Short-term Investments

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Short-term Investments

Short-term Investments

The Company's short-term investments are accounted for as securities available-for-sale and are classified within Current assets in the Condensed Consolidated Balance Sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity.

The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following:

	June 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	216,100	$	—	$	(669)	$	215,431
Asset-backed securities	10,441		—		(36)		10,405
Corporate debt securities	2,998		—		(1)		2,997
Total short-term investments	$	229,539	$	—	$	(706)	$	228,833

	December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Short-term investments
U.S. treasury securities	$	239,297	$	970	$	(11)	$	240,256
U.S. agency securities	15,000		—		(7)		14,993
Asset-backed securities	10,438		62		—		10,500
Corporate debt securities	2,981		—		(6)		2,975
Total short-term investments	$	267,716	$	1,032	$	(24)	$	268,724

The Company had twenty-four and four separate short-term investments in unrealized loss positions as of June 30, 2024 and December 31, 2023, respectively. The Company does not intend to sell any short-term investments that have unrealized losses as of June 30, 2024, nor anticipates that it is more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis.

There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive income for the three and six months ended June 30, 2024 and 2023, respectively. For short-term investments that have unrealized losses, the Company evaluated whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments, there were no material credit or non-credit related impairments as of June 30, 2024.

The following table summarizes the stated maturities of the Company’s short-term investments:

	June 30, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	139,649	$	139,436	$	90,438	$	90,533
Due after one year through four years	89,890		89,397		177,278		178,191
Total	$	229,539	$	228,833	$	267,716	$	268,724