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Investments and Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Marketable Investments | The Company’s marketable and non-marketable investments as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|  | March 31, 2024
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
Marketable investments: |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 31,449 |  |  | $ | 7 |  |  | $ | (11) |  |  | $ | — |  |  | $ | 31,445 |
Certificate of Deposit |  | 4,632 |  |  | 4 |  |  | — |  |  | — |  |  | 4,636 |
U.S. treasury |  | 13,210 |  |  | — |  |  | (142) |  |  | $ | — |  |  | 13,068 |
U.S. states and municipalities |  | 900 |  |  | — |  |  | (9) |  |  | — |  |  | 891 |
Corporate bonds |  | 40,542 |  |  | 19 |  |  | (241) |  |  | — |  |  | 40,320 |
Total |  | 90,733 |  |  | 30 |  |  | (403) |  |  | — |  |  | 90,360 |
Non-marketable investments: |  |  |  |  |  |  |  |  |  |
Non-marketable debt securities |  | 10,000 |  |  | — |  |  | — |  |  | — |  |  | 10,000 |
Total |  | 10,000 |  |  | — |  |  | — |  |  | — |  |  | 10,000 |
Total |  | $ | 100,733 |  |  | $ | 30 |  |  | $ | (403) |  |  | $ | — |  |  | $ | 100,360 |
|  | December 31, 2023
|  |  |  | Securities with net gains or losses in accumulated other comprehensive income (loss) |  |  |  |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss |  | Fair Value
Marketable investments: |  |  |  |  |  |  |  |  |  |
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 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 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 twelve months as of March 31, 2024 and December 31, 2023 (in thousands):
|  | March 31, 2024
|  | Less than 12 months |  | More than 12 months |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Marketable investments: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 20,041 |  |  | $ | (11) |  |  | $ | — |  |  | $ | — |  |  | $ | 20,041 |  |  | $ | (11) |
U.S. treasury |  | 5,666 |  |  | (80) |  |  | 4,436 |  |  | (62) |  |  | 10,102 |  |  | (142) |
U.S. states and municipalities |  | — |  |  | — |  |  | 891 |  |  | (9) |  |  | 891 |  |  | (9) |
Corporate bonds |  | 2,998 |  |  | (3) |  |  | 13,421 |  |  | (238) |  |  | 16,419 |  |  | (241) |
Total |  | $ | 28,705 |  |  | $ | (94) |  |  | $ | 18,748 |  |  | $ | (309) |  |  | $ | 47,453 |  |  | $ | (403) |
|  | 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
Marketable investments: |  |  |  |  |  |  |  |  |  |  |  |
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) |
Schedule of Contractual Maturities of Marketable Investments | The contractual maturities of the Company’s marketable investments as of March 31, 2024 (in thousands):
|  | March 31, 2024 |  |
Marketable investments: |  | Amortized Cost |  | Fair Value |  |
Due in one year |  | $ | 87,922 |  |  | $ | 87,601 |  |  |
Due in one to five years |  | 2,811 |  |  | 2,759 |  |  |
Total |  | $ | 90,733 |  |  | $ | 90,360 |  |  |
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 as of March 31, 2024 and December 31, 2023 (in thousands):
|  | As of March 31, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Commercial paper |  | $ | — |  |  | $ | 30,555 |  |  | $ | — |  |  | $ | 30,555 |
Certificate of deposit |  | — |  |  | 4,901 |  |  | — |  |  | 4,901 |
Money market funds |  | 57,278 |  |  | — |  |  | — |  |  | 57,278 |
U.S. treasury |  | 53,672 |  |  | — |  |  | — |  |  | 53,672 |
Marketable investments: |  |  |  |  |  |  |  |
Commercial paper |  | — |  |  | 31,445 |  |  | — |  |  | 31,445 |
Certificate of deposit |  | — |  |  | 4,636 |  |  | — |  |  | 4,636 |
U.S. treasury |  | 13,068 |  |  | — |  |  | — |  |  | 13,068 |
U.S. states and municipalities |  | — |  |  | 891 |  |  | — |  |  | 891 |
Corporate bonds |  | — |  |  | 40,320 |  |  | — |  |  | 40,320 |
Non-marketable investments: |  |  |  |  |  |  |  |
Non-marketable investments |  | — |  |  | — |  |  | 10,000 |  |  | 10,000 |
Total |  | $ | 124,018 |  |  | $ | 112,748 |  |  | $ | 10,000 |  |  | $ | 246,766 |
|  | 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 |

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