Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and are recorded at fair value. Unrealized gains and losses are included as a component of accumulated other comprehensive

loss in the condensed consolidated balance sheets and statements of stockholders’ equity, and a component of total comprehensive loss in the condensed consolidated statements of comprehensive loss, until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the condensed consolidated balance sheets with a corresponding adjustment to earnings, and noncredit-related impairment is recognized in other comprehensive income, net of taxes. Realized gains and losses are included in investment income on a specific-identification basis. There were no material realized gains or losses on marketable securities for the three months ended March 31, 2024 or 2023.


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:
Certificates of deposit	$	11,384	$	—	$	(3)	$	11,381
U.S. Treasuries	79,485		6		(17)		79,474
Government securities	156,434		20		(454)		156,000
Corporate debt securities	232,852		12		(492)		232,372
Total Current	480,155		38		(966)		479,227

Non-current:

U.S. Treasuries	32,989		6		(14)		32,981
Government securities	18,684		—		(60)		18,624
Corporate debt securities	64,787		33		(124)		64,696
Total Non-current	116,460		39		(198)		116,301
Total marketable securities	$	596,615	$	77	$	(1,164)	$	595,528


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:

U.S. Treasuries	$	30,876	$	—	$	(56)	$	30,820
Government securities	247,460		194		(695)		246,959
Corporate debt securities	411,045		874		(975)		410,944
Total Current	689,381		1,068		(1,726)		688,723

Non-current:

U.S. Treasuries	4,802		30		—		4,832
Government securities	9,986		75		—		10,061
Corporate debt securities	14,430		112		—		14,542
Total Non-current	29,218		217		—		29,435
Total marketable securities	$	718,599	$	1,285	$	(1,726)	$	718,158

As of March 31, 2024 and December 31, 2023, we held both current and non-current investments. Investments classified as current have maturities of less than one year. Investments classified as non-current are those that: (i) have a maturity of greater than one year, and (ii) we do not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale.

As of March 31, 2024 and December 31, 2023, we held 160 and 151 debt securities, respectively, that were in an unrealized loss position for less than one year. We did not record an allowance for credit losses as of March 31, 2024 and December 31, 2023 related to these securities. The aggregate fair value of debt securities in an unrealized loss position at March 31, 2024 and December 31, 2023 was $490.1 million and $513.5 million, respectively. There were no individual securities that were in a significant unrealized loss position as of March 31, 2024 and December 31, 2023. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience,

market data, issuer-specific factors, and current economic conditions. We do not consider these marketable securities to be impaired as of March 31, 2024 and December 31, 2023.