v3.24.1.u1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of March 31, 2024 (in thousands):
Balance Sheet Classification
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Level 1:
Cash$226,200 $— $— $226,200 $226,200 $— 
Money market mutual funds18,100 — — 18,100 18,100 — 
U.S. treasury securities143,368 1 (26)143,343 7,982 135,361 
Subtotal387,668 1 (26)387,643 252,282 135,361 
Level 2:
Commercial paper36,829 1 — 36,830 5,495 31,335 
Certificates of deposit3,243 — — 3,243 — 3,243 
Corporate notes and obligations76,847 3 (40)76,810 24,723 52,087 
Asset-backed securities8,461 1 (7)8,455 — 8,455 
Subtotal125,380 5 (47)125,338 30,218 95,120 
Total cash, cash equivalents, and marketable securities$513,048 $6 $(73)$512,981 $282,500 $230,481 
As of December 31, 2023, the Company’s financial assets consisted of the following (in thousands):
Balance Sheet Classification
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Level 1:
Cash$237,104 $— $— $237,104 $237,104 $— 
Money market mutual funds23,762 — — 23,762 23,762 — 
U.S. treasury securities138,893 38 (8)138,923 — 138,923 
Subtotal399,759 38 (8)399,789 260,866 138,923 
Level 2:
Commercial paper25,899 — — 25,899 6,495 19,404 
Certificates of deposit7,768 — — 7,768 3,010 4,758 
Corporate notes and obligations71,545 12 (21)71,536 12,672 58,864 
Asset-backed securities7,319 7 (10)7,316 — 7,316 
U.S. agency securities7,814 — (5)7,809 — 7,809 
Subtotal120,345 19 (36)120,328 22,177 98,151 
Total cash, cash equivalents, and marketable securities$520,104 $57 $(44)$520,117 $283,043 $237,074 
Schedule of Investments Classified by Contractual Maturity Date
The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of March 31, 2024 (in thousands):
Due within 1 year$265,286 
Due after 1 year through 5 years3,395 
Total available-for-sale debt securities$268,681 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months as of March 31, 2024 (in thousands):
Less Than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Asset-backed securities$3,363 $(3)$692 $(4)$4,055 $(7)
Corporate notes and obligations56,943 (40)— — 56,943 (40)
U.S. treasury securities106,634 (26)— — 106,634 (26)
Total available-for-sale debt securities$166,940 $(69)$692 $(4)$167,632 $(73)
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months as of December 31, 2023 (in thousands):
Less Than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Asset-backed securities$3,211 $(6)$1,027 $(4)$4,238 $(10)
Corporate notes and obligations40,527 (21)— — 40,527 (21)
U.S. treasury securities7,397 (8)— — 7,397 (8)
U.S. agency securities7,809 (5)— — 7,809 (5)
Total available-for-sale debt securities$58,944 $(40)$1,027 $(4)$59,971 $(44)