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Financial Instruments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Financial Instruments
The following is a summary of available-for-sale financial instruments, as of March 31, 2024 and December 31, 2023, respectively (in thousands):
March 31, 2024
Amortized CostUnrealized Gain
Unrealized Losses
Fair Value
Marketable securities:
Corporate securities (1)
$110,948 $1 $(681)$110,268 
U.S. treasury and agency securities21,442 3 (82)21,363 
Total Marketable securities$132,390 $4 $(763)$131,631 
(1)Comprised primarily of corporate bonds
December 31, 2023
Amortized CostUnrealized Gain
Unrealized Losses
Fair Value
Cash equivalents:
Corporate securities (1)
$1,213 $— $(1)$1,212 
Total cash equivalents1,213 — (1)1,212 
Marketable securities:
Corporate securities (1)
$199,084 $115 $(819)$198,380 
U.S. treasury and agency securities30,404 25 (48)30,381 
Total Marketable securities$229,488 $140 $(867)$228,761 
(1)Comprised primarily of corporate bonds and commercial paper
As of March 31, 2024, the fair values of available-for-sale financial instruments, by remaining contractual maturity, were as follows (in thousands):
Due within one year$94,440 
Due in one to five years37,191 
Total$131,631 
The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.
The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gain and losses on marketable securities are presented net of tax.