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Investments | 3 Months Ended
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Mar. 31, 2024
Schedule Of Investments [Abstract] |
Investments | 2. Investments Cash Equivalents — Cash equivalents consist of highly liquid investments with original or remaining maturities of 90 days or less at the time of purchase that are readily convertible into cash. Available-for-Sale Investment — The Thirona convertible notes are classified as available-for-sale securities and are included in prepaid expenses and other current assets in the condensed consolidated balance sheets. Available-for-sale investments are subsequently measured at fair value with realized gains and losses reported in other income (expense) in the condensed consolidated statements of operations. Unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income (loss) until realized. The Company determines the fair value of its available-for-sale investments using level 3 inputs and evaluates the fair value of its investment in Thirona by applying a scenario based method. For the three months ended March 31, 2023, t he Company recognized $0.1 million of interest income on investment. No interest income on investment was recognized during the three months ended March 31, 2024. The Company's investment in Thirona is comprised of two notes with aggregate face value of $8.0 million and stated interest rate of 6%. As of March 31, 2024 and December 31, 2023, the fair value of the Company's investment in Thirona was $6.9 million. No gains or losses from credit risk or unrealized holding gains or losses were recognized during the three months ended March 31, 2024 or 2023. Held-to-Maturity Investments — Investments consist of highly liquid investments that are intended to facilitate liquidity and capital preservation. The amortization or accretion of the Company’s investments is recognized in the condensed consolidated statements of operations as interest income, which was approximately $3.4 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. No allowance for credit losses on held-to-maturity securities was required as of March 31, 2024 or December 31, 2023. The contractual maturities of the Company’s held-to-maturity investments are summarized below (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Amortized Cost Basis |  |  | Aggregate Fair Value |  |  | Amortized Cost Basis |  |  | Aggregate Fair Value |
Due in one year or less(1) |  | $ | 241,962 |  |  | $ | 241,970 |  |  | $ | 115,263 |  |  | $ | 115,374 |
Due after one year through five years |  |  | 3,726 |  |  |  | 3,771 |  |  |  | 7,155 |  |  |  | 7,197 |
Total |  | $ | 245,688 |  |  | $ | 245,741 |  |  | $ | 122,418 |  |  | $ | 122,571 |
___________________________ (1) The investments due in one year or less include cash equivalents of $134.5 million as of March 31, 2024 and $58.6 million as of December 31, 2023. The fair value of the cash equivalents, long-term and short-term investments are disclosed below (dollars in thousands).
|  | March 31, 2024 |
|  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Money market funds and other |  | Level 1 |  | $ | 95,389 |  |  | $ | — |  |  | $ | — |  |  | $ | 95,389 |
Commercial bonds and paper |  | Level 2 |  |  | 51,485 |  |  |  | 93 |  |  |  | (71 | ) |  |  | 51,507 |
U.S. Treasury Securities |  | Level 2 |  |  | 98,814 |  |  |  | 56 |  |  |  | (25 | ) |  |  | 98,845 |
Total cash equivalents and investments |  |  |  |  | 245,688 |  |  |  | 149 |  |  |  | (96 | ) |  |  | 245,741 |
Less: cash equivalents |  |  |  |  | (134,505 | ) |  |  | — |  |  |  | — |  |  |  | (134,505 | )
Total Investments |  |  |  | $ | 111,183 |  |  | $ | 149 |  |  | $ | (96 | ) |  | $ | 111,236 |
|  | December 31, 2023 |
|  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Money market funds |  | Level 1 |  | $ | 69,611 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,611 |
Commercial bonds and paper |  | Level 2 |  |  | 43,251 |  |  |  | 135 |  |  |  | (38 | ) |  |  | 43,348 |
U.S. Treasury Securities |  | Level 2 |  |  | 9,556 |  |  |  | 56 |  |  |  | — |  |  |  | 9,612 |
Total cash equivalents and investments |  |  |  |  | 122,418 |  |  |  | 191 |  |  |  | (38 | ) |  |  | 122,571 |
Less: cash equivalents |  |  |  |  | (58,644 | ) |  |  | — |  |  |  | — |  |  |  | (58,644 | )
Total Investments |  |  |  | $ | 63,774 |  |  | $ | 191 |  |  | $ | (38 | ) |  | $ | 63,927 |
As of March 31, 2024 and December 31, 2023, there was $0.6 million and $0.5 million, respectively, of accrued interest receivable on investments which is included in prepaid expense and other current assets in our condensed consolidated balance sheets.

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