Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The following is a summary of the Company's marketable securities at December 31, 2023 and December 31, 2022 (in thousands).

	As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	235,500	$	127	$	(41)	$	235,586
Corporate debt securities	25,466		—		(29)		25,437
Total securities with a maturity of one year or less	$	260,966	$	127	$	(70)	$	261,023
U.S. government agency securities and treasuries	15,537		45		—		15,582
Corporate debt securities	7,669		93		—		7,762
Total securities with a maturity of greater than one year	$	23,206	$	138	$	—	$	23,344
Total available-for-sale securities	$	284,172	$	265	$	(70)	$	284,367

	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	100,555	$	—	$	(1,159)	$	99,396
Corporate debt securities	41,615		—		(774)		40,841
Total securities with a maturity of one year or less	$	142,170	$	—	$	(1,933)	$	140,237
U.S. government agency securities and treasuries	—		—		—		—
Corporate debt securities	3,442		—		(124)		3,318
Total securities with a maturity of greater than one year	$	3,442	$	—	$	(124)	$	3,318
Total available-for-sale securities	$	145,612	$	—	$	(2,057)	$	143,555

As of December 31, 2023, the Company had 20 marketable securities with a total fair market value of $101.7 million in an unrealized loss position. As of December 31, 2022, the Company had 32 marketable securities with a total fair market value of $143.6 million in an unrealized loss position.

The Company believes that any unrealized losses associated with the decline in value of its securities are temporary and primarily related to the change in market interest rates since purchase. The Company believes that it is more likely than not that it will be able to hold its debt securities to maturity and that there was no material change in the credit risk of the above instruments since January 1, 2023. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and no allowance for credit losses was recognized.

As of December 31, 2023 and December 31, 2022, $1.7 million and $0.6 million, respectively, of accrued interest receivable was included in prepaid expenses and other current assets.