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Marketable Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of reconciliation of available-for-sale debt securities from amortized cost to fair value | 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 September 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
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | 294,211 |  |  | $ | — |  |  | $ | 294,211 |  |  | $ | 215 |  |  | $ | — |  |  | $ | 294,426 |
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:
|  | September 30, 2024 |  | December 31, 2023 |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 33,902 |  |  |
Marketable securities |  | 294,426 |  |  | 133,417 |  |  |
Total |  | $ | 294,426 |  |  | $ | 167,319 |  |  |
Schedule of available-for-sale debt securities by contractual maturity | The net amortized cost and fair value of debt securities available-for-sale at September 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.
|  | September 30, 2024 |  | December 31, 2023
|  | Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value
Due to mature: |  |  |  |  |  |  |  |
Less than one year |  | $ | 294,211 |  |  | $ | 294,426 |  |  | $ | 167,316 |  |  | $ | 167,319 |
Summary of debt securities available-for-sale in an unrealized loss position, aggregated by the length of time | Summarized below are the debt securities available-for-sale the Company held at 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
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) |
Schedule of net investment income | Net investment income included in other income, net in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023 were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Debt securities (including realized losses) |  | $ | 3,843 |  |  | $ | 2,280 |  |  | $ | 8,912 |  |  | $ | 7,914 |
Other investments |  | 1,850 |  |  | 1,551 |  |  | 6,252 |  |  | 4,278 |
Gross investment income (including realized losses) |  | 5,693 |  |  | 3,831 |  |  | 15,164 |  |  | 12,192 |
Investment expenses |  | (45) |  |  | (65) |  |  | (115) |  |  | (203) |
Net investment income |  | $ | 5,648 |  |  | $ | 3,766 |  |  | $ | 15,049 |  |  | $ | 11,989 |
Schedule of proceeds from sale of available-for-sale debt securities and related gross realized capital gains and losses | The proceeds from the sale of available-for-sale debt securities and the related gross realized capital losses for the nine months ended September 30, 2024 and 2023 were as follows:
|  |  |  | Nine Months Ended September 30,
|  |  |  |  |  | 2024 |  | 2023
Proceeds from sales |  |  |  |  |  | $ | — |  |  | $ | 4,920 |
Gross realized capital losses |  |  |  |  |  | $ | — |  |  | $ | 39 |

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