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Marketable Securities (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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