Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Financial Assets Measured at Fair Value

The following tables summarize the Company’s available-for-

sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category reported as cash and cash equivalents or marketable securities as of March 31, 2024 and December 31, 2023:


(In thousands) March 31, 2024	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Cash and Cash Equivalents		Marketable Securities

Level I
Money market funds	$	29,125	$	—	$	—	$	29,125	$	29,125	$	—
Treasury bills	256,584		2		(198)		256,388		—		256,388
U.S. government securities	17,695		—		(94)		17,601		—		17,601
Total Level I	303,404		2		(292)		303,114		29,125		273,989
Level II
Commercial paper	31,128		—		—		31,128		—		31,128
Corporate bonds	130,747		102		(141)		130,708		—		130,708
Commercial deposits	16,577		—		—		16,577		—		16,577
Asset-backed securities	9,609		1		(24)		9,586		—		9,586
Foreign government and agency securities	3,950		5		(4)		3,951		—		3,951

Total Level II	192,011		108		(169)		191,950		—		191,950
Total	$	495,415	$	110	$	(461)	$	495,064	$	29,125	$	465,939


(In thousands) December 31, 2023	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value		Cash and Cash Equivalents		Marketable Securities

Level I
Money market funds	$	4,782	$	—	$	—	$	4,782	$	4,782	$	—
Treasury bills	291,611		109		—		291,720		13,955		277,765
U.S. government securities	26,213		3		(18)		26,198		—		26,198
Total Level I	322,606		112		(18)		322,700		18,737		303,963
Level II
Commercial paper	35,699		—		—		35,699		—		35,699
Corporate bonds	92,979		189		(12)		93,156		—		93,156
Commercial deposits	15,371		—		—		15,371		—		15,371
Asset-backed securities	14,728		2		(42)		14,688		—		14,688
Foreign government and agency securities	3,075		5		—		3,080		—		3,080
U.S. agency securities	4,506		—		(6)		4,500		—		4,500
Total Level II	166,358		196		(60)		166,494		—		166,494
Total	$	488,964	$	308	$	(78)	$	489,194	$	18,737	$	470,457

Schedule of Unrealized Gain (Loss) on Investments

The following tables summarize, for all debt securities classified as available for sale in an unrealized loss position as of March 31, 2024 and December 31, 2023, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.


(In thousands)	Less Than 12 Months				12 Months or Longer				Total
Duration of unrealized losses March 31, 2024	Fair Value		Unrealized loss		Fair Value		Unrealized loss		Fair Value		Unrealized loss


Treasury bills	$	202,479	$	(198)	$	—	$	—	$	202,479	$	(198)
U.S. government securities	14,757		(67)		2,845		(27)		17,602		(94)
Corporate bonds	60,900		(141)		560		—		61,460		(141)
Asset-backed securities	—		—		9,138		(24)		9,138		(24)

Foreign government and agency securities	1,310		(4)		—		—		1,310		(4)

Total	$	279,446	$	(410)	$	12,543	$	(51)	$	291,989	$	(461)


(In thousands)	Less Than 12 Months				12 Months or Longer				Total
Duration of unrealized losses December 31, 2023	Fair Value		Unrealized loss		Fair Value		Unrealized loss		Fair Value		Unrealized loss

U.S. government securities	$	15,381	$	(15)	$	5,182	$	(3)	$	20,563	$	(18)
Corporate bonds	24,062		(10)		552		(2)		24,614		(12)
Asset-backed securities	6,598		(20)		7,348		(22)		13,946		(42)

U.S. agency securities	1,995		(1)		2,505		(5)		4,500		(6)
Total	$	48,036	$	(46)	$	15,587	$	(32)	$	63,623	$	(78)