Cash, Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2024

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