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Cash Equivalents and Marketable Securities | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities The following is a summary of the Company's investment portfolio as of September 30, 2024 (in thousands). The Company did not hold any cash equivalents or marketable securities as of December 31, 2023.
| As of September 30, 2024
|  |  | Gross Unrealized |  | Estimated
| Cost |  | Gains |  | Losses |  | Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 81,359 |  |  | $ | — |  |  | $ | — |  |  | $ | 81,359 |
Available-for-sale marketable securities: |  |  |  |  |  |  |
Debt securities issued by U.S. government agencies | 143,283 |  |  | 900 |  |  | — |  |  | 144,183 |
Corporate debt securities | 74,715 |  |  | 370 |  |  | — |  |  | 75,085 |
Commercial paper | 18,543 |  |  | 45 |  |  | — |  |  | 18,588 |
Other debt securities | 4,656 |  |  | 16 |  |  | — |  |  | 4,672 |
Total cash equivalents and marketable securities | $ | 322,556 |  |  | $ | 1,331 |  |  | $ | — |  |  | $ | 323,887 |
As of September 30, 2024, the Company had 3 securities with a total fair market value of $8.0 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity. The Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized. Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Within one year | $ | 188,387 |  |  | $ | — |
After one year through five years | 54,141 |  |  | — |
Total | $ | 242,528 |  |  | $ | — |
Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three and nine months ended September 30, 2024 and 2023.

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