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Cash, Cash Equivalents, Marketable Securities, and Restricted Cash | 9 Months Ended
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Sep. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract] |
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash | Cash, Cash Equivalents, Marketable Securities, and Restricted Cash As of September 30, 2024, the Company held $233.6 million in cash and cash equivalents and $16.1 million of marketable securities which are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are generally reported within other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss). If a decline in the fair value of a marketable security below the Company's cost basis is determined to be other-than-temporary or if an available-for-sale debt security’s fair value is determined to be less than the amortized cost and the Company intends or is more than likely to sell the security before recovery and it is not considered a credit loss, such security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in the Consolidated Statements of Operations as an impairment charge. If the unrealized loss of an available-for-sale debt security is determined to be a result of credit loss, the Company would recognize an allowance and the corresponding credit loss would be included in the Consolidated Statements of Operations. The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds, both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as, in accordance with Company policy, such securities are of high credit rating. Investments that have original maturities greater than three months but less than one year are classified as current. Cash, cash equivalents and marketable securities are classified as current unless mentioned otherwise below and consisted of the following:
|  | As of September 30, 2024
(in thousands) |  | Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Cash and cash equivalents |  | $ | 233,647 |  |  | $ | — |  |  | $ | — |  |  | $ | 233,647 |
Commercial paper |  | 5,991 |  |  | — |  |  | — |  |  | 5,991 |
Treasury bill |  | 9,958 |  |  | 10 |  |  | — |  |  | 9,968 |
U.S. government agency bonds |  | — |  |  | — |  |  | — |  |  | — |
Money market |  | 100 |  |  | — |  |  | — |  |  | 100 |
Certificates of deposit |  | 51 |  |  | — |  |  | — |  |  | 51 |
|  | $ | 249,747 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 249,757 |
Included in cash and cash equivalents |  | $ | 233,647 |  |  | $ | — |  |  | $ | — |  |  | $ | 233,647 |
Included in marketable securities |  | 16,100 |  |  | 10 |  |  | — |  |  | 16,110 |
Total cash, cash equivalents, and marketable securities |  | $ | 249,747 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 249,757 |
|  | As of December 31, 2023
(in thousands) |  | Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Cash and cash equivalents |  | $ | 246,994 |  |  | $ | — |  |  | $ | — |  |  | $ | 246,994 |
Commercial paper |  | 14,651 |  |  | 12 |  |  | — |  |  | 14,663 |
Treasury bill |  | 12,944 |  |  | 2 |  |  | — |  |  | 12,946 |
U.S. government agency bonds |  | 11,450 |  |  | — |  |  | (4) |  |  | 11,446 |
Money market |  | 100 |  |  | — |  |  | — |  |  | 100 |
Certificate of deposit |  | 51 |  |  | — |  |  | — |  |  | 51 |
|  | $ | 286,190 |  |  | $ | 14 |  |  | $ | (4) |  |  | $ | 286,200 |
Included in cash and cash equivalents |  | $ | 246,994 |  |  | $ | — |  |  | $ | — |  |  | $ | 246,994 |
Included in marketable securities |  | 39,196 |  |  | 14 |  |  | (4) |  |  | 39,206
Total cash, cash equivalents, and marketable securities |  | $ | 286,190 |  |  | $ | 14 |  |  | $ | (4) |  |  | $ | 286,200 |
For both the nine months ended September 30, 2024 and September 30, 2023, there were no realized gains or losses. The cost of securities sold is based on the specific identification method. There were no unrealized loss positions as of September 30, 2024. Unrealized loss positions in the marketable securities as of December 31, 2023 reflect temporary impairments and are not a result of credit loss. Additionally, as these positions have been in a loss position for less than twelve months and the Company does not intend to sell these securities before recovery, the losses are recognized as a component of other comprehensive income (loss). The fair value of these marketable securities in unrealized loss positions are $0.0 million and $11.4 million as of September 30, 2024 and December 31, 2023, respectively. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total shown in the Consolidated Statements of Cash Flows.
|  | As of September 30,
(in thousands) |  | 2024 |  | 2023
Cash and cash equivalents |  | $ | 233,647 |  |  | $ | 263,320 |
Restricted cash |  | 3,173 |  |  | 2,952 |
Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows |  | $ | 236,820 |  |  | $ | 266,272 |

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + 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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