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MARKETABLE SECURITIES | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
MARKETABLE SECURITIES | MARKETABLE SECURITIES The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of June 30, 2024 and December 31, 2023 was as follows:
|  |  | JUNE 30, 2024
(in thousands) | Fair Value Hierarchy Level |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
Money market funds | Level 1 |  | $ | 9,944 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,944 |
U.S. treasury securities | Level 1 |  | 37,726 |  |  | 1 |  |  | (34) |  |  | 37,693 |
U.S. government agency securities | Level 2 |  | 34,288 |  |  | 3 |  |  | (41) |  |  | 34,250 |
|  |  | $ | 81,958 |  |  | $ | 4 |  |  | $ | (75) |  |  | $ | 81,887 |
|  |  | DECEMBER 31, 2023
(in thousands) | Fair Value Hierarchy Level |  | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
Money market funds | Level 1 |  | $ | 14,538 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,538 |
U.S. treasury securities | Level 1 |  | 35,976 |  |  | 48 |  |  | (6) |  |  | 36,018 |
U.S. government agency securities | Level 2 |  | 51,434 |  |  | 31 |  |  | (58) |  |  | 51,407 |
|  |  | $ | 101,948 |  |  | $ | 79 |  |  | $ | (64) |  |  | $ | 101,963 |
The fair values of marketable securities by classification in the condensed consolidated balance sheets was as follows as of June 30, 2024 and December 31, 2023:
(in thousands) | JUNE 30, 2024 |  | DECEMBER 31, 2023
Cash and cash equivalents | $ | 9,944 |  |  | $ | 16,528 |
Marketable securities | 71,943 |  |  | 85,435 |
| $ | 81,887 |  |  | $ | 101,963 |
The fair values of available-for-sale debt securities as of June 30, 2024 and December 31, 2023, by contractual maturity, are summarized as follows:
(in thousands) | JUNE 30, 2024 |  | DECEMBER 31, 2023
Due in one year or less | $ | 71,994 |  |  | $ | 98,110 |
Due after one year through two years | 9,893 |  |  | 3,853 |
| $ | 81,887 |  |  | $ | 101,963 |
The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of June 30, 2024 and December 31, 2023 was $66.5 million and $40.0 million, respectively. As of June 30, 2024, we did not have any investments in a continuous unrealized loss position for more than twelve months. As of June 30, 2024, we believe that the cost basis of our available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of June 30, 2024 and December 31, 2023.

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