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Investments and Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Marketable Investments | The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2023 and 2022 were as follows (in thousands):
|  | December 31, 2023
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
Commercial paper |  | $ | 39,727 |  |  | $ | 32 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 39,756 |
Certificate of Deposit |  | 6,392 |  |  | 9 |  |  | — |  |  | — |  |  | 6,401 |
U.S. treasury |  | 10,226 |  |  | — |  |  | (160) |  |  | — |  |  | 10,066 |
U.S. states and municipalities |  | 2,950 |  |  | — |  |  | (35) |  |  | — |  |  | 2,915 |
Corporate bonds |  | 62,964 |  |  | 29 |  |  | (430) |  |  | — |  |  | 62,563 |
Total |  | $ | 122,259 |  |  | $ | 70 |  |  | $ | (628) |  |  | $ | — |  |  | $ | 121,701 |
|  | December 31, 2022
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
U.S. treasury |  | $ | 14,482 |  |  | $ | — |  |  | $ | (478) |  |  | $ | — |  |  | $ | 14,004 |
U.S. agency securities and government sponsored securities |  | 6,999 |  |  | — |  |  | (176) |  |  | — |  |  | 6,823 |
U.S. states and municipalities |  | 23,460 |  |  | — |  |  | (501) |  |  | — |  |  | 22,959 |
Corporate bonds |  | 76,731 |  |  | — |  |  | (2,345) |  |  | — |  |  | 74,386 |
Total |  | $ | 121,672 |  |  | $ | — |  |  | $ | (3,500) |  |  | $ | — |  |  | $ | 118,172 |
Schedule of the Fair Value of Marketable Investments in an Unrealized Loss Position for Less than Twelve Months | The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of December 31, 2023 and 2022 (in thousands):
|  | December 31, 2023
|  | Less than 12 months |  | More than 12 months |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Commercial paper |  | $ | 16,241 |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | 16,241 |  |  | $ | (3) |
U.S. treasury |  | 5,677 |  |  | (54) |  |  | 4,389 |  |  | (106) |  |  | 10,066 |  |  | (160) |
U.S. states and municipalities |  | — |  |  | — |  |  | 2,915 |  |  | (35) |  |  | 2,915 |  |  | (35) |
Corporate bonds |  | 15,945 |  |  | (2) |  |  | 30,912 |  |  | (428) |  |  | 46,857 |  |  | (430) |
Total |  | $ | 37,863 |  |  | $ | (59) |  |  | $ | 38,216 |  |  | $ | (569) |  |  | $ | 76,079 |  |  | $ | (628) |
|  | December 31, 2022
|  | Less than 12 months |  | More than 12 months |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. treasury |  | $ | — |  |  | $ | — |  |  | $ | 14,004 |  |  | $ | (478) |  |  | $ | 14,004 |  |  | $ | (478) |
U.S. agency securities and government sponsored securities |  | — |  |  | — |  |  | 6,823 |  |  | (176) |  |  | 6,823 |  |  | (176) |
U.S. states and municipalities |  | 4,567 |  |  | (68) |  |  | 13,772 |  |  | (433) |  |  | 18,339 |  |  | (501) |
Corporate bonds |  | 15,327 |  |  | (101) |  |  | 59,059 |  |  | (2,244) |  |  | 74,386 |  |  | (2,345) |
Total |  | $ | 19,894 |  |  | $ | (169) |  |  | $ | 93,658 |  |  | $ | (3,331) |  |  | $ | 113,552 |  |  | $ | (3,500) |
Schedule of Contractual Maturities of Marketable Investments | The contractual maturities of the Company’s marketable investments as of December 31, 2023 were as follows (in thousands):
|  | December 31, 2023 |  |
Marketable Investments |  | Amortized Cost |  | Fair Value |  |
Due in one year |  | $ | 116,528 |  |  | $ | 116,024 |  |  |
Due in one to five years |  | 5,731 |  |  | 5,677 |  |  |
Total |  | $ | 122,259 |  |  | $ | 121,701 |  |  |
Schedule of Fair Value of Assets and Liabilities | The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands):
|  | As of December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 86,991 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,991 |
Marketable investments: |  |  |  |  |  |  |  |
Commercial paper |  | — |  |  | 39,756 |  |  | — |  |  | 39,756 |
Certificate of deposit |  | — |  |  | 6,401 |  |  | — |  |  | 6,401 |
U.S. treasury |  | 10,066 |  |  | — |  |  | — |  |  | 10,066 |
U.S. states and municipalities |  | — |  |  | 2,915 |  |  | — |  |  | 2,915 |
Corporate bonds |  | — |  |  | 62,563 |  |  | — |  |  | 62,563 |
Total |  | $ | 97,057 |  |  | $ | 111,635 |  |  | $ | — |  |  | $ | 208,692 |
|  | As of December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 21,521 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,521 |
Marketable investments: |  |  |  |  |  |  |  |
U.S. treasury |  | 14,004 |  |  | — |  |  | — |  |  | 14,004 |
U.S. agency and government sponsored securities |  | — |  |  | 6,823 |  |  | — |  |  | 6,823 |
U.S. states and municipalities |  | — |  |  | 22,959 |  |  | — |  |  | 22,959 |
Corporate bonds |  | — |  |  | 74,386 |  |  | — |  |  | 74,386 |
Total |  | $ | 35,525 |  |  | $ | 104,168 |  |  | $ | — |  |  | $ | 139,693 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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