Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following as of December 31, 2023 and December 31, 2022 (in thousands):

	Fair Value Measurements at December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	25,563	$	—	$	—		$	25,563
Total cash equivalents		25,563		—		—			25,563
Marketable securities:
U.S. Treasury securities		14,229		10		(24	)		14,215
Government agency securities		65,182		23		(98	)		65,107
Commercial paper		17,891		8		(10	)		17,889
Corporate bonds		113,492		90		(135	)		113,447
Total marketable securities		210,794		131		(267	)		210,658
Total cash equivalents and marketable securities	$	236,357	$	131	$	(267	)	$	236,221

	Fair Value Measurements at December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	25,174	$	—	$	—		$	25,174
Commercial paper		9,928		—		(4	)		9,924
Total cash equivalents		35,102		—		(4	)		35,098
Marketable securities:
U.S. Treasury securities		10,267		—		(36	)		10,231
Government agency securities		12,493		—		(49	)		12,444
Commercial paper		48,661		—		(185	)		48,476
Corporate bonds		97,195		3		(526	)		96,672
Total marketable securities		168,616		3		(796	)		167,823
Total cash equivalents and marketable securities	$	203,718	$	3	$	(800	)	$	202,921

There were no sales of marketable securities during the year ended December 31, 2023. As of December 31, 2023, the held 46 debt securities that were in an unrealized loss position for less than 12 months with an aggregate fair value of $130.2 million. As of December 31, 2023, the Company held 18 debt securities that were in an unrealized loss position for greater than 12 months with an aggregate fair value of $33.8 million. As of December 31, 2023, the aggregate fair value of marketable securities with a remaining contractual maturity of greater than one year was $25.1 million.

The Company has the intent and ability to hold its debt securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the year ended December 31, 2023.