v3.24.3
Marketable Securities
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
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 
As of September 30, 2024 and December 31, 2023, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material.
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 
Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
The Company did not recognize any material allowance for credit losses or impairments as of September 30, 2024 and December 31, 2023.
There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023.
Fair Value of Assets and Liabilities
The Company considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data.
Level 3 — Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

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 
The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.