Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The fair value and amortized cost of available-for-sale securities by major security type as of December 31, 2023 and December 31, 2022 were as follows (in thousands):


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	36,009	$	—	$	—	$	36,009
Certificates of deposit	735		—		(2)		733
Corporate bonds	3,662		—		—		3,662
U.S. treasury securities	126,345		74		(53)		126,366
Total cash equivalents and investments	$	166,751	$	74	$	(55)	$	166,770


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	49,003	$	—	$	—	$	49,003
Certificates of deposit	490		—		—		490
Commercial paper	1,667		—		—		1,667
Corporate bonds	30,683		3		(29)		30,657
U.S. agency	13,024		—		(24)		13,000
U.S. treasury securities	139,476		5		(747)		138,734
Total cash equivalents and investments	$	234,343	$	8	$	(800)	$	233,551

These available-for-sale debt securities were classified on the Company’s balance sheets as of December 31, 2023 and December 31, 2022 as (in thousands):


	Fair Value
	December 31,
	2023		2022
Cash equivalents	$	56,110	$	61,577
Short-term investments	108,671		162,212
Long-term investments	1,989		9,762
Total cash equivalents and investments	$	166,770	$	233,551

The fair values of available-for-sale securities by contractual maturity as of December 31, 2023 were as follows (in thousands):


	December 31, 2023
Due in 1 year or less	$	128,772
Due in 1 to 2 years	1,989
Total	$	130,761

As of December 31, 2023 and December 31, 2022, there have been no significant realized losses on available-for-sale securities for any of the periods presented in the accompanying financial statements. Unrealized losses on available-for-sale securities are not attributed to credit risk for any of the periods presented. The Company believes that it is more likely than not that investments in an unrealized loss position will be held until maturity and all interest and principal will be received. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors. To date, the Company has not recorded any impairment charges on available-for-sale securities.