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Marketable Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities 4. Marketable Securities

Marketable securities, which are classified as available-for-sale, consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):

 

 

 

Amortized Cost Basis

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value as of June 30, 2024

 

Short-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

$

69,674

 

 

$

21

 

 

$

(18

)

 

$

69,677

 

Commercial paper

 

 

95,009

 

 

 

8

 

 

 

(68

)

 

 

94,949

 

Corporate bonds

 

 

169,491

 

 

 

10

 

 

 

(212

)

 

 

169,289

 

U.S. Treasuries

 

 

18,977

 

 

 

—

 

 

 

(7

)

 

 

18,970

 

Total short-term marketable securities

 

$

353,151

 

 

$

39

 

 

$

(305

)

 

$

352,885

 

Long-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

1,275

 

 

$

—

 

 

$

(4

)

 

$

1,271

 

Corporate bonds

 

 

34,466

 

 

 

20

 

 

 

(42

)

 

 

34,444

 

Total long-term marketable securities

 

$

35,741

 

 

$

20

 

 

$

(46

)

 

$

35,715

 

 

 

 

Amortized Cost Basis

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value as of December 31, 2023

 

Short-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

17,603

 

 

$

1

 

 

$

(26

)

 

$

17,578

 

Corporate bonds

 

 

18,641

 

 

 

12

 

 

 

(3

)

 

 

18,650

 

U.S. government sponsored agencies

 

 

2,900

 

 

 

—

 

 

 

(4

)

 

 

2,896

 

Total short-term marketable securities

 

$

39,144

 

 

$

13

 

 

$

(33

)

 

$

39,124

 

Long-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

661

 

 

$

4

 

 

$

—

 

 

$

665

 

Corporate bonds

 

 

10,257

 

 

 

32

 

 

 

—

 

 

 

10,289

 

Total long-term marketable securities

 

$

10,918

 

 

$

36

 

 

$

—

 

 

$

10,954

 

 

All marketable securities held as of June 30, 2024 had contractual maturities of less than two years. There have been no material realized gains or losses on marketable securities for the periods presented.

Aggregate fair values of marketable securities with unrealized losses and gains were as follows as of June 30, 2024 and December 31, 2023 (in thousands):

 

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Aggregate fair value of marketable securities in a continuous loss position for less than twelve months

 

$

304,777

 

 

$

20,494

 

Aggregate fair value of marketable securities in a continuous loss position for more than twelve months

 

 

—

 

 

 

4,986

 

Aggregate fair value of marketable securities in unrealized gain position

 

 

83,823

 

 

 

24,598

 

Total marketable securities

 

$

388,600

 

 

$

50,078

 

The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities for any period presented. The Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. The Company further considered the maximum unrealized loss amounts both at the individual instrument level, $13 thousand, as well as in aggregate, $350 thousand, as of June 30, 2024, as immaterial. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit losses. The Company anticipates that it will recover the entire amortized cost basis of such securities, and therefore, no credit loss existed as of June 30, 2024.