Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurements at June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	32,041	$	—	$	—		$	32,041
U.S. Treasury securities		54,663		—		(2	)		54,661
Total cash equivalents		86,704		—		(2	)		86,702
Marketable securities:
U.S. Treasury securities		25,242		—		(7	)		25,235
Government agency securities		14,925		—		(22	)		14,903
Commercial paper		4,459		—		(5	)		4,454
Corporate bonds		142,814		2		(332	)		142,484
Total marketable securities		187,440		2		(366	)		187,076
Total cash equivalents and marketable securities	$	274,144	$	2	$	(368	)	$	273,778

	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

There were no sales of marketable securities during the three and six months ended June 30, 2024. As of June 30, 2024, the Company held 57 debt securities that were in an unrealized loss position for less than 12 months with an aggregate fair value of $159.0 million. As of June 30, 2024, the Company held 7 debt securities that were in an unrealized loss position for greater than 12 months with an aggregate fair value of $18.9 million. As of June 30, 2024, the aggregate fair value of marketable securities with a remaining contractual maturity of greater than one year was $3.1 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 three and six months ended June 30, 2024.