v3.24.3
Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands):
As of September 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Cash equivalents
Money market funds$71,337 $- $- $71,337 
U.S. treasury and agency securities14,941 3 - 14,944 
Corporate debt securities59 - - 59 
Commercial paper19,920 - (1)19,919 
Total cash equivalents$106,257 $3 $(1)$106,259 
Marketable securities
U.S. treasury and agency securities$173,348 $858 $(14)$174,192 
Commercial paper142,161 188 (6)142,343 
Corporate debt securities418,602 3,335 (43)421,894 
Foreign government bonds497 8 - 505 
Asset-backed securities21,648 103 (1)21,750 
Total marketable securities$756,256 $4,492 $(64)$760,684 
As of December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Cash equivalents
Money market funds$757 $- $- $757 
U.S. treasury and agency securities472 - - 472 
Commercial paper250 - - 250 
Total cash equivalents$1,479 $- $- $1,479 
Marketable securities
U.S. treasury and agency securities$59,856 $211 $(64)$60,003 
Commercial paper8,513 - (5)8,508 
Corporate debt securities23,552 96 (9)23,639 
Asset-backed securities12,059 14 (8)12,065 
Total marketable securities$103,980 $321 $(86)$104,215 
Schedule of Investments Classified by Contractual Maturity Date
The contractual maturities of marketable securities classified as available-for-sale, regardless of their classification on the Company’s condensed consolidated balance sheets, are as follows (in thousands):
As of September 30, 2024
As of December 31, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due within one year$501,576 $502,659 $65,816 $65,757 
Due after one year through five years360,937 364,284 39,643 39,937 
Total available-for-sale securities
$862,513 $866,943 $105,459 $105,694 
Schedule of Fair Value, Assets Measured on Recurring Basis
The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):
As of September 30, 2024
Level 1Level 2Level 3Total Fair
Value
Cash equivalents
Money market funds$71,337 $- $- $71,337 
U.S. treasury and agency securities- 14,944 - 14,944 
Corporate debt securities- 59 - 59 
Commercial paper- 19,919 - 19,919 
Total cash equivalents$71,337 $34,922 $- $106,259 
Marketable securities
U.S. treasury and agency securities$- $174,192 $- $174,192 
Commercial paper- 142,343 - 142,343 
Corporate debt securities- 421,894 - 421,894 
Foreign government bonds- 505 - 505 
Asset-backed securities- 21,750 - 21,750 
Total marketable securities$- $760,684 $- $760,684 
As of December 31, 2023
Level 1Level 2Level 3Total Fair
Value
Cash equivalents
Money market funds$757 $- $- $757 
U.S. treasury and agency securities- 472 - 472 
Commercial paper- 250 - 250 
Total cash equivalents$757 $722 $- $1,479 
Marketable securities
U.S. treasury and agency securities$- $60,003 $- $60,003 
Commercial paper- 8,508 - 8,508 
Corporate debt securities- 23,639 - 23,639 
Asset-backed securities- 12,065 - 12,065 
Total marketable securities$- $104,215 $- $104,215