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Cash Equivalents and Marketable Securities
 6 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities 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):
June 30, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$43,377 $— $— $43,377 
Total cash equivalents$43,377 $— $— $43,377 
Marketable securities:
Commercial paper$119,844 $3 $(131)$119,716 
Corporate bonds31,797 — (85)31,712 
U.S. government treasury securities137,061 65 (269)136,857 
U.S. government agency securities92,741 13 (188)92,566 
Total marketable securities$381,443 $81 $(673)$380,851 
December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$150,648 $— $— $150,648 
Commercial paper24,950 5 — 24,955 
U.S. government treasury securities10,965 1 — 10,966 
Total cash equivalents$186,563 $6 $— $186,569 
 
Marketable securities:
Commercial paper$79,124 $62 $— $79,186 
Corporate bonds32,984 81 (1)33,064 
U.S. government treasury securities21,846 31 — 21,877 
U.S. government agency securities16,147 110 — 16,257 
Total marketable securities$150,101 $284 $(1)$150,384 
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 June 30, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:
June 30, 2024
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Commercial paper$100,124 $(131)$— $— $100,124 $(131)
Corporate bonds31,712 (85)— — 31,712 (85)
U.S. government treasury securities93,432 (269)— — 93,432 (269)
U.S. government agency securities83,933 (188)— — 83,933 (188)
Total marketable securities$309,201 $(673)$— $— $309,201 $(673)
December 31, 2023
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Corporate bonds$9,907 $(1)$— $— $9,907 $(1)
U.S. government treasury securities4,831 — — — 4,831 — 
Total marketable securities$14,738 $(1)$— $— $14,738 $(1)
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 it will be required to sell the securities before recovery of the unamortized cost basis. As of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023.
The financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash deposits. Accounts at each of our two U.S. banking institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor. As of June 30, 2024 and December 31, 2023, cash deposits at the Company's U.S. banking institutions exceeded the FDIC limits. Uninsured foreign cash deposits were immaterial for both periods.
There were no realized gains or losses on marketable securities for the three and six months ended June 30, 2024 and 2023. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities as of June 30, 2024 and December 31, 2023, was $1.8 million and $0.9 million, respectively.
The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
June 30,
2024		December 31,
2023
Due in one year or less$270,799 $115,784 
Due in 1 - 2 years110,052 34,600 
Total marketable securities$380,851 $150,384 
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.