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Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES, AND RESTRICTED CASH
The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable securities have been classified and accounted for as available-for-sale securities. Investments with remaining maturities of more than one year are viewed by the Company as available to support current operations and are classified as current assets under the caption marketable investments in the accompanying consolidated balance sheets. Investments in available-for-sale debt securities are measured at fair value under the guidance in ASC 320. Credit losses on impaired available-for-sale debt securities are recognized through an allowance for credit losses. Under ASC 326, credit losses recognized on an available-for-sale debt security should not reduce the net carrying amount of the available-for-sale debt security below its fair value. Any changes in fair value unrelated to credit are recognized as an unrealized gain or loss in other comprehensive income.
The Company's cash and cash equivalents was $143.6 million as of December 31, 2023. There were no marketable investments or restricted cash as of December 31, 2023. The following table summarizes the Company's cash and cash equivalents and marketable investments (in thousands) as of December 31, 2022:
December 31, 2022Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Market
Value
Cash and cash equivalents
N/A
N/AN/A$145,924 
Current restricted cash
N/A
N/AN/A700 
Cash, cash equivalents, and restricted cash as reported within the Consolidated Statements of Cash Flows
N/A
N/AN/A146,624 
Marketable investments - U.S. Treasury171,484 (102)171,390 
Total$171,484 $$(102)$318,014 
At December 31, 2022, the net unrealized losses were $0.1 million, and were related to interest rate changes on available-for-sale marketable investments. No securities were in an unrealized loss position for more than 12 months. The restricted cash balance related to an outstanding letter of credit for $0.7 million provided to a supplier.