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Marketable Securities | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at June 30, 2024 and December 31, 2023 were as follows:
|  | Amortized Cost |  | Allowance for Credit Losses |  | Net Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | 234,748 |  |  | $ | — |  |  | $ | 234,748 |  |  | $ | 2 |  |  | $ | (5) |  |  | $ | 234,745 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate bonds |  | $ | 46,228 |  |  | $ | — |  |  | $ | 46,228 |  |  | $ | 7 |  |  | $ | (24) |  |  | $ | 46,211 |
Foreign corporate bonds |  | 7,180 |  |  | — |  |  | 7,180 |  |  | — |  |  | (7) |  |  | 7,173 |
U.S. treasury bills |  | 113,908 |  |  | — |  |  | 113,908 |  |  | 27 |  |  | — |  |  | 113,935 |
Total |  | $ | 167,316 |  |  | $ | — |  |  | $ | 167,316 |  |  | $ | 34 |  |  | $ | (31) |  |  | $ | 167,319 |
The fair value of debt securities available-for-sale by classification in the condensed consolidated balance sheets was as follows:
|  | June 30, 2024 |  | December 31, 2023 |  |
Cash and cash equivalents |  | $ | 36,944 |  |  | $ | 33,902 |  |  |
Marketable securities |  | 197,801 |  |  | 133,417 |  |  |
Total |  | $ | 234,745 |  |  | $ | 167,319 |  |  |
The net amortized cost and fair value of debt securities available-for-sale at June 30, 2024 and December 31, 2023 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
|  | June 30, 2024 |  | December 31, 2023
|  | Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value
Due to mature: |  |  |  |  |  |  |  |
Less than one year |  | $ | 234,748 |  |  | $ | 234,745 |  |  | $ | 167,316 |  |  | $ | 167,319 |
Summarized below are the debt securities available-for-sale the Company held at June 30, 2024 and December 31, 2023 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:
|  | Less than 12 months
|  | Number of Securities |  | Fair Value |  | Unrealized Losses
June 30, 2024 |  |  |  |  |  |
Debt securities |  |  |  |  |  |
U.S. treasury bills |  | 11 |  |  | $ | 133,504 |  |  | $ | (5) |
December 31, 2023 |  |  |  |  |  |
Debt securities |  |  |  |  |  |
U.S. corporate bonds |  | 6 |  |  | $ | 29,537 |  |  | $ | (24) |
Foreign corporate bonds |  | 1 |  |  | 7,173 |  |  | (7) |
Total |  | 7 |  |  | $ | 36,710 |  |  | $ | (31) |
The Company did not have any investments in a continuous unrealized loss position for more than twelve months as of June 30, 2024 or December 31, 2023. The Company reviewed the securities in the table above and concluded that they are performing assets, considering factors such as the credit quality of the investment security based on research performed by external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. As of June 30, 2024, the Company did not intend to sell these securities and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis. Net Investment Income Gross investment income includes income from debt securities available-for-sale, money-market funds, cash and restricted cash. Net investment income included in other income, net in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023 were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Debt securities (including realized losses) |  | $ | 3,000 |  |  | $ | 2,225 |  |  | $ | 5,069 |  |  | $ | 5,634 |
Other investments |  | 2,140 |  |  | 1,941 |  |  | 4,402 |  |  | 2,727 |
Gross investment income (including realized losses) |  | 5,140 |  |  | 4,166 |  |  | 9,471 |  |  | 8,361 |
Investment expenses |  | (40) |  |  | (68) |  |  | (70) |  |  | (138) |
Net investment income |  | $ | 5,100 |  |  | $ | 4,098 |  |  | $ | 9,401 |  |  | $ | 8,223 |
We utilize the specific identification method in computing realized gains and losses. The proceeds from the sale of available-for-sale debt securities and the related gross realized capital losses for the three and six months ended June 30, 2024 and 2023 were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Proceeds from sales |  | $ | — |  |  | $ | 2,464 |  |  | $ | — |  |  | $ | 4,920 |
Gross realized capital losses |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 39 |

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