Investments and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

The Company’s marketable and non-marketable investments as of June 30, 2024 and December 31, 2023 were as follows (in thousands):


	June 30, 2024
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:
Commercial paper	$	8,906	$	1	$	(2)	$	—	$	8,905
Certificate of Deposit	3,050		1		—		—		3,051
U.S. treasury	7,761		—		(104)		$	—	7,657

U.S. states and municipalities	900		—		—		—		900
Corporate bonds	30,932		4		(86)		—		30,850

Total	51,549		6		(192)		—		51,363
Non-marketable investments:
Non-marketable debt securities	10,000		96		—		—		10,096
Total	10,000		96		—		—		10,096
Total	$	61,549	$	102	$	(192)	$	—	$	61,459


	December 31, 2023
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:
Commercial paper	$	39,727	$	32	$	(3)	$	—	$	39,756
Certificate of Deposit	6,392		9		—		—		6,401
U.S. treasury	10,226		—		(160)		—		10,066

U.S. states and municipalities	2,950		—		(35)		—		2,915
Corporate bonds	62,964		29		(430)		—		62,563

Total	$	122,259	$	70	$	(628)	$	—	$	121,701

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more twelve months as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:
Commercial paper	$	5,834	$	(2)	$	—	$	—	$	5,834	$	(2)

U.S. treasury	—		—		7,657		(104)		7,657		(104)


Corporate bonds	5,003		(2)		9,665		(84)		14,668		(86)

Total	$	10,837	$	(4)	$	17,322	$	(188)	$	28,159	$	(192)


	December 31, 2023
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:
Commercial paper	$	16,241	$	(3)	$	—	$	—	$	16,241	$	(3)

U.S. treasury	5,677		(54)		4,389		(106)		10,066		(160)

U.S. states and municipalities	—		—		2,915		(35)		2,915		(35)
Corporate bonds	15,945		(2)		30,912		(428)		46,857		(430)

Total	$	37,863	$	(59)	$	38,216	$	(569)	$	76,079	$	(628)

Schedule of Contractual Maturities of Marketable Investments

The contractual maturities of the Company’s marketable investments as of June 30, 2024 (in thousands):


	June 30, 2024
Marketable investments:	Amortized Cost		Fair Value
Due in one year	$	48,740	$	48,607
Due in one to five years	2,809		2,756
Total	$	51,549	$	51,363

Schedule of Fair Value of Assets and Liabilities

The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy as of June 30, 2024 and December 31, 2023 (in thousands):


	As of June 30, 2024
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:

Commercial paper	$	—	$	137,612	$	—	$	137,612
Certificate of deposit	—		14,587		—		14,587
Money market funds	52,804		—		—		52,804
U.S. treasury	12,768		—		—		12,768



Corporate bonds	—		2,466		—		2,466
Marketable investments:
Commercial paper	—		8,905		—		8,905
Certificate of deposit	—		3,051		—		3,051
U.S. treasury	7,657		—		—		7,657

U.S. states and municipalities	—		900		—		900
Corporate bonds	—		30,850		—		30,850

Non-marketable investments:
Non-marketable investments	—		—		10,096		10,096
Total	$	73,229	$	198,371	$	10,096	$	281,696


	As of December 31, 2023
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:

Money market funds	$	86,991	$	—	$	—	$	86,991
Marketable investments:
Commercial paper	—		39,756		—		39,756
Certificate of Deposit	—		6,401		—		6,401
U.S. treasury	10,066		—		—		10,066

U.S. states and municipalities	—		2,915		—		2,915
Corporate bonds	—		62,563		—		62,563


Total	$	97,057	$	111,635	$	—	$	208,692

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value of our Level 3 non-marketable debt securities for the three and six months ended June 30, 2024 (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024		2024
Balance, beginning of the period	$	10,000	$	—




Total gains (losses) included in other comprehensive (loss) income	96		96
Purchases	—		10,000



Balance, end of the period	$	10,096	$	10,096

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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