26 (744)459,654 
Total$689,961 $41 $(260)$689,742 $765,122 $26 $(744)$764,404 
Gross realized gains and losses related to our marketable securities were not material for the three and nine months ended September 30, 2023 and 2022.
The following table presents the cost basis and fair value of our available-for-sale (“AFS”) marketable securities by contractual maturity date:
September 30, 2023 December 31, 2022
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$214,255 $213,996 $460,372 $459,654 
Investments in an unrealized loss position consisted of the following:
September 30, 2023December 31, 2022
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$204,001 $(260)$356,767 $(744)
As of September 30, 2023 and December 31, 2022, our AFS marketable securities were comprised of U.S. Treasury securities, which are backed by the full faith and credit of the U.S. government. As a result, there were no credit or non-credit impairment charges recorded during the three and nine months ended September 30, 2023 and 2022.
Investments Measured at Fair Value on a Nonrecurring Basis
In August 2023, we acquired an approximate 7% ownership interest in a privately held company, which is measured and accounted for using the fair value measurement alternative basis. This investment is classified within other assets on the Condensed Consolidated Balance Sheets (Unaudited). The carrying value of the investment was $1,701 as of September 30, 2023.
Our existing equity investments are remeasured at fair value on a nonrecurring basis when an identifiable event or change in circumstance may have a significant adverse impact on its fair value. No such events or changes occurred during the three and nine months ended September 30, 2023 and 2022.