Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The Company’s investments in debt securities consisted of the following as of December 31, 2023 and 2022 (in thousands):

	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

	December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	191,075	$	3	$	(2,598)	$	188,480
U.S. agency and government sponsored securities	4,999		—		(75)		4,924
Commercial paper	74,755		—		(232)		74,523
Corporate bonds	111,123		—		(1,214)		109,909
Asset-backed securities	11,945		—		(110)		11,835
Total debt securities	$	393,897	$	3	$	(4,229)	$	389,671
Included in marketable securities	$	393,897	$	3	$	(4,229)	$	389,671

Schedule of Gross Unrealized Losses and the Fair Value for Marketable Investments

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 December 31, 2023 and 2022 (in thousands):

	December 31, 2023				December 31, 2022
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	—	$	—	$	(2,598)	$	158,888
U.S. agency and government sponsored securities	—		741		(75)		4,924
Commercial paper	—		—		(232)		74,523
Corporate bonds	(27)		30,621		(1,214)		109,909
Asset-backed securities	—		—		(110)		11,835
Total	$	(27)	$	31,362	$	(4,229)	$	360,079

Schedule of Equity Investments Included in Marketable Securities

The Company’s equity investments consisted of the following as of December 31, 2023 and 2022 (in thousands):

		December 31,
	Consolidated Balance Sheets Location	2023		2022
Money market funds(1)	Cash and cash equivalents	$	101,842	$	42,056
Marketable equity investments(1)	Marketable securities	7,755		29,643
Investment in non-marketable securities(2)	Other non-current assets	10,000		—
Non-marketable equity investment measured using the measurement alternative(2)	Other non-current assets	4,000		4,000
		$	123,597	$	75,699

(1)    Investments with readily determinable fair values.

(2)    Investment in privately held company without readily determinable fair value.