Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

The following are summaries of the Company's marketable securities at September 30, 2024 and December 31, 2023 (in thousands).


September 30, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	248,221	$	490	$	—	$	248,711
Corporate debt securities	61,007		210		(8)		61,209
Total securities with a maturity of one year or less	$	309,228	$	700	$	(8)	$	309,920

U.S. government agency securities and treasuries	50,497		157		—		50,654
Corporate debt securities	10,598		123		—		10,721
Total securities with a maturity of more than one year	$	61,095	$	280	$	—	$	61,375
Total available-for-sale securities	$	370,323	$	980	$	(8)	$	371,295


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 more than one year	$	23,206	$	138	$	—	$	23,344
Total available-for-sale securities	$	284,172	$	265	$	(70)	$	284,367

As of September 30, 2024, the Company had 2 marketable securities with a total fair market value of $8.8 million in an unrealized loss position. All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and therefore classifies all securities as available for sale.

The Company believes that any unrealized losses associated with the decline in value of its securities are temporary and 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, 2024. 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 September 30, 2024 and December 31, 2023, $1.2 million and $1.7 million, respectively, of accrued interest receivable was included in prepaid expenses and other current assets.