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Marketable Securities | 3 Months Ended
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Mar. 31, 2024
Marketable Securities [Abstract] |
Marketable Securities | 5. Marketable Securities The Company values its marketable securities using independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources. 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 |
The Company holds marketable debt securities with an aggregate fair value of $42.9 million as of March 31, 2024 with contractual maturity dates greater than one year. 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 | )
The Company holds investment grade marketable securities considered to be in an unrealized loss position. Although these marketable securities are held at an unrealized loss position at March 31, 2024, the Company does not intend to sell the marketable securities prior to the value of the securities being recovered and the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. Further, the Company did no t record any impairments to marketable se curities or reserves for credit losses related to its marketable debt securities during the periods then ended. Marketable securities include $1.4 million and $1.8 million in accrued interest at March 31, 2024 and December 31, 2023, respectively.

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