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Investments and Fair Value of Financial Instruments (Tables)

3 Months Ended

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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