Short-term Investments

9 Months Ended

Sep. 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:

	September 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Short-term Investments
U.S. treasury securities	$	205,922	$	1,101	$	—	$	207,023
Asset-backed securities	10,443		103		—		10,546
Total short-term investments	$	216,365	$	1,204	$	—	$	217,569

	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 did not have any short-term investments in unrealized loss positions as of September 30, 2024. The Company had four separate short-term investments in unrealized loss positions as of December 31, 2023. Generally, the Company does not intend to sell any short-term investments that have unrealized losses, 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 nine months ended September 30, 2024. There were an immaterial amount of realized gains and losses from short-term investments that were reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2023. 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 September 30, 2024.

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

	September 30, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	134,285	$	134,685	$	90,438	$	90,533
Due after one year through four years	82,080		82,884		177,278		178,191
Total	$	216,365	$	217,569	$	267,716	$	268,724