Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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