Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Estimated Fair Value of Cash Equivalents and Marketable Securities and the Gross Unrealized Gains and Losses

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 bonds	31,797		—		(85)		31,712
U.S. government treasury securities	137,061		65		(269)		136,857
U.S. government agency securities	92,741		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 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

Available-for-Sale Securities in an Unrealized Loss Position

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 bonds	31,712		(85)		—		—		31,712		(85)
U.S. government treasury securities	93,432		(269)		—		—		93,432		(269)
U.S. government agency securities	83,933		(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 securities	4,831		—		—		—		4,831		—
Total marketable securities	$	14,738	$	(1)	$	—	$	—	$	14,738	$	(1)

Contractual Maturities of Marketable Securities at Estimated Fair Value

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 years	110,052		34,600
Total marketable securities	$	380,851	$	150,384