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Short-term Investments
 3 Months Ended
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 CostUnrealized GainUnrealized LossEstimated Fair Value
Short-term Investments
U.S. treasury securities$215,265 $17 $(368)$214,914 
Asset-backed securities10,440 — (15)10,425 
Corporate debt securities2,989 — (4)2,985 
Total short-term investments$228,694 $17 $(387)$228,324 
December 31, 2023
Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Short-term investments
U.S. treasury securities$239,297 $970 $(11)$240,256 
U.S. agency securities15,000 — (7)14,993 
Asset-backed securities10,438 62 — 10,500 
Corporate debt securities2,981 — (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, 2024December 31, 2023
Amortized CostEstimated Fair ValueAmortized CostEstimated 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