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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Gross Unrealized Gains and Losses and credit losses

The following tables summarize the fair value and amortized cost of the Company’s available-for-sale securities by major security type including gross unrealized gains and losses and credit losses as of March 31, 2024 and December 31, 2023:

 

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Credit Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

136,948

 

 

$

16

 

 

$

(239

)

 

$

—

 

 

$

136,725

 

U.S. corporate bonds

 

 

182,247

 

 

 

42

 

 

 

(340

)

 

 

—

 

 

 

181,949

 

International corporate bonds

 

 

83,974

 

 

 

23

 

 

 

(136

)

 

 

—

 

 

 

83,861

 

U.S. commercial paper

 

 

30,349

 

 

 

9

 

 

 

(1

)

 

 

—

 

 

 

30,357

 

International commercial paper

 

 

45,064

 

 

 

2

 

 

 

(7

)

 

 

—

 

 

 

45,059

 

U.S. certificates of deposit

 

 

1,303

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,303

 

U.S. municipal securities

 

 

65,262

 

 

 

—

 

 

 

(156

)

 

 

—

 

 

 

65,106

 

 

 

$

545,147

 

 

$

92

 

 

$

(879

)

 

$

—

 

 

$

544,360

 

 

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Credit Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

167,165

 

 

$

107

 

 

$

(347

)

 

$

—

 

 

$

166,925

 

U.S. corporate bonds

 

 

210,491

 

 

 

191

 

 

 

(484

)

 

 

—

 

 

 

210,198

 

International corporate bonds

 

 

97,698

 

 

 

99

 

 

 

(122

)

 

 

—

 

 

 

97,675

 

U.S. commercial paper

 

 

23,360

 

 

 

11

 

 

 

(1

)

 

 

—

 

 

 

23,370

 

International commercial paper

 

 

46,935

 

 

 

3

 

 

 

(38

)

 

 

—

 

 

 

46,900

 

U.S. certificates of deposit

 

 

8,830

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,830

 

U.S. municipal securities

 

 

128,527

 

 

 

26

 

 

 

(259

)

 

 

—

 

 

 

128,294

 

 

 

$

683,006

 

 

$

437

 

 

$

(1,251

)

 

$

—

 

 

$

682,192

 
Summary of Fair Value And Unrealized Losses of Marketable Securities In Loss Position

The following tables summarize the fair value and the unrealized losses of the Company’s marketable securities that have been in a loss position for either less than twelve months or greater than twelve months as of March 31, 2024 and December 31, 2023:

 

 

 

March 31, 2024

 

 

 

Less than 12 months

 

 

Greater than 12 months

 

 

Total

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

 

(in thousands)

 

U.S. government securities

 

$

100,615

 

 

$

(141

)

 

$

21,462

 

 

$

(98

)

 

$

122,077

 

 

$

(239

)

U.S. corporate bonds

 

 

115,218

 

 

 

(283

)

 

 

15,430

 

 

 

(57

)

 

 

130,648

 

 

 

(340

)

International corporate bonds

 

 

42,335

 

 

 

(114

)

 

 

5,718

 

 

 

(22

)

 

 

48,053

 

 

 

(136

)

U.S. commercial paper

 

 

4,914

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

4,914

 

 

 

(1

)

International commercial paper

 

 

18,766

 

 

 

(7

)

 

 

—

 

 

 

—

 

 

 

18,766

 

 

 

(7

)

U.S. municipal securities

 

 

50,157

 

 

 

(104

)

 

 

14,948

 

 

 

(52

)

 

 

65,105

 

 

 

(156

)

 

$

332,005

 

 

$

(650

)

 

$

57,558

 

 

$

(229

)

 

$

389,563

 

 

$

(879

)

 

 

 

December 31, 2023

 

 

 

Less than 12 months

 

 

Greater than 12 months

 

 

Total

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

 

(in thousands)

 

U.S. government securities

 

$

52,521

 

 

$

(96

)

 

$

41,911

 

 

$

(251

)

 

$

94,432

 

 

$

(347

)

U.S. corporate bonds

 

 

111,901

 

 

 

(246

)

 

 

43,851

 

 

 

(238

)

 

 

155,752

 

 

 

(484

)

International corporate bonds

 

 

43,708

 

 

 

(87

)

 

 

6,014

 

 

 

(35

)

 

 

49,722

 

 

 

(122

)

U.S. commercial paper

 

 

7,848

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

7,848

 

 

 

(1

)

International commercial paper

 

 

37,300

 

 

 

(38

)

 

 

—

 

 

 

—

 

 

 

37,300

 

 

 

(38

)

U.S. municipal securities

 

 

90,095

 

 

 

(143

)

 

 

31,345

 

 

 

(116

)

 

 

121,440

 

 

 

(259

)

 

$

343,373

 

 

$

(611

)

 

$

123,121

 

 

$

(640

)

 

$

466,494

 

 

$

(1,251

)