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Investments (Tables)

3 Months Ended

Mar. 31, 2024

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):

		March 31, 2024
		Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
U.S. Treasury notes		$	112,854			$	3			$	(115	)		$	112,742
Government sponsored enterprise securities			153,153				7				(127	)			153,033
		$	266,007			$	10			$	(242	)		$	265,775

		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

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 investment securities that were in an unrealized loss position as of March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that the 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
March 31, 2024
U.S. Treasury notes		$	80,951			$	(115	)		$	—			$	—			$	80,951			$	(115	)
Government sponsored enterprise securities			141,536				(127	)			—				—				141,536				(127	)
Total		$	222,487			$	(242	)		$	—			$	—			$	222,487			$	(242	)
		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	)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

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