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v3.24.2

Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Available-for-sale Securities | Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
|  | As of June 30, 2024 |  | As of December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Corporate securities |  | $ | 38,348 |  |  | $ | 5 |  |  | $ | (26) |  |  | $ | 38,327 |  |  | $ | 15,393 |  |  | $ | 2 |  |  | $ | (2) |  |  | $ | 15,393 |
U.S. Treasury and agency securities |  | 57,856 |  |  | 42 |  |  | (47) |  |  | 57,851 |  |  | 39,963 |  |  | 6 |  |  | (32) |  |  | 39,937 |
Commercial paper |  | — |  |  | — |  |  | — |  |  | — |  |  | 998 |  |  | — |  |  | — |  |  | 998 |
Debt securities |  | $ | 96,204 |  |  | $ | 47 |  |  | $ | (73) |  |  | $ | 96,178 |  |  | $ | 56,354 |  |  | $ | 8 |  |  | $ | (34) |  |  | $ | 56,328 |
Publicly held equity securities - Level 1 |  |  |  |  |  |  |  | 3,504 |  |  |  |  |  |  |  |  | 5,728 |
Total marketable securities |  |  |  |  |  |  |  | $ | 99,682 |  |  |  |  |  |  |  |  | $ | 62,056 |
Schedule of Cost and Estimated Fair Values of Available-for-sale Securities by Contractual Maturity | The following table summarizes the cost and estimated fair value of our marketable securities based on stated effective maturities as of June 30, 2024 (excluding publicly held equity securities, in thousands):
As of June 30, 2024 |  | Amortized Cost |  | Fair Value
Less than 1 year |  | $ | 62,997 |  |  | $ | 62,940 |
Mature in 1 - 3 years |  | 33,207 |  |  | 33,238 |
Debt securities |  | $ | 96,204 |  |  | $ | 96,178 |
Schedule of gross unrealized losses | Marketable securities in an unrealized loss position as of June 30, 2024 consisted of the following (in thousands):
|  | Less Than 12 Months |  | 12 Months or More |  | Total
As of June 30, 2024 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate securities |  | $ | 26,968 |  |  | $ | (26) |  |  | $ | — |  |  | $ | — |  |  | $ | 26,968 |  |  | $ | (26) |
U.S. Treasury and agency securities |  | 32,410 |  |  | (45) |  |  | 1,898 |  |  | (2) |  |  | 34,308 |  |  | (47) |
Total |  | $ | 59,378 |  |  | $ | (71) |  |  | $ | 1,898 |  |  | $ | (2) |  |  | $ | 61,276 |  |  | $ | (73) |
Marketable securities in an unrealized loss position as of December 31, 2023 consisted of the following (in thousands):
|  | Less Than 12 Months |  | 12 Months or More |  | Total
As of December 31, 2023 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate securities |  | $ | 9,418 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 9,418 |  |  | $ | (2) |
U.S. Treasury and agency securities |  | 24,304 |  |  | (32) |  |  | — |  |  | — |  |  | 24,304 |  |  | (32) |
Total |  | $ | 33,722 |  |  | $ | (34) |  |  | $ | — |  |  | $ | — |  |  | $ | 33,722 |  |  | $ | (34) |
Schedule of Cash, Cash Equivalents and Available-for-sale Investments Measured at Fair Value on Recurring Basis | The following is a summary of our cash, cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):
| As of June 30, 2024 |  | As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | $ | 70,115 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,115 |  |  | $ | 52,451 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,451 |
Cash equivalents | 7,342 |  |  | — |  |  | — |  |  | 7,342 |  |  | 44,793 |  |  | — |  |  | — |  |  | 44,793 |
Corporate securities | — |  |  | 38,327 |  |  | — |  |  | 38,327 |  |  | — |  |  | 15,393 |  |  | — |  |  | 15,393 |
U.S. Treasury and agency securities | 37,860 |  |  | 19,991 |  |  | — |  |  | 57,851 |  |  | 12,701 |  |  | 27,236 |  |  | — |  |  | 39,937 |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 998 |  |  | — |  |  | 998 |
| $ | 115,317 |  |  | $ | 58,318 |  |  | $ | — |  |  | $ | 173,635 |  |  | $ | 109,945 |  |  | $ | 43,627 |  |  | $ | — |  |  | $ | 153,572 |
Publicly held equity securities - Level 1 |  |  |  |  |  |  | 3,504 |  |  |  |  |  |  |  |  | 5,728 |
Total |  |  |  |  |  |  | $ | 177,139 |  |  |  |  |  |  |  |  | $ | 159,300 |

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