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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of available-for-sale marketable securities
Available-for-sale marketable securities consisted of the following (in thousands):
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$3,512 $— $(8)$3,504 
Corporate debt securities6,022 1 (10)6,013 
U.S. treasury securities
175,996 200 (12)176,184 
Agency bonds16,119 — (16)16,103 
Commercial paper15,826 — — 15,826 
Total marketable securities, available-for-sale$217,475 $201 $(46)$217,630 
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 securities
111,469 — (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):
December 31, 2023December 31, 2022
Due within one year$197,633 $114,353 
Due after one year but within five years
19,997 14,246 
Total estimated fair value of contractual maturities, available-for-sale$217,630 $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):
December 31, 2023December 31, 2022
Level 1Level 2Total estimated fair valueLevel 1Level 2Total estimated fair value
Assets
Cash equivalents
Money market funds$22,142 $— $22,142 $191,704 $— $191,704 
U.S. treasury securities
2,000 — 2,000 — — — 
Corporate debt securities— — — — — — 
Available-for-sale marketable
securities
Asset-backed securities— 3,504 3,504 — 1,146 1,146 
Corporate debt securities— 6,013 6,013 — 7,130 7,130 
U.S. treasury securities
176,184 — 176,184 110,535 — 110,535 
Agency bonds16,103 — 16,103 2,784 2,784 
Commercial paper— 15,826 15,826 — 7,004 7,004 
Total assets$216,429 $25,343 $241,772 $305,023 $15,280 $320,303 
Liabilities
Derivative instruments
Currency hedging contracts(1)
$— $9,480 $— $— $— $— 
(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 December 31, 2023, the derivative liabilities recorded within accrued expenses and other long-term liabilities were $2.9 million and $6.6 million, respectively.