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Investments | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Debt Securities The Company’s investments in debt securities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):
|  | June 30, 2023
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | 210,583 |  |  | $ | 47 |  |  | $ | (749) |  |  | $ | 209,881 |
Commercial paper |  | 7,467 |  |  | — |  |  | (14) |  |  | 7,453 |
Corporate bonds |  | 43,946 |  |  | 2 |  |  | (91) |  |  | 43,857 |
Asset-backed securities |  | 981 |  |  | — |  |  | (3) |  |  | 978 |
Total debt securities |  | $ | 262,977 |  |  | $ | 49 |  |  | $ | (857) |  |  | $ | 262,169 |
Included in marketable securities |  | 262,977 |  |  | 49 |  |  | (857) |  |  | 262,169 |
|  | December 31, 2022
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | 191,075 |  |  | $ | 3 |  |  | $ | (2,598) |  |  | $ | 188,480 |
U.S. agency and government sponsored securities |  | 4,999 |  |  | — |  |  | (75) |  |  | 4,924 |
Commercial paper |  | 74,755 |  |  | — |  |  | (232) |  |  | 74,523 |
Corporate bonds |  | 111,123 |  |  | — |  |  | (1,214) |  |  | 109,909 |
Asset-backed securities |  | 11,945 |  |  | — |  |  | (110) |  |  | 11,835 |
Total debt securities |  | $ | 393,897 |  |  | $ | 3 |  |  | $ | (4,229) |  |  | $ | 389,671 |
Included in marketable securities |  | $ | 393,897 |  |  | $ | 3 |  |  | $ | (4,229) |  |  | $ | 389,671 |
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 June 30, 2023 and December 31, 2022 (in thousands):
|  | June 30, 2023 |  | December 31, 2022
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | (749) |  |  | $ | 159,069 |  |  | $ | (2,598) |  |  | $ | 158,888 |
U.S. agency and government sponsored securities |  | — |  |  | — |  |  | (75) |  |  | 4,924 |
Commercial paper |  | (14) |  |  | 7,453 |  |  | (232) |  |  | 74,523 |
Corporate bonds |  | (91) |  |  | 39,729 |  |  | (1,214) |  |  | 109,909 |
Asset-backed securities |  | (3) |  |  | 978 |  |  | (110) |  |  | 11,835 |
Total |  | $ | (857) |  |  | $ | 207,229 |  |  | $ | (4,229) |  |  | $ | 360,079 |
As of June 30, 2023, the total amortized cost basis of the Company’s available-for-sale securities exceeded its fair value by $0.9 million, which was primarily attributable to widening credit spreads and rising interest rates since purchase. The Company reviewed its available-for-sale securities and concluded that the decline in fair value was not related to credit losses and that it is more likely than not that the entire amortized cost of each security will be recoverable before the Company is required to sell them or when the security matures. Accordingly, during the three and six months ended June 30, 2023, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. Equity Investments The Company’s equity investments consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):
| Condensed Consolidated Balance Sheets Location |  | June 30, 2023 |  | December 31, 2022
Money market funds(1) | Cash and cash equivalents |  | $ | 55,517 |  |  | $ | 42,056 |
Marketable equity investments(1) | Marketable securities |  | 14,509 |  |  | 29,643 |
Non-marketable equity investment measured using the measurement alternative(2) | Other non-current assets |  | 4,000 |  |  | 4,000 |
Total |  |  | $ | 74,026 |  |  | $ | 75,699 |
(1) Investments with readily determinable fair values. (2) Investment in privately held company without readily determinable fair value. The Company assesses its non-marketable equity investments quarterly for impairment. Adjustments and impairments are recorded in other income (expense), net on the condensed consolidated statements of operations.

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