Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The amortized cost and estimated fair value of marketable securities, by contractual maturity are as follows:

	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
Maturing in one year or less
U.S. Treasury Bill	$	8,806	$	6	$	—		$	8,812
U.S. Treasuries		97,086		12		(95	)		97,003
Total	$	105,892	$	18	$	(95	)	$	105,815

	December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
Maturing in one year or less
Corporate Bonds	$	5,001	$	—	$	(56	)	$	4,945
U.S. Treasuries		116,432		—		(617	)		115,815
Maturing after one year through five years
U.S. Treasuries		51,876		—		(97	)		51,779
Total	$	173,309	$	—	$	(770	)	$	172,539

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:

	December 31, 2023
	Greater than twelve months					Total
(in thousands)	Fair value		Unrealized loss			Fair value		Unrealized loss
U.S. Treasuries	$	53,447	$	(95	)	$	53,447	$	(95	)
Total	$	53,447	$	(95	)	$	53,447	$	(95	)

	December 31, 2022
	Greater than twelve months					Total
(in thousands)	Fair value		Unrealized loss			Fair value		Unrealized loss
Corporate Bonds	$	4,945	$	(57	)	$	4,945	$	(57	)
U.S. Treasuries		162,601		(713	)		162,601		(713	)
Total	$	167,546	$	(770	)	$	167,546	$	(770	)

The Company holds investment grade marketable securities considered to be in an unrealized loss position. Although these marketable securities are held at an unrealized loss position at December 31, 2023, the Company does not intend to sell the marketable securities prior to the value of the securities being recovered and the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. Further, the Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods ended December 31, 2023 and December 31, 2022.