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Cash and Cash Equivalents and Marketable Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Cash and Cash Equivalents and Marketable Securities

3. Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents and marketable securities were comprised of the following:

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

 

(in thousands)

 

As of June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 Cash

 

$

44,565

 

 

$

—

 

 

$

—

 

 

$

44,565

 

 Money market funds

 

 

35,255

 

 

 

—

 

 

 

—

 

 

 

35,255

 

 Total cash and cash equivalents:

 

$

79,820

 

 

$

—

 

 

$

—

 

 

$

79,820

 

 Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 Commercial paper

 

$

109,240

 

 

$

5

 

 

$

(106

)

 

$

109,139

 

 Corporate debt securities

 

 

19,198

 

 

 

—

 

 

 

(34

)

 

 

19,164

 

 Total marketable securities

 

$

128,438

 

 

$

5

 

 

$

(140

)

 

$

128,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 Cash

 

$

44,462

 

 

$

—

 

 

$

—

 

 

$

44,462

 

 Money market funds

 

 

36,991

 

 

 

—

 

 

 

—

 

 

 

36,991

 

 Commercial paper

 

 

29,811

 

 

 

4

 

 

 

—

 

 

 

29,815

 

 Total cash and cash equivalents:

 

$

111,264

 

 

$

4

 

 

$

—

 

 

$

111,268

 

 Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 U.S. Treasury and government-sponsored enterprises

 

$

22,434

 

 

$

—

 

 

$

(25

)

 

$

22,409

 

 Commercial paper

 

 

89,901

 

 

 

60

 

 

 

(11

)

 

 

89,950

 

 Total marketable securities

 

$

112,335

 

 

$

60

 

 

$

(36

)

 

$

112,359

 

Interest receivable was $0.4 million and $0.4 million as of June 30, 2024 and December 31, 2023, respectively, and is included in other current receivables.

The Company held available-for-sale marketable securities with an aggregate fair value of $103.5 million and $58.6 million that were in an immaterial, unrealized loss position as of June 30, 2024 and December 31, 2023, respectively, as shown in the table above. These marketable securities have been in an unrealized loss position for less than twelve months. The unrealized losses as of June 30, 2024 and December 31, 2023, were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. The Company does not intend to sell these securities and it is more likely than not that it will hold these investments for a period of time sufficient to recover the amortized cost. As a result, the Company did not record an allowance for credit losses or other impairment charges for its marketable securities for the six months ended June 30, 2024 and 2023.

The Company recognized a net unrealized loss of nil and $0.2 million in other comprehensive (loss) income in the three months ended June 30, 2024 and 2023, respectively, and a net unrealized loss of $0.2 million and nil in the six months ended June 30, 2024 and 2023, respectively, in relation to its cash and cash equivalents and marketable securities.

The maturities of the Company’s marketable securities as of June 30, 2024 and December 31, 2023 are less than one year.