Marketable Securities and Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Marketable Securities and Fair Value Measurements

Marketable Securities and Fair Value Measurements

3. Marketable Securities and Fair Value Measurements

The following tables present our marketable securities by security type:

	As of September 30, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
U.S. treasury securities	$	177,836	$	319	$	—	$	178,155

	As of December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(in thousands)	Cost		Gains		Losses		Value
U.S. treasury securities	$	197,644	$	274	$	—	$	197,918

The following table summarizes our marketable securities by contractual maturity as of September 30, 2024:

	As of September 30, 2024
	Amortized		Fair
(in thousands)	Cost		Value
Less than one year	$	162,932	$	163,113
Greater than one year but less than two years		14,904		15,042
Total	$	177,836	$	178,155

Our marketable securities as of December 31, 2023 consisted of investments that mature within one year of their purchase date.

We assess our available-for-sale securities under the available-for-sale security impairment model in ASC 326, “Financial Instruments - Credit Losses”, or ASC 326, as of each reporting date in order to determine if a portion of any decline in fair value below carrying value recognized on our available-for-sale securities is the result of a credit loss. We also evaluate our available-for-sale securities for impairment using a variety of factors including our intent to sell the underlying securities prior to maturity and whether it is more likely than not that we would be required to sell the securities before the recovery of their amortized basis. During the nine months ended September 30, 2024 and 2023, we did not recognize any impairment or realized gains or losses on sales of available-for-sale securities, and we did not record an allowance for, or recognize, any expected credit losses.

The following tables present our assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques that we utilized to determine such fair value:

	Fair Value Measurements at September 30, 2024 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	5,460	$	—	$	—	$	5,460
Marketable securities:
U.S. treasury securities		—		178,155		—		178,155
Totals	$	5,460	$	178,155	$	—	$	183,615

	Fair Value Measurements at December 31, 2023 Using:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	38,210	$	—	$	—	$	38,210
Marketable securities:
U.S. treasury securities		—		197,918		—		197,918
Totals	$	38,210	$	197,918	$	—	$	236,128