Cash, cash equivalents, and short-term marketable securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Cash, cash equivalents, and short-term marketable securities

Cash and cash equivalents

The following table summarizes the Company's cash, cash equivalents, and restricted cash as of September 30, 2024 and 2023.


	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
(in thousands)	Beginning of period		End of period		Beginning of period		End of period
Cash and cash equivalents	$	174,561	$	78,868	$	128,885	$	186,283
Restricted cash included in other assets, noncurrent	478		478		478		478
Total cash, cash equivalents and restricted cash per statement of cash flows	$	175,039	$	79,346	$	129,363	$	186,761

The restricted cash is held as a security deposit for a standby letter of credit related to the Company's facility lease.

Marketable securities

The following tables summarize the Company's marketable securities held at September 30, 2024 and December 31, 2023.


	September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. treasury securities	$	76,278	$	26	$	(1)	$	76,303


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. treasury securities	$	29,535	$	13	$	—	$	29,548
U.S. government agency securities	4,977		—		(2)		4,975
Total	$	34,512	$	13	$	(2)	$	34,523

All of the Company's marketable securities are due within one year or less. The Company did not realize any gains or losses recognized on the sale of marketable securities during the nine months ended September 30, 2024 and 2023, and as a result, the Company did not reclassify any amounts out of accumulated comprehensive loss.

As of September 30, 2024, the Company's debt security portfolio consisted of 2 securities that were in an unrealized loss position and had an aggregate fair value of $17.7 million. There were no securities in an unrealized loss position for greater than 12 months as of September 30, 2024. The unrealized losses on the Company's marketable securities were caused by market interest rate increases. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for any debt securities in its portfolio for the nine months ended September 30, 2024 and 2023.