Available-for-Sale Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Securities

4. Available-for-Sale Securities

The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s condensed consolidated balance sheets (in thousands):

	June 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
U.S. Treasury money market funds	$	28,158	$	—	$	—		$	28,158
Marketable securities:
Certificate of deposit		533		—		—			533
U.S. Treasury securities		51,926		—		(37	)		51,889
Commercial paper		65,572		3		(81	)		65,494
Corporate debt securities		10,994		1		(5	)		10,990
U.S. government agency bonds		7,005		—		(5	)		7,000
Total	$	164,188	$	4	$	(128	)	$	164,064
Cash									118
Total cash, cash equivalent and marketable securities								$	164,182

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
U.S. Treasury money market funds	$	35,349	$	—	$	—		$	35,349
Marketable securities:
Certificate of deposit		544		—		—			544
U.S. Treasury securities		54,066		151		(42	)		54,175
Commercial paper		65,038		41		(9	)		65,070
U.S. government agency bonds		46,115		27		(52	)		46,090
Total	$	201,112	$	219	$	(103	)	$	201,228
Cash									144
Total cash, cash equivalent and marketable securities								$	201,372

The Company has not recognized an allowance for credit losses on any securities in an unrealized loss position as of June 30, 2024 and December 31, 2023.

The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024
	Less than 12 consecutive months
	Fair Value		Unrealized Losses
U.S. Treasury securities	$	48,463	$	(37	)
Commercial paper		47,574		(81	)
Corporate debt securities		7,814		(5	)
U.S. government agency bonds		7,000		(5	)
Total	$	110,851	$	(128	)

	December 31, 2023
	Less than 12 consecutive months
	Fair Value		Unrealized Losses
U.S. Treasury securities	$	16,261	$	(42	)
Commercial paper		20,789		(9	)
U.S. government agency bonds		39,052		(52	)
Total	$	76,102	$	(103	)

The Company believes that the individual unrealized losses represent temporary declines primarily resulting from interest rate changes and intends to hold these marketable securities to their maturities.

The Company currently does not intend to sell these securities prior to maturity, and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. The Company evaluated securities with unrealized losses to determine whether such losses, if any, were due to credit-related factors and determined that there were no credit-related losses to be recognized as of June 30, 2024. There were no sales of available-for-sale securities in any of the periods presented.

As of June 30, 2024, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands):

	Amortized		Estimated
Available-for-sale securities maturing in:	Cost		Fair Value
One year or less	$	164,188	$	164,064
Total available-for-sale securities	$	164,188	$	164,064