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Marketable Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Marketable Securities [Abstract] |
Summary of Debt Securities, Available-for-sale | The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:
|  | Fair Value Measurements as of March 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Loss |  |  | Fair Value |
|  | (in thousands) |
Marketable debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 247,574 |  |  | $ | 51 |  |  | $ | (246 | ) |  | $ | 247,379 |
U.S. government agency bonds |  |  | 35,119 |  |  |  | 2 |  |  |  | (64 | ) |  |  | 35,057 |
|  | $ | 282,693 |  |  | $ | 53 |  |  | $ | (310 | ) |  | $ | 282,436 |
|  | Fair Value Measurements as of December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Loss |  |  | Fair Value |
|  | (in thousands) |
Marketable debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  | $ | 194,461 |  |  | $ | 358 |  |  | $ | (56 | ) |  | $ | 194,763 |
U.S. government agency bonds |  |  | 75,853 |  |  |  | 23 |  |  |  | (139 | ) |  |  | 75,737 |
|  | $ | 270,314 |  |  | $ | 381 |  |  | $ | (195 | ) |  | $ | 270,500 |
Summary of Fair value and Gross Unrealized Losses on Securities | The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:
| March 31, 2024 |
| Less than twelve months |  |  | Greater than twelve months |  |  | Total |
| Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |
| (in thousands) |
U.S. Treasury bills | $ | 161,683 |  |  | $ | (246 | ) |  | $ | - |  |  | $ | - |  |  | $ | 161,683 |  |  | $ | (246 | )
U.S. government agency bonds |  | 16,731 |  |  |  | (15 | ) |  |  | 12,949 |  |  |  | (49 | ) |  |  | 29,680 |  |  |  | (64 | )
| $ | 178,414 |  |  | $ | (261 | ) |  | $ | 12,949 |  |  | $ | (49 | ) |  | $ | 191,363 |  |  | $ | (310 | )
| December 31, 2023 |
| Less than twelve months |  |  | Greater than twelve months |  |  | Total |
| Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |  |  | Fair value |  |  | Unrealized loss |
| (in thousands) |
U.S. Treasury bills | $ | 18,662 |  |  | $ | (12 | ) |  | $ | 14,948 |  |  | $ | (44 | ) |  | $ | 33,610 |  |  | $ | (56 | )
U.S. government agency bonds |  | 41,195 |  |  |  | (22 | ) |  |  | 17,216 |  |  |  | (117 | ) |  |  | 58,411 |  |  |  | (139 | )
| $ | 59,857 |  |  | $ | (34 | ) |  | $ | 32,164 |  |  | $ | (161 | ) |  | $ | 92,021 |  |  | $ | (195 | )

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