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Cash Equivalents and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Cash Equivalents and Marketable Securities [Abstract]  
Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated:

 

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gain

 

 

Gross
Unrealized
Loss

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

142,817

 

 

$

—

 

 

$

—

 

 

$

142,817

 

Total cash equivalents

 

$

142,817

 

 

$

—

 

 

$

—

 

 

$

142,817

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

69,612

 

 

$

1

 

 

$

(36

)

 

$

69,577

 

Certificates of deposit

 

 

11,669

 

 

 

3

 

 

 

(1

)

 

 

11,671

 

U.S. government and agency debt securities

 

 

122,660

 

 

 

—

 

 

 

(108

)

 

 

122,552

 

Corporate debt securities

 

 

36,297

 

 

 

5

 

 

 

(12

)

 

 

36,290

 

Total marketable securities

 

 

240,238

 

 

 

9

 

 

 

(157

)

 

 

240,090

 

Total cash equivalents and marketable securities

 

$

383,055

 

 

$

9

 

 

$

(157

)

 

$

382,907

 

 

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gain

 

 

Gross
Unrealized
Loss

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

306,801

 

 

$

—

 

 

$

—

 

 

$

306,801

 

Commercial paper

 

 

42,455

 

 

 

6

 

 

 

—

 

 

 

42,461

 

U.S. government and agency debt securities

 

 

12,998

 

 

 

—

 

 

 

(6

)

 

 

12,992

 

Total cash equivalents

 

$

362,254

 

 

$

6

 

 

$

(6

)

 

$

362,254

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

47,534

 

 

$

17

 

 

$

(4

)

 

$

47,547

 

U.S. government and agency debt securities

 

 

37,515

 

 

 

—

 

 

 

(91

)

 

 

37,424

 

Corporate debt securities

 

 

4,816

 

 

 

3

 

 

 

(1

)

 

 

4,818

 

Total marketable securities

 

 

89,865

 

 

 

20

 

 

 

(96

)

 

 

89,789

 

Total cash equivalents and marketable securities

 

$

452,119

 

 

$

26

 

 

$

(102

)

 

$

452,043

 
Summary of Marketable Securities by Contractual Maturity

The Company’s marketable securities by contractual maturity were (in thousands):

 

 

 

March 31, 2024

 

Within one year

 

$

239,788

 

After one year through two years

 

 

302

 

Total marketable securities

 

$

240,090