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Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

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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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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