Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

At December 31, 2023, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	108,826	$	—	$	—	$	108,826
Commercial paper	56,115		—		—		56,115
U.S. treasury debt securities	224,136		531		(80)		224,587
U.S. government agency debt securities	110,036		256		(15)		110,277
Corporate debt securities	165,341		497		(187)		165,651
Foreign government debt securities	999		—		(7)		992
	$	665,453	$	1,284	$	(289)	$	666,448
Included in cash and cash equivalents	$	108,826	$	—	$	—	$	108,826
Included in marketable securities	$	556,627	$	1,284	$	(289)	$	557,622

At December 31, 2022, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	182,878	$	—	$	—	$	182,878

U.S. treasury debt securities	72,151		1		(899)		71,253

Corporate debt securities	120,081		62		(1,771)		118,372
Foreign government debt securities	993		—		(23)		970
	$	376,103	$	63	$	(2,693)	$	373,473
Included in cash and cash equivalents	$	182,878	$	—	$	—	$	182,878
Included in marketable securities	$	193,225	$	63	$	(2,693)	$	190,595

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of December 31, 2023
Due within one year	$	356,773
Due in one to two years	200,849
Due in three to five years	—
	$	557,622

The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of December 31, 2023
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	36,549	$	(46)	$	6,036	$	(34)
U.S. government agency debt securities	35,791		(15)		—		—
Corporate debt securities	55,221		(103)		15,708		(84)
Foreign government debt securities	—		—		992		(7)
Total	$	127,561	$	(164)	$	22,736	$	(125)

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of December 31, 2023, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis.