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Marketable Securities and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Marketable Securities and Fair Value Measurements | Marketable Securities and Fair Value Measurements Marketable 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 |
During the three and six months ended June 30, 2024 and 2023, we did not reclassify any amount to earnings from accumulated other comprehensive income (loss) related to unrealized gains or losses. 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 |
All available-for-sale securities have been classified as current because they are available for use in current operations. 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) |
Based on evaluation of securities that have been in a continuous loss position, we did not recognize any other-than-temporary impairment charges during the three and six months ended June 30, 2024 and 2023. Fair Value Measurements 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 |
There were no transfers between Level 1 and Level 2 fair value measurement categories during the three and six months ended June 30, 2024 and 2023.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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