Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:

	March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	151,173	$	—	$	—	$	151,173
Total cash equivalents	$	151,173	$	—	$	—	$	151,173
Short-term investments
Commercial paper	$	—	$	78,345	$	—	$	78,345
Corporate bonds	—		70,027		—		70,027
Asset backed securities	—		18,514		—		18,514
Yankee bonds	—		8,901		—		8,901
U.S. Treasury and agency obligations	—		75,007		—		75,007
Total short-term investments	$	—	$	250,794	$	—	$	250,794

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375
Total cash equivalents	$	130,375	$	—	$	—	$	130,375
Short-term investments
Commercial paper	$	—	$	82,216	$	—	$	82,216
Corporate bonds	—		61,149		—		61,149
Asset backed securities	—		15,043		—		15,043
Yankee bonds	—		6,913		—		6,913
U.S. Treasury and agency obligations	—		71,519		—		71,519
Total short-term investments	$	—	$	236,840	$	—	$	236,840

At March 31, 2024 and December 31, 2023, we had $5.9 million and $9.4 million, respectively, of SAFE investments with privately held companies, which are included in other assets on our consolidated balance sheets. We record our SAFE investments at cost, less any impairment, plus or minus observable price changes for similar investments of the same issuer. During the three months ended March 31, 2024, we received $3.5 million in proceeds from one of our SAFE investments and expect to collect the remaining $0.9 million once escrow funds have been released. No material events impacted the carrying value of our SAFE investments in the three months ended March 31, 2024 and 2023.

We did not have any liabilities measured and recorded at fair value on a recurring basis at March 31, 2024 and December 31, 2023.