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Investments | 9 Months Ended
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Sep. 30, 2024
Schedule Of Investments [Abstract] |
Investments | 3. 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 Company's investment in Thirona is comprised of two notes with aggregate face value of $8.0 million and stated interest rate of 10%. The Thirona convertible notes are classified as available-for-sale securities and are included in other assets as of September 30, 2024 and prepaid expenses and other current assets as of December 31, 2023 in the condensed consolidated balance sheets. Available-for-sale investments are 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 with a hypothetical yield of 28.0% and 35.0%, and volatility of 70.0% and 90.0% at September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, the fair value of the Company's investment in Thirona was $5.9 million and $6.9 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded an unrealized holding gain of $0.6 million. Additionally, for the nine months ended September 30, 2024, the Company recognized a loss of $1.6 million on its investment in Thirona as a result of modification of the Thirona convertible notes. For the three and nine months ended September 30, 2023, the Company recognized a gain of $0.9 million on its investment in Thirona as a result of the recovery of a temporary impairment and an unrealized holding gain of $0.4 million. For the three and nine months ended September 30, 2024, the Company recognized no interest income on investment and $0.1 million and $0.4 million for the three and nine months ended September 30, 2023, respectively. 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. For the three and nine months ended September 30, 2024, the Company recognized $3.2 million and $9.8 million, respectively, of interest income on investments, of which $2.1 million and $6.0 million, respectively, was net accretion on certain investments. For the three and nine months ended September 30, 2023, the Company recognized $1.5 million and $4.0 million, respectively, of interest income on investments, of which $0.5 million and $0.9 million, respectively, was net accretion on certain investments. No allowance for credit losses on held-to-maturity securities was required as of September 30, 2024 or December 31, 2023. The contractual maturities of the Company’s held-to-maturity investments are summarized below (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Amortized Cost Basis |  |  | Aggregate Fair Value |  |  | Amortized Cost Basis |  |  | Aggregate Fair Value |
Due in one year or less(1) |  | $ | 230,797 |  |  | $ | 231,555 |  |  | $ | 115,263 |  |  | $ | 115,374 |
Due after one year through five years |  |  | 16,796 |  |  |  | 16,992 |  |  |  | 7,155 |  |  |  | 7,197 |
Total |  | $ | 247,593 |  |  | $ | 248,547 |  |  | $ | 122,418 |  |  | $ | 122,571 |
___________________________ (1) The investments due in one year or less include cash equivalents of $41.6 million as of September 30, 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).
|  | September 30, 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 |  | $ | 31,298 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,298 |
Commercial bonds and paper |  | Level 2 |  |  | 57,477 |  |  |  | 268 |  |  |  | (12 | ) |  |  | 57,733 |
U.S. Treasury Securities |  | Level 2 |  |  | 158,818 |  |  |  | 700 |  |  |  | (2 | ) |  |  | 159,516 |
Total cash equivalents and investments |  |  |  |  | 247,593 |  |  |  | 968 |  |  |  | (14 | ) |  |  | 248,547 |
Less: cash equivalents |  |  |  |  | (41,582 | ) |  |  | — |  |  |  | — |  |  |  | (41,582 | )
Total Investments |  |  |  | $ | 206,011 |  |  | $ | 968 |  |  | $ | (14 | ) |  | $ | 206,965 |
|  | 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 September 30, 2024 and December 31, 2023, there was $1.1 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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