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Investments | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Debt Securities The Company’s investments in debt securities consisted of the following as of December 31, 2021 and 2020 (in thousands):
|  | December 31, 2021
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | 161,938 |  |  | $ | 1 |  |  | $ | (474) |  |  | $ | 161,465 |
U.S. agency and government sponsored securities |  | 4,995 |  |  | — |  |  | (25) |  |  | 4,970 |
Commercial paper |  | 40,788 |  |  | — |  |  | (4) |  |  | 40,784 |
Corporate bonds |  | 165,522 |  |  | 13 |  |  | (345) |  |  | 165,190 |
Asset-backed securities |  | 46,540 |  |  | — |  |  | (74) |  |  | 46,466 |
Total debt securities |  | $ | 419,783 |  |  | $ | 14 |  |  | $ | (922) |  |  | $ | 418,875 |
Included in cash and cash equivalents |  | $ | 950 |  |  | $ | — |  |  | $ | — |  |  | $ | 950 |
Included in marketable securities |  | $ | 418,833 |  |  | $ | 14 |  |  | $ | (922) |  |  | $ | 417,925 |
|  | December 31, 2020
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | 155,339 |  |  | $ | 14 |  |  | $ | (6) |  |  | $ | 155,347 |
U.S. agency and government sponsored securities |  | 19,996 |  |  | — |  |  | — |  |  | 19,996 |
Commercial paper |  | 182,218 |  |  | 6 |  |  | (4) |  |  | 182,220 |
Corporate bonds |  | 45,431 |  |  | 21 |  |  | (2) |  |  | 45,450 |
Asset-backed securities |  | 7,012 |  |  | 6 |  |  | — |  |  | 7,018 |
Total debt securities |  | $ | 409,996 |  |  | $ | 47 |  |  | $ | (12) |  |  | $ | 410,031 |
Included in cash and cash equivalents |  | $ | 133,319 |  |  | $ | 4 |  |  | $ | (2) |  |  | $ | 133,321 |
Included in marketable securities |  | $ | 276,677 |  |  | $ | 43 |  |  | $ | (10) |  |  | $ | 276,710 |
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, 2021 and 2020 (in thousands):
|  | December 31, 2021 |  | December 31, 2020
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | (474) |  |  | $ | 146,454 |  |  | $ | (6) |  |  | $ | 65,298 |
U.S. agency and government sponsored securities |  | (25) |  |  | 4,970 |  |  | — |  |  | — |
Commercial paper |  | (4) |  |  | 30,285 |  |  | (4) |  |  | 47,629 |
Corporate bonds |  | (345) |  |  | 145,522 |  |  | (2) |  |  | 15,575 |
Asset-backed securities |  | (74) |  |  | 45,251 |  |  | — |  |  | — |
Total |  | $ | (922) |  |  | $ | 372,482 |  |  | $ | (12) |  |  | $ | 128,502 |
Equity Investments The Company’s equity investments consisted of the following as of December 31, 2021 and 2020 (in thousands):
|  |  |  | December 31,
|  | Consolidated Balance Sheets Location |  | 2021 |  | 2020
Money market funds(1) |  | Cash and cash equivalents |  | $ | 25,654 |  |  | $ | 64,971 |
Marketable equity investments(1) |  | Marketable securities |  | 44,216 |  |  | — |
Non-marketable equity investment measured using the measurement alternative(2) |  | Other non-current assets |  | 10,002 |  |  | — |
|  |  |  | $ | 79,872 |  |  | $ | 64,971 |
(1) Investments with readily determinable fair values. (2) Investment in privately held company without readily determinable fair value. In December 2021, the Company made an investment in 1,495 Class A Preferred Units of Robotic Research OpCo, LLC (“Robotic Research”) for consideration of $10.0 million, which was settled by issuing 618,924 shares of Class A common stock of the Company. The Company’s investment in Robotic Research represents less than 5% of Robotic Research’s capitalization. The Company neither has a significant influence over Robotic Research nor does its investment amount to a controlling financial interest in Robotic Research. As such, the Company measured the investment in Robotic Research at cost as provided under the guidance for measurement of equity investment using the measurement alternative. Total realized and unrealized gains and losses associated with the Company’s equity investments consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Net realized gains (losses) recognized on equity investments sold |  | $ | 513 |  |  | $ | — |  |  | $ | — |
Net unrealized gains (losses) recognized on equity investments held |  | (156) |  |  | — |  |  | — |
Total net gains (losses) recognized in other income (expense), net |  | $ | 357 |  |  | $ | — |  |  | $ | — |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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