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Short-term Investments | 3 Months Ended
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Mar. 31, 2024
Investments [Abstract] |
Short-term Investments | Short-term Investments The Company's short-term investments are accounted for as securities available-for-sale and are classified within current assets in the Condensed Consolidated Balance Sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity. The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following:
| March 31, 2024
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Short-term Investments |  |  |  |  |  |  |
U.S. treasury securities | $ | 215,265 |  |  | $ | 17 |  |  | $ | (368) |  |  | $ | 214,914 |
Asset-backed securities | 10,440 |  |  | — |  |  | (15) |  |  | 10,425 |
Corporate debt securities | 2,989 |  |  | — |  |  | (4) |  |  | 2,985 |
Total short-term investments | $ | 228,694 |  |  | $ | 17 |  |  | $ | (387) |  |  | $ | 228,324 |
| December 31, 2023
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Short-term investments |  |  |  |  |  |  |
U.S. treasury securities | $ | 239,297 |  |  | $ | 970 |  |  | $ | (11) |  |  | $ | 240,256 |
U.S. agency securities | 15,000 |  |  | — |  |  | (7) |  |  | 14,993 |
Asset-backed securities | 10,438 |  |  | 62 |  |  | — |  |  | 10,500 |
Corporate debt securities | 2,981 |  |  | — |  |  | (6) |  |  | 2,975 |
Total short-term investments | $ | 267,716 |  |  | $ | 1,032 |  |  | $ | (24) |  |  | $ | 268,724 |
The Company had twenty-nine and four separate short-term investments in unrealized loss positions as of March 31, 2024 and December 31, 2023, respectively. The Company does not intend to sell any short-term investments that have unrealized losses as of March 31, 2024, and it is not more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis. There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2024 and 2023, respectively. For short-term investments that have unrealized losses, the Company evaluated whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments, there were no material credit or non-credit related impairments as of March 31, 2024. The following table summarizes the stated maturities of the Company’s short-term investments:
| March 31, 2024 |  | December 31, 2023
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 72,508 |  |  | $ | 72,482 |  |  | $ | 90,438 |  |  | $ | 90,533 |
Due after one year through four years | 156,186 |  |  | 155,842 |  |  | 177,278 |  |  | 178,191 |
Total | $ | 228,694 |  |  | $ | 228,324 |  |  | $ | 267,716 |  |  | $ | 268,724 |

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