v3.24.2
Fair Value Measurement
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of June 30, 2024 and December 31, 2023 (in thousands):
As of June 30, 2024
CostNet Unrealized LossesFair ValueCash and Cash equivalentsShort-term InvestmentsLong-term Investments
Cash
$128,103 $— $128,103 $128,103 $— $— 
Level 1:
Money market funds141,336 — 141,336 141,336 — — 
Commercial paper12,032 (3)12,029 — 12,029 — 
Subtotal153,368 (3)153,365 141,336 12,029 — 
Level 2:
Certificates of deposit23,615 7 23,622 — 23,622 — 
U.S. Government and agency securities50,890 (171)50,719 — 34,205 16,514 
Corporate bonds31,212 6 31,218 — 21,410 9,808 
Subtotal105,717 (158)105,559 — 79,237 26,322 
Level 3:— — — — — — 
Total$387,188 $(161)$387,027 $269,439 $91,266 $26,322 
As of December 31, 2023
CostNet Unrealized LossesFair ValueCash and Cash equivalentsShort-term InvestmentsLong-term Investments
Cash$130,566 $— $130,566 $130,566 $— $— 
Level 1:
Money market funds147,652 — 147,652 147,652 — — 
Commercial paper16,408 11 16,419 — 16,419 — 
Subtotal164,060 11 164,071 147,652 16,419 — 
Level 2:
Certificates of deposit15,366 21 15,387 — 15,387 — 
U.S. Government and agency securities49,393 (73)49,320 — 33,198 16,122 
Corporate bonds28,927 26 28,953 — 19,327 9,626 
Subtotal93,686 (26)93,660 — 67,912 25,748 
Level 3:— — — — — — 
Total$388,312 $(15)$388,297 $278,218 $84,331 $25,748 
Our assets measured at fair value on a nonrecurring basis include long-lived assets and finite-lived intangibles, which are considered to be Level 3 inputs. During the three and six months ended June 30, 2024, we recorded a non-cash impairment charge of $0.5 million related to a portion of our internal-use software that was non-recoverable. This amount was recorded in research and development expenses within the condensed consolidated statement of operations. In addition, during the three and six months ended June 30, 2024, we recorded a non-cash impairment charge of $0.6 million related to our operating lease right-of-use assets, as we committed in June 2024 to our plan to abandon our prior office space, and we relocated our corporate headquarters back to One World Trade Center in July 2024. This amount was recorded in general and administrative expenses within the condensed consolidated statement of operations.
Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.