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Cash Equivalents and Marketable Securities | 3 Months Ended
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Mar. 31, 2024
Cash and Cash Equivalents [Abstract] |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities The fair value and amortized cost of cash equivalents and fixed income marketable securities by major security type are as follows (in thousands):
| March 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Money market funds | $ | 50,808 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,808 |
U.S. Treasury securities | 343,389 |  |  | 2 |  |  | (197) |  |  | 343,194 |
U.S. government agency securities | 38,566 |  |  | — |  |  | (139) |  |  | 38,427 |
Corporate debt securities | 68,752 |  |  | — |  |  | (70) |  |  | 68,682 |
Total cash equivalents and fixed income marketable securities | $ | 501,515 |  |  | $ | 2 |  |  | $ | (406) |  |  | $ | 501,111 |
Classified as: | Fair Value
Cash equivalents | $ | 101,996 |
Marketable securities | 399,115 |
Marketable securities, non-current | — |
Total cash equivalents and fixed income marketable securities | $ | 501,111 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Money market funds | $ | 62,075 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,075 |
U.S. Treasury securities | 374,214 |  |  | 237 |  |  | (95) |  |  | 374,356 |
U.S. government agency securities | 48,924 |  |  | 3 |  |  | (177) |  |  | 48,750 |
Corporate debt securities | 59,668 |  |  | — |  |  | (62) |  |  | 59,606 |
Total cash equivalents and fixed income marketable securities | $ | 544,881 |  |  | $ | 240 |  |  | $ | (334) |  |  | $ | 544,787 |
Classified as: | Fair Value
Cash equivalents | $ | 127,705 |
Marketable securities | 400,576 |
Marketable securities, non-current | 16,506 |
Total cash equivalents and fixed income marketable securities | $ | 544,787 |
The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for less than 12 months were $358.6 million and $117.8 million as of March 31, 2024 and December 31, 2023, respectively. The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for greater than 12 months were $11.5 million and $43.6 million as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, all of the Company’s money market and fixed income marketable securities had a maturity date of two years or less, were available for use and were classified as available‑for‑sale. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. The Company determined that there was no material change in the credit risk of the above investments as of both March 31, 2024 and December 31, 2023. As such, an allowance for credit losses has not been recognized. Gross realized gains and losses were de minimis for the three months ended March 31, 2024 and 2023 and as a result, amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 were also de minimis. See Note 6, Fair Value Measurements, for additional information regarding cash equivalents and fixed income marketable securities.

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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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