Investments

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The Company’s investments in debt securities consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	120,260	$	13	$	(63)	$	120,210
U.S. agency and government sponsored securities	4,994		—		—		4,994
Commercial paper	132,991		5		(2)		132,994
Corporate bonds	138,832		147		(9)		138,970
Asset-backed securities	20,814		9		(1)		20,822
Total debt securities	$	417,891	$	174	$	(75)	$	417,990
Included in cash and cash equivalents	$	47,193	$	1	$	—	$	47,194
Included in marketable securities	$	370,698	$	173	$	(75)	$	370,796


	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	155,339	$	14	$	(6)	$	155,347
U.S. agency and government sponsored securities	19,996		—		—		19,996
Commercial paper	182,218		6		(4)		182,220
Corporate bonds	45,431		21		(2)		45,450
Asset-backed securities	7,012		6		—		7,018
Total debt securities	$	409,996	$	47	$	(12)	$	410,031
Included in cash and cash equivalents	$	133,319	$	4	$	(2)	$	133,321
Included in marketable securities	$	276,677	$	43	$	(10)	$	276,710

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 September 30, 2021 and December 31, 2020 (in thousands):


	September 30, 2021				December 31, 2020
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	(63)	$	19,972	$	(6)	$	65,298
U.S. agency and government sponsored securities	—		4,994		—		—
Commercial paper	(2)		35,934		(4)		47,629
Corporate bonds	(9)		22,641		(2)		15,575
Asset-backed securities	(1)		1,270		—		—
Total	$	(75)	$	84,811	$	(12)	$	128,502

Equity Investments

The Company’s equity investments included in marketable securities as of September 30, 2021 and December 31, 2020 were as follows (in thousands):


	September 30, 2021		December 31, 2020
Equity investments included in marketable securities	$	44,748	$	—

Total realized and unrealized gains and losses associated with the Company’s equity investments consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net realized gains (losses) recognized on equity investments sold	$	236	$	—	$	317	$	—
Net unrealized gains (losses) recognized on equity investments held	70		—		45		—
Total net gains (losses) recognized in other income (expense), net	$	306	$	—	$	362	$	—