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Cash, Cash Equivalents and Investments | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments The following tables show the Company’s cash, cash equivalents and investments by significant investment category as of June 30, 2024 and December 31, 2023 in accordance with the fair value hierarchy (in thousands):
| June 30, 2024
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-Term Investments |  | Long-Term Investments
Cash | $ | 17,227 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,227 |  |  | $ | 17,227 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 169,327 |  |  | $ | — |  |  | $ | — |  |  | $ | 169,327 |  |  | $ | 169,327 |  |  | $ | — |  |  | $ | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills | $ | 996 |  |  | $ | — |  |  | $ | — |  |  | $ | 996 |  |  | $ | — |  |  | $ | 996 |  |  | $ | — |
U.S. government bonds | $ | 32,242 |  |  | $ | 2 |  |  | $ | (44) |  |  | $ | 32,201 |  |  | $ | 3,541 |  |  | $ | 17,119 |  |  | $ | 11,541 |
U.S. agency securities | $ | 9,360 |  |  | $ | — |  |  | $ | (16) |  |  | $ | 9,345 |  |  | $ | — |  |  | $ | 5,474 |  |  | $ | 3,871 |
Commercial paper | $ | 15,293 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 15,288 |  |  | $ | — |  |  | $ | 15,288 |  |  | $ | — |
Corporate debt securities | $ | 50,260 |  |  | $ | 35 |  |  | $ | (56) |  |  | $ | 50,239 |  |  | $ | — |  |  | $ | 25,933 |  |  | $ | 24,306 |
Certificates of deposit | $ | 3,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,009 |  |  | $ | — |  |  | $ | 3,009 |  |  | $ | — |
Subtotal | $ | 111,160 |  |  | $ | 37 |  |  | $ | (121) |  |  | $ | 111,078 |  |  | $ | 3,541 |  |  | $ | 67,819 |  |  | $ | 39,718 |
Total | $ | 297,714 |  |  | $ | 37 |  |  | $ | (121) |  |  | $ | 297,632 |  |  | $ | 190,095 |  |  | $ | 67,819 |  |  | $ | 39,718 |
| December 31, 2023
| Adjusted Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-Term Investments |  | Long-Term Investments
Cash | $ | 24,247 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,247 |  |  | $ | 24,247 |  |  | $ | — |  |  | $ | — |
Level 1 (1): |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 190,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 190,610 |  |  | $ | 190,610 |  |  | $ | — |  |  | $ | — |
Level 2 (2): |  |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills | $ | 1,485 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 1,483 |  |  | $ | — |  |  | $ | 1,483 |  |  | $ | — |
U.S. government bonds | $ | 9,553 |  |  | $ | 20 |  |  | $ | (11) |  |  | $ | 9,562 |  |  | $ | — |  |  | $ | 4,387 |  |  | $ | 5,175 |
U.S. agency securities | $ | 23,843 |  |  | $ | 2 |  |  | $ | (22) |  |  | $ | 23,823 |  |  | $ | — |  |  | $ | 23,823 |  |  | $ | — |
Commercial paper | $ | 16,983 |  |  | $ | 9 |  |  | $ | (1) |  |  | $ | 16,991 |  |  | $ | 6,908 |  |  | $ | 10,083 |  |  | $ | — |
Corporate debt securities | $ | 47,951 |  |  | $ | 91 |  |  | $ | (45) |  |  | $ | 47,997 |  |  | $ | — |  |  | $ | 31,677 |  |  | $ | 16,320 |
Certificates of deposit | $ | 3,004 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,004 |  |  | $ | — |  |  | $ | 3,004 |  |  | $ | — |
Subtotal | $ | 102,819 |  |  | $ | 122 |  |  | $ | (80) |  |  | $ | 102,860 |  |  | $ | 6,908 |  |  | $ | 74,457 |  |  | $ | 21,495 |
Total | $ | 317,676 |  |  | $ | 122 |  |  | $ | (80) |  |  | $ | 317,717 |  |  | $ | 221,765 |  |  | $ | 74,457 |  |  | $ | 21,495 |
(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. During the six months ended June 30, 2024 and year ended December 31, 2023, there were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 of the fair value hierarchy.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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