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Cash, Cash Equivalents and Marketable Securities | 9 Months Ended
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Sep. 30, 2024
Marketable Securities [Abstract] |
Cash, Cash Equivalents, and Marketable Securities | 4. Cash, Cash Equivalents and Marketable Securities Available-for-sale marketable securities were as follows (in thousands):
| September 30, 2024 |
| Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Government agency | $ | 512,938 |  |  | $ | 1,898 |  |  | $ | — |  |  | $ | 514,836 |
Total | $ | 512,938 |  |  | $ | 1,898 |  |  | $ | — |  |  | $ | 514,836 |
| December 31, 2023 |
| Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Commercial paper | $ | 26,752 |  |  | $ | — |  |  | $ | (15 | ) |  | $ | 26,737 |
Corporate debt |  | 5,988 |  |  |  | — |  |  |  | (7 | ) |  |  | 5,982 |
Government agency |  | 301,315 |  |  |  | 584 |  |  |  | (16 | ) |  |  | 301,884 |
Total | $ | 334,056 |  |  | $ | 584 |  |  | $ | (38 | ) |  | $ | 334,602 |
The fair value of available-for-sale marketable securities by contractual maturity as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
| September 30, 2024 |  |  | December 31, 2023 |
Due in 1 year or less | $ | 412,406 |  |  | $ | 307,434 |
Due in 1 - 2 years |  | 102,430 |  |  |  | 27,168 |
Total | $ | 514,836 |  |  | $ | 334,602 |
The Company had 2 and 8 securities in an unrealized loss position as of September 30, 2024 and December 31, 2023, respectively. All securities in an unrealized loss position as of September 30, 2024 and December 31, 2023 had been in a loss position for less than twelve months. Unrealized losses on available-for-sale marketable securities as of September 30, 2024 and December 31, 2023 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no allowance for credit losses related to the Company’s available-for-sale marketable securities was recorded for the nine months ended September 30, 2024 and for the year ended December 31, 2023. The Company does not intend to sell these securities and it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. As of September 30, 2024 and December 31, 2023, the Company recognized $3.4 million and $1.4 million, respectively, of accrued interest receivable from available-for-sale securities within prepaid expenses and other current assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash per the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands):
| September 30, |
| 2024 |  |  | 2023 |
Cash and cash equivalents | $ | 161,846 |  |  | $ | 126,119 |
Restricted cash |  | 2,626 |  |  |  | 4,929 |
Total | $ | 164,472 |  |  | $ | 131,048 |

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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- References No definition available. + Details
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