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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type | The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 75,315 |  |  | $ | 47 |  |  | $ | (28 | ) |  | $ | 75,334 |
Government sponsored enterprise securities |  |  | 174,867 |  |  |  | 119 |  |  |  | (112 | ) |  |  | 174,874 |
|  | $ | 250,182 |  |  | $ | 166 |  |  | $ | (140 | ) |  | $ | 250,208 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 15,956 |  |  | $ | — |  |  | $ | (11 | ) |  | $ | 15,945 |
Government sponsored enterprise securities |  |  | 81,216 |  |  |  | 16 |  |  |  | (291 | ) |  |  | 80,941 |
Municipal bonds |  |  | 20,873 |  |  |  | — |  |  |  | (98 | ) |  |  | 20,775 |
Commercial paper |  |  | 184,923 |  |  |  | 30 |  |  |  | (637 | ) |  |  | 184,316 |
|  | $ | 302,968 |  |  | $ | 46 |  |  | $ | (1,037 | ) |  | $ | 301,977 |
Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position | The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of December 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |  |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  | $ | 41,366 |  |  | $ | (28 | ) |  | $ | — |  |  | $ | — |  |  | $ | 41,366 |  |  | $ | (28 | ) |
Government sponsored enterprise securities |  |  | 108,587 |  |  |  | (112 | ) |  |  | — |  |  |  | — |  |  |  | 108,587 |  |  |  | (112 | ) |
Total |  | $ | 149,953 |  |  | $ | (140 | ) |  | $ | — |  |  | $ | — |  |  | $ | 149,953 |  |  | $ | (140 | ) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  | $ | 15,945 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | 15,945 |  |  | $ | (11 | ) |
Government sponsored enterprise securities |  |  | 58,254 |  |  |  | (291 | ) |  |  | — |  |  |  | — |  |  |  | 58,254 |  |  |  | (291 | ) |
Municipal bonds |  |  | 20,775 |  |  |  | (98 | ) |  |  | — |  |  |  | — |  |  |  | 20,775 |  |  |  | (98 | ) |
Commercial paper |  |  | 135,200 |  |  |  | (637 | ) |  |  | — |  |  |  | — |  |  |  | 135,200 |  |  |  | (637 | ) |
Total |  | $ | 230,174 |  |  | $ | (1,037 | ) |  | $ | — |  |  | $ | — |  |  | $ | 230,174 |  |  | $ | (1,037 | ) |
During the first quarter of 2023, the Company made a sale of all of its investments in commercial paper. The proceeds from sales of these securities were $183.0 million and net realized losses from the related sales were $0.5 million. There were no other sales of available-for-sale investment securities in prior periods.

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