Cash, Cash Equivalents And Marketable Securities

9 Months Ended

Sep. 30, 2024

Cash Equivalents And Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

4. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The Company’s cash equivalents and available-for-sale investment securities are classified within the fair value hierarchy as defined by authoritative guidance. Level 1 securities consist of highly liquid money market funds for which the carrying amount approximates the fair value of identical assets as quoted in the active markets. Level 2 securities, consisting of U.S. Treasuries, U.S. agency securities and corporate debt securities, are measured based on other observable inputs, including broker or dealer quotations or other valuations using observable market data. The Company’s debt securities are accounted for as available-for-sale securities.

Unrealized gains and losses are reported as a component of other comprehensive income (loss). Fair value of the debt securities was $326.1 million and $115.0 million as of September 30, 2024 and December 31, 2023, respectively.

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2024
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	24,814	$	-	$	-		$	24,814	$	24,814	$	-
U.S. Government bonds	Level 2		186,687		601		-			187,288		-		187,288
U.S. Government agency securities	Level 2		5,996		3		-			5,999		-		5,999
Corporate debt securities	Level 2		132,326		440		-			132,766		-		132,766
Total cash equivalents and marketable securities			349,823		1,044		-			350,867		24,814		326,053
Cash												2,442
Total		$	349,823	$	1,044	$	-		$	350,867	$	27,256	$	326,053




	December 31, 2023
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities

Money market funds	Level 1	$	44,650	$	-	$	-		$	44,650	$	44,650	$	-
U.S. Government bonds	Level 2		63,619		70		(6	)		63,683		-		63,683
U.S. Government agency securities	Level 2		19,665		7		(14	)		19,658		-		19,658
Corporate debt securities	Level 2		31,500		194		-			31,694		-		31,694
Total cash equivalents and marketable securities			159,434		271		(20	)		159,685		44,650		115,035
Cash												1,031
Total		$	159,434	$	271	$	(20	)	$	159,685	$	45,681	$	115,035

Marketable debt securities that had been in unrealized loss positions as of September 30, 2024, and December 31, 2023, were in an unrealized loss position for less than 12 months. Unrealized losses from marketable debt securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on evaluation of available evidence.

The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):


	September 30, 2024
Due within one year	$	292,827
Due after one year to two years		33,226
Total marketable securities	$	326,053