Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following:


	September 30, 2024
	Amortized Cost Basis			Unrealized Gains			Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	60,363		$	-		$	-		$	60,363
Commercial paper		76,713			13			(6	)		76,720
Corporate debt securities		53,617			16			-			53,633
Asset-based securities		58,146			16			(1	)		58,161
U.S. government securities		134,171			66			-			134,237
U.S. agency securities		4,975			2			-			4,977
Total		387,985			113			(7	)		388,091
Less amounts classified as cash equivalents		(174,406	)		(16	)		6			(174,416	)
Total marketable securities	$	213,579		$	97		$	(1	)	$	213,675


	December 31, 2023
	Amortized Cost Basis			Unrealized Gains			Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	56,397		$	-		$	-		$	56,397
Commercial paper		82,179			1			(28	)		82,152
Corporate debt securities		61,887			12			(5	)		61,894
Asset-based securities		10,505			-			–			10,505
U.S. government securities		113,612			40			–			113,652
U.S. agency securities		4,960			1			–			4,961
Total		329,540			54			(33	)		329,561
Less amounts classified as cash equivalents		(65,144	)		(4	)		-			(65,148	)
Total marketable securities	$	264,396		$	50		$	(33	)	$	264,413

No marketable securities had maturities of more than one year as of September 30, 2024 and December 31, 2023.

There were $56.7 million and $110.9 million of investments in an unrealized loss position of $7,000 and $33,000 as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, and 2023, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based on the Company’s procedures under the expected credit loss model, including an assessment of unrealized losses on the portfolio after September 30, 2024, and 2023, the Company concluded that the unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses for these securities has not been recorded as of September 30, 2024. Also, based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.

The Company recognized no material gains or losses on its cash equivalents and marketable securities as of September 30, 2024 and December 31, 2023 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the period then ended.