Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2024

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

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

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

As of March 31, 2024, the Company has not realized any material gains or losses on its marketable securities, including any impairment charges on its securities related to expected credit losses. As of March 31, 2024, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at March 31, 2024 (see Note 4).