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Cash Equivalents and Marketable Securities | 12 Months Ended
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Dec. 31, 2023
Cash and Cash Equivalents [Abstract] |
Cash Equivalents and Marketable Securities | 4. Cash Equivalents and Marketable Securities The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 150,648 |  |  | $ | — |  |  | $ | — |  |  | $ | 150,648 |
Commercial paper |  |  | 24,950 |  |  |  | 5 |  |  |  | — |  |  |  | 24,955 |
U.S. government treasury securities |  |  | 10,965 |  |  |  | 1 |  |  |  | — |  |  |  | 10,966 |
Total cash equivalents |  |  | 186,563 |  |  |  | 6 |  |  |  | — |  |  |  | 186,569 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 79,124 |  |  |  | 62 |  |  |  | — |  |  |  | 79,186 |
Corporate bonds |  |  | 32,984 |  |  |  | 81 |  |  |  | (1 | ) |  |  | 33,064 |
U.S. government treasury securities |  |  | 21,846 |  |  |  | 31 |  |  |  | — |  |  |  | 21,877 |
U.S. government agency securities |  |  | 16,147 |  |  |  | 110 |  |  |  | — |  |  |  | 16,257 |
Total marketable securities |  | $ | 150,101 |  |  | $ | 284 |  |  | $ | (1 | ) |  | $ | 150,384 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 15,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,250 |
Commercial paper |  |  | 7,021 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 7,020 |
U.S. government agency securities |  |  | 3,736 |  |  |  | — |  |  |  | (1 | ) |  |  | 3,735 |
Total cash equivalents |  | $ | 26,007 |  |  | $ | 1 |  |  | $ | (3 | ) |  | $ | 26,005 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 16,644 |  |  | $ | 2 |  |  | $ | (25 | ) |  | $ | 16,621 |
Corporate bonds |  |  | 3,738 |  |  |  | — |  |  |  | (6 | ) |  |  | 3,732 |
U.S. government agency securities |  |  | 495 |  |  |  | — |  |  |  | — |  |  |  | 495 |
Total marketable securities |  | $ | 20,877 |  |  | $ | 2 |  |  | $ | (31 | ) |  | $ | 20,848 |
The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023 and 2022, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | December 31, 2023 |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Commercial paper |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Corporate bonds |  |  | 9,907 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 9,907 |  |  |  | (1 | )
U.S. government treasury securities |  |  | 4,831 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,831 |  |  |  | — |
Total marketable securities |  | $ | 14,738 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 14,738 |  |  | $ | (1 | )
|  | December 31, 2022 |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Commercial paper |  | $ | 17,699 |  |  | $ | (27 | ) |  | $ | — |  |  | $ | — |  |  | $ | 17,699 |  |  | $ | (27 | )
Corporate bonds |  |  | 3,732 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 3,732 |  |  |  | (6 | )
U.S. government agency securities |  |  | 3,735 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 3,735 |  |  |  | (1 | )
Total marketable securities |  | $ | 25,166 |  |  | $ | (34 | ) |  | $ | — |  |  | $ | — |  |  | $ | 25,166 |  |  | $ | (34 | )
The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. As of December 31, 2023 and 2022, an allowance for credit losses had not been recognized. Given the Company’s intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of December 31, 2023 and 2022. There were $0.3 million unrealized gains on marketable securities for the year ended December 31, 2023. There were no realized gains on marketable securities for the year ended December 31, 2023, 2022 and 2021. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities totaled $0.9 million and $0.1 million as of December 31, 2023 and 2022, respectively, and is excluded from the estimate of credit losses. The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Due in one year or less |  | $ | 115,784 |  |  | $ | 20,848 |
Due in 1 – 2 years |  |  | 34,600 |  |  |  | — |
Total marketable securities |  | $ | 150,384 |  |  | $ | 20,848 |
The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent + Details
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