Marketable Securities

12 Months Ended

Dec. 31, 2023

Debt Securities, Available-for-Sale [Abstract]

All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:


	As of December 31, 2023
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	88,486	$	88,486	$	—	$	—
Cash equivalents:
Money market funds	3,790		3,790		—		—
U.S. Government bonds and notes	2,491		2,491		—		—

Total cash equivalents	6,281		6,281		—		—
Total cash and cash equivalents	94,767		94,767		—		—
Marketable securities:

U.S. Government bonds and notes	194,428		194,389		251		(212)
Corporate bonds, commercial paper and notes	136,649		136,892		162		(405)
Total marketable securities	331,077		331,281		413		(617)
Total cash, cash equivalents and marketable securities	$	425,844	$	426,048	$	413	$	(617)


	As of December 31, 2022
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	94,737	$	94,737	$	—	$	—
Cash equivalents:
Money market funds	15,763		15,763		—		—

Corporate bonds, commercial paper and notes	14,834		14,838		—		(4)
Total cash equivalents	30,597		30,601		—		(4)
Total cash and cash equivalents	125,334		125,338		—		(4)
Marketable securities:
U.S. Government bonds and notes	96,371		98,250		1		(1,880)
Corporate bonds, commercial paper and notes	91,521		93,254		7		(1,740)
Total marketable securities	187,892		191,504		8		(3,620)
Total cash, cash equivalents and marketable securities	$	313,226	$	316,842	$	8	$	(3,624)

Available-for-sale securities are reported at fair value on the balance sheets and were classified along with cash as follows:


	As of December 31,
(In thousands)	2023		2022

Cash	$	88,486	$	94,737
Cash equivalents	6,281		30,597
Total cash and cash equivalents	94,767		125,334
Marketable securities	331,077		187,892
Total cash, cash equivalents and marketable securities	$	425,844	$	313,226

The Company continues to invest in highly rated, liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation and impairment.

The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position at December 31, 2023 and 2022 are as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022

Less than 12 months
U.S. Government bonds and notes	$	32,454	$	28,893	$	(53)	$	(23)
Corporate bonds, commercial paper and notes	46,407		45,538		(40)		(35)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months	78,861		74,431		(93)		(58)
12 months or greater
U.S. Government bonds and notes	6,841		62,588		(159)		(1,857)
Corporate bonds, commercial paper and notes	16,619		49,559		(365)		(1,709)
Total cash equivalents and marketable securities in a continuous unrealized loss position for 12 months or greater	23,460		112,147		(524)		(3,566)
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	102,321	$	186,578	$	(617)	$	(3,624)

The gross unrealized losses at December 31, 2023 and 2022 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions as well as the demand for and duration of the U.S. government-sponsored obligations and corporate bonds, commercial paper and notes. The

Company reasonably believes that there is no need to sell these investments and that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). The Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results.

The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:



(In thousands)	December 31, 2023
Due less than one year	$	251,857
Due from one year through three years	81,711
Total	$	333,568

Refer to Note 9, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.