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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of available-for-sale marketable securities
Available-for-sale marketable securities consisted of the following (in thousands):
September 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$4,599 $— $(20)$4,579 
Corporate debt securities5,976 — (31)5,945 
U.S. treasury securities160,034 — (104)159,930 
Agency bonds16,020 — (73)15,947 
Commercial paper22,655 — (1)22,654 
Total marketable securities, available-for-sale$209,284 $— $(229)$209,055 
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):
September 30, 2023December 31, 2022
Due within one year$179,400 $114,353 
Due after one year but within five years29,655 14,246 
Total estimated fair value of contractual maturities, available-for-sale$209,055 $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):
September 30, 2023December 31, 2022
Level 1Level 2Total estimated fair valueLevel 1Level 2Total estimated fair value
Assets
Cash equivalents
Money market funds$147,113 $— $147,113 $191,704 $— $191,704 
U.S. treasury securities23,000 — 23,000 — — — 
Available-for-sale marketable
   securities
Asset-backed securities— 4,579 4,579 — 1,146 1,146 
Corporate debt securities— 5,945 5,945 — 7,130 7,130 
U.S. treasury securities159,930 — 159,930 110,535 — 110,535 
Agency bonds15,947 — 15,947 2,784 — 2,784 
Commercial paper— 22,654 22,654 — 7,004 7,004 
Derivative instruments
Currency hedging contracts (1)
— 2,163 2,163 — — — 
Total assets$345,990 $35,341 $381,331 $305,023 $15,280 $320,303 
Liabilities
Derivative instruments
Currency hedging contracts (1)
$— $347 347 $— $— — 
(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 September 30, 2023, the derivative assets and liabilities recorded within prepaid expenses and other current assets, prepaid expense and other assets and other long-term liabilities were $1.6 million, $0.6 million and $0.3 million, respectively.