v3.24.2.u1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024 (in thousands):
Balance Sheet Classification
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Level 1:
Cash$232,702 $— $— $232,702 $232,702 $— 
Money market mutual funds14,713 — — 14,713 14,713 — 
U.S. treasury securities113,742 2 (13)113,731 — 113,731 
Subtotal361,157 2 (13)361,146 247,415 113,731 
Level 2:
Commercial paper38,778 — — 38,778 6,397 32,381 
Certificates of deposit11,875 — — 11,875 — 11,875 
Corporate notes and obligations88,322 2 (40)88,284 15,798 72,486 
Asset-backed securities23,259 2 (5)23,256 2,078 21,178 
Subtotal162,234 4 (45)162,193 24,273 137,920 
Total cash, cash equivalents, and marketable securities$523,391 $6 $(58)$523,339 $271,688 $251,651 
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 June 30, 2024 (in thousands):
Due within 1 year$265,541 
Due after 1 year through 5 years10,383 
Total available-for-sale debt securities$275,924 
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 June 30, 2024 (in thousands):
Less Than 12 Months12 Months or GreaterTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Asset-backed securities$15,271 $(4)$814 $(1)$16,085 $(5)
Corporate notes and obligations74,719 (40)— — 74,719 (40)
U.S. treasury securities94,120 (13)— — 94,120 (13)
Total available-for-sale debt securities$184,110 $(57)$814 $(1)$184,924 $(58)
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)