Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The following table summarizes the Company’s cash equivalents and short-term investments (in thousands):

	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	195,088	$	—	$	—	$	195,088
Certificates of deposit	402		—		—		402
Total	$	195,490	$	—	$	—	$	195,490

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	68,445	$	—	$	—	$	68,445
Certificates of deposit	402		—		—		402
Total	$	68,847	$	—	$	—	$	68,847

During the three months ended March 31, 2024, other income, net in the statements of operations includes interest income on cash equivalents of $2.4 million. During the three months ended March 31, 2023, other income, net in the statements of operations includes interest income on cash equivalents and investments of $0.9 million. During the three months ended March 31, 2024, there was no accretion of premiums and discounts on investments. During the three months ended March 31, 2023, other income, net in the statements of operations includes amortization of premiums and discounts on investments of $0.3 million.

There were no unrealized gains or losses on investments reclassified from accumulated other comprehensive income (loss) to other income in the statements of operations during the three months ended March 31, 2024 and 2023.

In the three months ended March 31, 2024 and 2023, there were no allowances for credit losses and all unrealized gains (losses) for available-for-sale securities were recognized in accumulated other comprehensive income (loss). As of March 31, 2024, the Company had no accrued interest receivables.