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.