v3.24.3
Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of reconciliation of available-for-sale debt securities from amortized cost to fair value
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at September 30, 2024 and December 31, 2023 were as follows:
Amortized CostAllowance for Credit LossesNet Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2024
Debt securities
U.S. treasury bills
$294,211 $— $294,211 $215 $— $294,426 
December 31, 2023
Debt securities
U.S. corporate bonds
$46,228 $— $46,228 $7 $(24)$46,211 
Foreign corporate bonds
7,180 — 7,180 — (7)7,173 
U.S. treasury bills
113,908 — 113,908 27 — 113,935 
Total$167,316 $— $167,316 $34 $(31)$167,319 
The fair value of debt securities available-for-sale by classification in the condensed consolidated balance sheets was as follows:
September 30, 2024December 31, 2023
Cash and cash equivalents$— $33,902 
Marketable securities294,426 133,417 
Total$294,426 $167,319 
Schedule of available-for-sale debt securities by contractual maturity
The net amortized cost and fair value of debt securities available-for-sale at September 30, 2024 and December 31, 2023 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
September 30, 2024December 31, 2023
Net Amortized CostFair ValueNet Amortized CostFair Value
Due to mature:
Less than one year$294,211 $294,426 $167,316 $167,319 
Summary of debt securities available-for-sale in an unrealized loss position, aggregated by the length of time Summarized below are the debt securities available-for-sale the Company held at December 31, 2023 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:
Less than 12 months
Number of SecuritiesFair ValueUnrealized Losses
December 31, 2023
Debt securities
U.S. corporate bonds6 $29,537 $(24)
Foreign corporate bonds1 7,173 (7)
Total7 $36,710 $(31)
Schedule of net investment income Net investment income included in other income, net in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Debt securities (including realized losses)
$3,843 $2,280 $8,912 $7,914 
Other investments
1,850 1,551 6,252 4,278 
Gross investment income (including realized losses)
5,693 3,831 15,164 12,192 
Investment expenses
(45)(65)(115)(203)
Net investment income$5,648 $3,766 $15,049 $11,989 
Schedule of proceeds from sale of available-for-sale debt securities and related gross realized capital gains and losses The proceeds from the sale of available-for-sale debt securities and the related gross realized capital losses for the nine months ended September 30, 2024 and 2023 were as follows:
Nine Months Ended September 30,
20242023
Proceeds from sales$— $4,920 
Gross realized capital losses$— $39