Investments in Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investments Classified As Available-For-Sale Securities

Investments classified as available-for-sale as of September 30, 2024 consisted of the following (in thousands):

As of September 30, 2024	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Aggregate Estimated Fair Value
Commercial paper (2)	$	14,550	$	—	$	—		$	14,550
Corporate debt securities (2)		690,756		1,954		(138	)		692,572
Government debt securities (2)		172,810		241		(80	)		172,971
	$	878,116	$	2,195	$	(218	)	$	880,093

(1)Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At September 30, 2024, there were 270 securities in an unrealized gain position and there were 58 securities in an unrealized loss position. The unrealized gains were less than $100,000 individually and $2.2 million in the aggregate. The unrealized losses were less than $42,000 individually and $218,000 in the aggregate. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)At September 30, 2024, none of these securities were classified as cash and cash equivalents on the Company’s consolidated balance sheet, and $189.8 million of the corporate debt securities were scheduled to mature outside of one year at the time of purchase.

Investments classified as available-for-sale as of December 31, 2023 consisted of the following (in thousands):

As of December 31, 2023	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Aggregate Estimated Fair Value
Commercial paper (2)	$	24,226	$	—	$	—		$	24,226
Corporate debt securities (2)		168,564		148		(128	)		168,584
Government debt securities (2)		113,871		8		(126	)		113,753
	$	306,661	$	156	$	(254	)	$	306,563

(2)At December 31, 2023, none of these securities were classified as cash and cash equivalents on the Company’s consolidated balance sheet and none of the corporate debt securities were scheduled to mature outside of one year at the time of purchase.