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Investments and Fair Value of Financial Instruments (Tables)

12 Months Ended

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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