Investments in Debt Securities

9 Months Ended

Sep. 30, 2024

3. Investments in Debt Securities

The following tables summarize the Company’s investments in debt securities and their presentation in the condensed consolidated balance sheet:


	September 30, 2024		December 31, 2023
	(in thousands)
Money market funds	$	6,436	$	24,273
Corporate paper and notes		294,729		146,415
U.S. government agency securities		91,567		39,456
U.S. treasuries		47,308		21,571
Total	$	440,040	$	231,715

Fair value of debt securities	$	440,718	$	231,945


	September 30, 2024		December 31, 2023
	(in thousands)
Cash equivalents	$	90,150	$	24,273
Current marketable securities		199,270		150,130
Non-current marketable securities		150,620		57,312
Total	$	440,040	$	231,715

The Company does not intend to sell and the Company believes it is unlikely that the Company will be required to sell the above investments before recovery of their amortized cost bases, which may be at maturity. The Company determined that there was no material change in the credit risk of any of its investments.

The fair value of money market funds is determined based on publicly available market price for these funds (Level 1). The fair value of other debt securities is determined based on the publicly available inputs which includes a market price for the same or similar instruments adjusted for estimates in interest yield (Level 2).