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Marketable Securities | 9 Months Ended
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Sep. 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 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 |  |  |
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 |
The Company did not hold any debt securities available-for-sale that were in an unrealized loss position at September 30, 2024. 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) |
The Company did not have any investments in a continuous unrealized loss position for more than twelve months as of September 30, 2024 or December 31, 2023. The Company reviewed its securities 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 September 30, 2024, the Company did not intend to sell its securities and did not believe it was more likely than not that it would be required to sell its 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 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 |
We utilize the specific identification method in computing realized gains and losses. There were no proceeds from the sale of available-for-sale debt securities or related gross realized capital gains or losses for the three months ended September 30, 2024 and 2023. 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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