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Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of available-for-sale marketable securities
Available-for-sale marketable securities consisted of the following (in thousands):
June 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$5,675 $1 $(25)$5,651 
Corporate debt securities5,930 — (28)5,902 
U.S. treasury securities77,969 4 (59)77,914 
Agency bonds18,896 — (79)18,817 
Commercial paper18,828 — (2)18,826 
Total marketable securities, available-for-sale$127,298 $5 $(193)$127,110 
December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$1,146 $— $— $1,146 
Corporate debt securities7,139 — (9)7,130 
U.S. treasury securities111,469 — (934)110,535 
Agency bonds2,783 2 (1)2,784 
Commercial paper7,004 — — 7,004 
Total marketable securities, available-for-sale$129,541 $2 $(944)$128,599 
Schedule of contractual maturities of available-for-sale debt securities
The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):
June 30, 2023December 31, 2022
Due within one year$111,620 $114,353 
Due after one year but within five years15,490 14,246 
Total estimated fair value of contractual maturities, available-for-sale$127,110 $128,599 
Schedule of assets measured at fair value on a recurring basis
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
June 30, 2023December 31, 2022
Level 1Level 2Total estimated fair valueLevel 1Level 2Total estimated fair value
Assets
Cash equivalents
Money market funds$124,548 $— $124,548 $191,704 $— $191,704 
Available-for-sale marketable
   securities
Asset-backed securities— 5,651 5,651 — 1,146 1,146 
Corporate debt securities— 5,902 5,902 — 7,130 7,130 
U.S. treasury securities77,914 — 77,914 110,535 — 110,535 
Agency bonds18,817 — 18,817 2,784 — 2,784 
Commercial paper— 18,826 18,826 — 7,004 7,004 
Derivative instruments
Currency hedging contracts (1)
— 114 114 — — — 
Total assets$221,279 $30,493 $251,772 $305,023 $15,280 $320,303 
Liabilities
Derivative instruments
Currency hedging contracts1
$— $1,998 1,998 $— $— — 
(1) Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of June 30, 2023, the derivative assets and liabilities recorded within prepaid expenses and other assets, accrued expenses and other long-term liabilities were $0.1 million, $0.1 million and $1.9 million, respectively.