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Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Investment Components

The components of investments were as follows:

						As of June 30, 2023
						Adjusted Cost Basis						Unrealized Gains						Unrealized Losses						Fair Value						Cash and Cash Equivalents						Marketable Securities - Current						Marketable Securities - Non-current
Asset-backed securities						$	6,186					$	—					$	(50)					$	6,136					$	—					$	39					$	6,097
Corporate notes and bonds						27,402						—						(122)						27,280						—						27,280						—
Money market funds						285,499						—						—						285,499						285,499						—						—
Total investments						$	319,087					$	—					$	(172)					$	318,915					$	285,499					$	27,319					$	6,097

						As of December 31, 2022
						Adjusted Cost Basis						Unrealized Gains						Unrealized Losses						Fair Value						Cash and Cash Equivalents						Marketable Securities - Current						Marketable Securities - Non-current
Asset-backed securities						$	58,455					$	1					$	(264)					$	58,192					$	—					$	1,464					$	56,728
Corporate notes and bonds						111,592						—						(1,294)						110,298						—						110,298						—
Commercial paper						10,477						2						—						10,479						—						10,479						—
Money market funds						232,448						—						—						232,448						232,448						—
Foreign government securities						5,064						—						(37)						5,027						—						5,027						—
US government and agency securities						86,869						29						—						86,898						86,898						—						—
Total investments						$	504,905					$	32					$	(1,595)					$	503,342					$	319,346					$	127,268					$	56,728

Non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of the Company’s investments without readily determinable fair values was $55.6 million as of June 30, 2023 and December 31, 2022 and was classified within “non-marketable equity securities” in the condensed consolidated balance sheets. The Company did not record any adjustments to the carrying value of its non-marketable equity securities accounted for under the measurement alternative and did not recognize any gains or losses related to the sale of non-marketable equity securities in the six months ended June 30, 2023.

Unrealized Losses on Marketable Securities

Marketable securities with continuous unrealized losses for less than 12 months and 12 months or more and their related fair values were as follows:

			As of June 30, 2023
			Less than 12 Months												12 Months or more												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Asset-backed securities			$	1,292					$	(2)					$	4,376					$	(48)					$	5,668					$	(50)
Corporate notes and bonds			—						—						27,280						(122)						27,280						(122)
Total investments			$	1,292					$	(2)					$	31,656					$	(170)					$	32,948					$	(172)

			As of December 31, 2022
			Less than 12 Months												12 Months or more												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Asset-backed securities			$	52,412					$	(229)					$	4,656					$	(35)					$	57,068					$	(264)
Corporate notes and bonds			55,864						(571)						54,434						(723)						110,298						(1,294)
Foreign government securities			—						—						5,027						(37)						5,027						(37)
Total investments			$	108,276					$	(800)					$	64,117					$	(795)					$	172,393					$	(1,595)

Marketable Securities Maturities

						Adjusted						Estimated
						Cost Basis						Fair Value
June 30, 2023
Due in one year or less						$	27,442					$	27,319
Due after one year through five years						6,146						6,097
Due after five years through ten years						—						—
Total						$	33,588					$	33,416

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No definition available.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Regulation S-K (SK)
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