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Cash Equivalents and Marketable Securities
 9 Months Ended
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 UnrealizedEstimated
CostGainsLossesFair Value
Cash equivalents:
Money market funds$81,359 $— $— $81,359 
Available-for-sale marketable securities:
Debt securities issued by U.S. government agencies143,283 900 — 144,183 
Corporate debt securities74,715 370 — 75,085 
Commercial paper18,543 45 — 18,588 
Other debt securities4,656 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, 2024December 31, 2023
Within one year$188,387 $— 
After one year through five years54,141 — 
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.