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Investments | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investment Components Investments consisted of the following as of March 31, 2024 and December 31, 2023:
|  | As of March 31, 2024
|  | Adjusted Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities - Current |  | Marketable Securities - Non-current
Asset-backed securities |  | $ | 448 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 447 |  |  | $ | — |  |  | $ | — |  |  | $ | 447 |
Money market funds |  | 271,458 |  |  | — |  |  | — |  |  | 271,458 |  |  | 271,458 |  |  | — |  |  | — |
Total investments |  | $ | 271,906 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 271,905 |  |  | $ | 271,458 |  |  | $ | — |  |  | $ | 447 |
|  | As of December 31, 2023 |
|  | Adjusted Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities - Current |  | Marketable Securities - Non-current |
Asset-backed securities |  | $ | 1,132 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 1,125 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,125 |  |
Money market funds |  | 287,060 |  |  | — |  |  | — |  |  | 287,060 |  |  | 287,060 |  |  | — |  |  | — |  |
Total investments |  | $ | 288,192 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 288,185 |  |  | $ | 287,060 |  |  | $ | — |  |  | $ | 1,125 |  |
Non-marketable equity securities are investments in privately held companies without readily determinable fair values. We have accounted for these investments using the measurement alternative. Under the measurement alternative, the equity investment is initially recorded as its allocated cost, but the carrying value may be adjusted through earnings upon an impairment or when there is an observable price change involving the same or a similar investment with the same issuer. The carrying value of the Company’s investments without readily determinable fair values was $52.8 million as of March 31, 2024 and December 31, 2023, respectively, and was classified within “Non-marketable equity securities” in the condensed consolidated balance sheets. During the year ended December 31, 2023, the Company identified an impairment related to one of its investments in a privately held company. The Company reviewed the private company’s forecast and noted significant concerns about the private company’s ability to continue as a going concern. As a result, an impairment charge of $2.9 million was recorded in 2023. The Company did not record any other 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 three months ended March 31, 2024 and 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 not material as of March 31, 2024 and December 31, 2023. Marketable Securities Maturities
|  | Adjusted Cost Basis |  | Estimated Fair Value
March 31, 2024 |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 448 |  |  | 447 |
Total |  | $ | 448 |  |  | $ | 447 |

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