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Fair Value Measurements and Marketable Securities Available-for-Sale (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Marketable securities Measured at Fair Value on Recurring Basis

There have not been any transfers between the levels during the periods.

		March 31, 2024
		Total				Level 1				Level 2				Level 3
		(In thousands)
Financial assets:
Cash equivalents:
Money market funds		$	14,575			$	14,575			$	—			$	—
U.S. government and government agency securities			8,191				—				8,191				—
			22,766				14,575				8,191				—
Marketable securities:
Certificate of deposits			17,097				—				17,097				—
Commercial paper			28,216				—				28,216				—
U.S. government and government agency securities			436,691				—				436,691				—
Corporate bonds			80,462				—				80,462				—
			562,466				—				562,466				—
Total financial assets:		$	585,232			$	14,575			$	570,657			$	—
Financial liabilities:
Warrants		$	1,812			$	1,701			$	—			$	111

		December 31, 2023
		Total				Level 1				Level 2				Level 3
		(In thousands)
Financial assets:
Cash equivalents:
Money market funds		$	20,574			$	20,574			$	—			$	—
U.S. government and government agency securities			4,988				—				4,988				—
Corporate bonds			947				—				947				—
			26,509				20,574				5,935				—
Marketable securities:
Certificate of deposits			10,176				—				10,176				—
Commercial paper			23,628				—				23,628				—
U.S. government and government agency securities			453,175				—				453,175				—
Corporate bonds			81,585				—				81,585				—
			568,564				—				568,564				—
Total financial assets:		$	595,073			$	20,574			$	574,499			$	—
Financial liabilities:
Warrants		$	353			$	338			$	—			$	15

Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale

The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of March 31, 2024 and December 31, 2023:

		March 31, 2024
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
		(In thousands)
Cash equivalents:
Money market funds		$	14,575			$	—			$	—			$	14,575
U.S. government and government agency securities			8,191				—				—				8,191
			22,766				—				—				22,766
Marketable securities:
Certificate of deposits			17,095				6				(4	)			17,097
Commercial paper			28,238				5				(27	)			28,216
U.S. government and government agency securities			437,674				160				(1,143	)			436,691
Corporate bonds			80,628				45				(211	)			80,462
			563,635				216				(1,385	)			562,466
		$	586,401			$	216			$	(1,385	)		$	585,232

		December 31, 2023
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
		(In thousands)
Cash equivalents:
Money market funds		$	20,574			$	—			$	—			$	20,574
U.S. government and government agency securities			4,987				1				—				4,988
Corporate bonds			947				—				—				947
			26,508				1				—				26,509
Marketable securities:
Certificate of deposits			10,171				7				(2	)			10,176
Commercial paper			23,609				22				(3	)			23,628
U.S. government and government agency securities			452,813				1,095				(733	)			453,175
Corporate bonds			81,791				68				(274	)			81,585
			568,384				1,192				(1,012	)			568,564
		$	594,892			$	1,193			$	(1,012	)		$	595,073

Schedule of Net Realized Gain (Loss) on Marketable Securities

For the three months ended March 31, 2024 and 2023, there was no unrealized gains or losses on equity securities. The activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands):

		Three months ended March 31,
		2024				2023
Net realized gains (losses) on available-for-sale securities were as follows:
Realized gains from sales of available-for-sale securities		$	1			$	—
Realized losses from sales of available-for-sale securities			—				(96	)
Total losses on marketable securities		$	1			$	(96	)

Schedule of Marketable Securities with Continuous Unrealized Losses

The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of March 31, 2024 and December 31, 2023 were as follows:

		March 31, 2024
		Less than 12 Months								12 Months or Greater								Total				Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In thousands)
Certificate of deposits		$	9,863			$	(4	)		$	—			$	—			$	9,863			$	(4	)
Commercial paper			23,247				(27	)			—				—				23,247				(27	)
U.S. government and government agency securities			287,141				(1,097	)			6,322				(46	)			293,463				(1,143	)
Corporate bonds			33,790				(51	)			23,385				(160	)			57,175				(211	)
		$	354,041			$	(1,179	)		$	29,707			$	(206	)		$	383,748			$	(1,385	)

		December 31, 2023
		Less than 12 Months								12 Months or Greater								Total				Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(In thousands)
Certificate of deposits		$	5,693			$	(2	)		$	—			$	—			$	5,693			$	(2	)
Commercial paper			9,101				(3	)			—				—				9,101				(3	)
U.S. government and government agency securities			199,552				(694	)			24,761				(38	)			224,313				(732	)
Corporate bonds			21,844				(28	)			26,484				(246	)			48,328				(274	)
		$	236,190			$	(727	)		$	51,245			$	(284	)		$	287,435			$	(1,011	)

Schedule Of Available for sale Securities Maturity On Fair Value

Maturity information based on fair value is as follows as of March 31, 2024:

		Within one year				After one year through five years				Total
		(In thousands)
Certificate of deposits		$	16,472			$	625			$	17,097
Commercial paper			28,216				—				28,216
U.S. government and government agency securities			258,059				178,632				436,691
Corporate bonds			56,196				24,266				80,462
		$	358,943			$	203,523			$	562,466

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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