XML 31 R12.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investments and Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Investments and Fair Value Measurements | Investments and Fair Value Measurements The Company’s total cash, cash equivalents and marketable securities consisted of the following:
|  | As of December 31,
|  | 2023 |  | 2022
|  | (in thousands)
Cash and cash equivalents: |  |  |  |
Cash |  | $ | 21,269 |  |  | $ | 46,516 |
U.S. Treasury securities |  | 52,830 |  |  | — |
Money market funds |  | 21,166 |  |  | 96,875 |
Commercial paper |  | 12,656 |  |  | — |
Total cash and cash equivalents |  | 107,921 |  |  | 143,391 |
Marketable securities: |  |  |  |
U.S. Treasury securities |  | $ | 73,448 |  |  | $ | 287,988 |
Corporate notes and bonds |  | 105,566 |  |  | $ | 71,744 |
Commercial paper |  | 25,934 |  |  | — |
Agency bonds |  | 9,851 |  |  | — |
Asset-backed securities |  | — |  |  | 175 |
Municipal securities |  | — |  |  | 2,221 |
Foreign government and supranational securities |  | — |  |  | 12,453 |
Total marketable securities, current |  | $ | 214,799 |  |  | $ | 374,581 |
Corporate notes and bonds |  | 5,999 |  |  | 140,949 |
Asset-backed securities |  | 89 |  |  | 24,156 |
Total marketable securities, non-current |  | $ | 6,088 |  |  | $ | 165,105 |
Total marketable securities |  | $ | 220,887 |  |  | $ | 539,686 |
Total cash, cash equivalents and marketable securities |  | $ | 328,808 |  |  | $ | 683,077 |
The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to cash and cash equivalents and available-for-sale securities on the accompanying consolidated balance sheets as of December 31, 2023 and December 31, 2022:
|  | As of December 31, 2023
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in thousands)
Cash and cash equivalents: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 52,824 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 52,830 |
Commercial paper |  | $ | 12,663 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 12,656 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 73,444 |  |  | $ | 8 |  |  | $ | (4) |  |  | $ | 73,448 |
Corporate notes and bonds |  | 112,487 |  |  | 9 |  |  | (931) |  |  | 111,565 |
Commercial paper |  | 25,946 |  |  | — |  |  | (12) |  |  | 25,934 |
Asset-backed securities |  | 89 |  |  | — |  |  | — |  |  | 89 |
Agency bonds |  | 9,854 |  |  | — |  |  | (3) |  |  | 9,851 |
Total available-for-sale investments |  | $ | 287,307 |  |  | $ | 23 |  |  | $ | (957) |  |  | $ | 286,373 |
|  | As of December 31, 2022
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in thousands)
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 291,685 |  |  | $ | — |  |  | $ | (3,697) |  |  | $ | 287,988 |
Corporate notes and bonds |  | 217,187 |  |  | — |  |  | (4,494) |  |  | 212,693 |
Asset-backed securities |  | 24,617 |  |  | — |  |  | (286) |  |  | 24,331 |
Municipal securities |  | 2,322 |  |  | — |  |  | (101) |  |  | 2,221 |
Foreign government and supranational securities |  | 12,522 |  |  | — |  |  | (69) |  |  | 12,453 |
Total available-for-sale investments |  | $ | 548,333 |  |  | $ | — |  |  | $ | (8,647) |  |  | $ | 539,686 |
There were no material realized gains or losses from sales of marketable securities that were reclassified out of accumulated other comprehensive income (loss) into other income (expense), net as of December 31, 2023 and December 31, 2022. There were 28 and 76 securities in a continuous loss position for 12 months or longer as of December 31, 2023, and 2022, respectively. Investments are reviewed periodically to identify possible other-than-temporary impairments. For the years ended December 31, 2023 and 2022, the Company did not record any impairment charges for its marketable debt securities in its consolidated statements of operations. No impairment loss has been recorded on the securities as the Company does not intend to sell any impaired securities, nor is it more likely than not that the Company would be required to sell impaired securities before recovery of amortized cost basis. Furthermore, the Company has determined that the decline in fair value of the investment is not due to credit related factors. Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash held in banks, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables below. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation. The Company measures its cash equivalents, marketable securities, and restricted cash at fair value. The Company classifies its cash equivalents, marketable securities and restricted cash within Level 1 or Level 2 because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company classifies its investments, which are comprised of corporate notes and bonds, commercial paper, U.S. treasury securities, agency bonds, foreign government and supranational securities and asset-backed securities within Level 2 of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments. Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments:
|  | As of December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 21,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,166 |
U.S. Treasury securities |  | — |  |  | 52,830 |  |  | — |  |  | 52,830 |
Commercial paper |  | — |  |  | 12,656 |  |  | — |  |  | 12,656 |
Total cash equivalents |  | 21,166 |  |  | 65,486 |  |  | — |  |  | 86,652 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | — |  |  | 73,448 |  |  | — |  |  | 73,448 |
Corporate notes and bonds |  | — |  |  | 111,565 |  |  | — |  |  | 111,565 |
Commercial paper |  | — |  |  | 25,934 |  |  | — |  |  | 25,934 |
Asset-backed securities |  | — |  |  | 89 |  |  | — |  |  | 89 |
Agency bonds |  | — |  |  | 9,851 |  |  | — |  |  | 9,851 |
Total marketable securities |  | — |  |  | 220,887 |  |  | — |  |  | 220,887 |
Restricted cash: |  |  |  |  |  |  |  |
Restricted cash, current |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total restricted cash |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total financial assets |  | $ | 21,316 |  |  | $ | 286,373 |  |  | $ | — |  |  | $ | 307,689 |
|  | As of December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 96,875 |  |  | $ | — |  |  | $ | — |  |  | $ | 96,875 |
Total cash equivalents |  | 96,875 |  |  | — |  |  | — |  |  | 96,875 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | — |  |  | 287,988 |  |  | — |  |  | 287,988 |
Corporate notes and bonds |  | — |  |  | 212,693 |  |  | — |  |  | 212,693 |
Asset-backed securities |  | — |  |  | 24,331 |  |  | — |  |  | 24,331 |
Municipal securities |  | — |  |  | 2,221 |  |  | — |  |  | 2,221 |
Foreign government and supranational securities |  | — |  |  | 12,453 |  |  | — |  |  | 12,453 |
Total marketable securities |  | — |  |  | 539,686 |  |  | — |  |  | 539,686 |
Restricted cash: |  |  |  |  |  |  |  |
Restricted cash, current |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total restricted cash |  | 150 |  |  | — |  |  | — |  |  | 150 |
Total financial assets |  | $ | 97,025 |  |  | $ | 539,686 |  |  | $ | — |  |  | $ | 636,711 |
Restricted cash was $0.2 million as of both December 31, 2023 and 2022. The restricted cash balance consisted of letters of credit related to lease arrangements that were collateralized by the Company’s cash. The amounts as of December 31, 2023 and 2022, were both classified as current on the Company’s consolidated balance sheets. There were no transfers of assets and liabilities measured at fair value between Level 1 and Level 2, or between Level 2 and Level 3, during the years ended December 31, 2023 and 2022.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration