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Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Marketable Securities | Marketable securities consisted of the following as of June 30, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities | $ | 167,659 |  |  | $ | 3 |  |  | $ | (96) |  |  | $ | 167,566 |
Commercial paper | 53,138 |  |  | — |  |  | (68) |  |  | 53,070 |
Corporate notes and obligations | 204,137 |  |  | 11 |  |  | (234) |  |  | 203,914 |
Total marketable securities | $ | 424,934 |  |  | $ | 14 |  |  | $ | (398) |  |  | $ | 424,550 |
Marketable securities consisted of the following as of December 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities | $ | 128,479 |  |  | $ | 124 |  |  | $ | (27) |  |  | $ | 128,576 |
Commercial paper | 47,415 |  |  | 1 |  |  | (35) |  |  | 47,381 |
Corporate notes and obligations | 139,747 |  |  | 61 |  |  | (128) |  |  | 139,680 |
Time deposits | 4,525 |  |  | — |  |  | (1) |  |  | 4,524 |
Total marketable securities | $ | 320,166 |  |  | $ | 186 |  |  | $ | (191) |  |  | $ | 320,161 |
Investments Classified by Contractual Maturity Date | The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):
| June 30, 2024 |  | December 31, 2023
Due within 1 year | $ | 379,120 |  |  | $ | 320,161 |
Due in 1 to 2 years | 45,430 |  |  | — |
Total marketable securities | $ | 424,550 |  |  | $ | 320,161 |
Schedule of Strategic Investments Activity | Strategic investment activity during the six months ended June 30, 2024 is summarized as follows (in thousands):
| Equity Securities |  | Limited Partnerships |  | Available-for- Sale Debt Securities |  | Total
Balance as of December 31, 2023 | $ | 7,179 |  |  | $ | 3,986 |  |  | $ | 362 |  |  | $ | 11,527 |
Interest accrued on available-for-sale debt securities | — |  |  | — |  |  | 4 |  |  | 4 |
Purchases of strategic investments | 498 |  |  | 574 |  |  | — |  |  | 1,072 |
Unrealized gain on strategic investments | 671 |  |  | 154 |  |  | — |  |  | 825 |
Impairment of strategic investments | (184) |  |  | — |  |  | — |  |  | (184) |
Balance as of June 30, 2024 | $ | 8,164 |  |  | $ | 4,714 |  |  | $ | 366 |  |  | $ | 13,244 |
Strategic investment activity during the six months ended June 30, 2023 is summarized as follows (in thousands):
| Equity Securities |  | Limited Partnerships |  | Available-for- Sale Debt Securities |  | Total
Balance as of December 31, 2022 | $ | 7,286 |  |  | $ | 3,402 |  |  | $ | 355 |  |  | $ | 11,043 |
Interest accrued on available-for-sale debt securities | — |  |  | — |  |  | 4 |  |  | 4 |
Purchases of strategic investments | — |  |  | 442 |  |  | — |  |  | 442 |
Unrealized loss on strategic investments | — |  |  | (6) |  |  | — |  |  | (6) |
Balance as of June 30, 2023 | $ | 7,286 |  |  | $ | 3,838 |  |  | $ | 359 |  |  | $ | 11,483 |

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