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Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities
4. Cash Equivalents and Marketable Securities
The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):
 
    
December 31, 2023
  
    
Amortized

Cost
     
Gross

Unrealized

Gains
     
Gross

Unrealized

Losses
     
Estimated

Fair Value
  
Cash equivalents:
            
Money market funds
   
$
150,648
     
$
— 
     
$
— 
     
$
150,648
  
Commercial paper
     
24,950
       
5
       
— 
       
24,955
  
U.S. government treasury securities
     
10,965
       
1
       
— 
       
10,966
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
     
186,563
       
6
       
— 
       
186,569
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Marketable securities:
            
Commercial paper
     
79,124
       
62
       
— 
       
79,186
  
Corporate bonds
     
32,984
       
81
       
(1
) 
     
33,064
  
U.S. government treasury securities
     
21,846
       
31
       
— 
       
21,877
  
U.S. government agency securities
     
16,147
       
110
       
— 
       
16,257
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total marketable securities
   
$
150,101
     
$
284
     
$
(1
) 
   
$
150,384
  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
December 31, 2022
  
    
Amortized

Cost
     
Gross

Unrealized

Gains
     
Gross

Unrealized

Losses
     
Estimated

Fair Value
  
Cash equivalents:
                    
Money market funds
   
$
15,250
     
$
— 
     
$
— 
     
$
15,250
  
Commercial paper
     
7,021
       
1
       
(2
) 
     
7,020
  
U.S. government agency securities
     
3,736
       
— 
       
(1
) 
     
3,735
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
   
$
26,007
     
$
1
     
$
(3
) 
   
$
26,005
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Marketable securities:
            
Commercial paper
   
$
16,644
     
$
2
     
$
(25
) 
   
$
16,621
  
Corporate bonds
     
3,738
       
— 
       
(6
) 
     
3,732
  
U.S. government agency securities
     
495
       
— 
       
— 
       
495
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total marketable securities
   
$
 20,877
     
$
2
     
$
(31
) 
   
$
 20,848
  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
The following table summarizes the
available-for-sale
securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023 and 2022, aggregated by major security type and length of time in a continuous unrealized loss position:
 
    
December 31, 2023
  
    
Less Than 12 Months
    
12 Months or Longer
     
Total
  
    
Fair Value
     
Unrealized

Losses
    
Fair Value
     
Unrealized

Losses
     
Fair Value
     
Unrealized

Losses
  
Commercial paper
   
$
— 
     
$
— 
    
$
— 
     
$
— 
     
$
— 
     
$
— 
  
Corporate bonds
     
9,907
       
(1
) 
    
— 
       
— 
       
9,907
       
(1
) 
U.S. government treasury securities
     
4,831
       
— 
      
— 
       
— 
       
4,831
       
— 
  
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total marketable securities
   
$
14,738
     
$
(1
) 
  
$
— 
     
$
— 
     
$
14,738
     
$
(1
) 
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
 
    
December 31, 2022
  
    
Less Than 12 Months
    
12 Months or Longer
     
Total
  
    
Fair Value
     
Unrealized

Losses
    
Fair Value
     
Unrealized

Losses
     
Fair Value
     
Unrealized

Losses
  
Commercial paper
   
$
17,699
     
$
(27
) 
  
$
— 
     
$
— 
     
$
17,699
     
$
(27
) 
Corporate bonds
     
3,732
       
(6
) 
    
— 
       
— 
       
3,732
       
(6
) 
U.S. government agency securities
     
3,735
       
(1
) 
    
— 
       
— 
       
3,735
       
(1
) 
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total marketable securities
   
$
25,166
     
$
(34
) 
  
$
— 
     
$
— 
     
$
25,166
     
$
(34
) 
  
 
 
     
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. As of December 31, 2023 and 2022, an allowance for credit losses had
not
been recognized. Given the Company’s intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of December 31, 2023 and 2022.
There were $0.3 million unrealized gains on marketable securities for the year ended December 31, 2023. There were no realized gains on marketable securities for the year ended December 31, 2023, 2022 and 2021. Interest on marketable securities is included in interest income. Accrued interest receivable on
available-for-sale
debt
securities
totaled $0.9 million and $0.1 million as of December 31, 2023 and 2022, respectively, and is excluded from the estimate of credit losses.
The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
 
    
December 31,
  
    
2023
     
2022
  
Due in one year or less
   
$
115,784
     
$
20,848
  
Due in 1 – 2 years
     
34,600
       
— 
  
  
 
 
     
 
 
  
Total marketable securities
   
$
150,384
     
$
20,848
  
  
 
 
     
 
 
  
The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets.