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Cash, Cash Equivalents, and Investments
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Investments Cash, Cash Equivalents, and Investments
The Company considers all highly liquid instruments purchased with an original maturity date of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and amounts held in interest-bearing money market funds. Cash equivalents are carried at cost, which approximates their fair market value. Investments not classified as cash equivalents are presented as either short-term or long-term investments based on both their stated maturities as well as the time period the Company intends to hold such securities. The Company determines the appropriate classification of investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company adjusts the cost of investments for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion in interest income in the consolidated statements of operations and comprehensive income (loss).
When the Company holds debt investments classified as available-for-sale pursuant to ASC 320, Investments — Debt Securities (“ASC 320”), it records available-for-sale securities at fair value, with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity (deficit). The Company has classified its investments with maturities beyond one year as short term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company includes interest and dividends on securities classified as available-for-sale in interest income in the consolidated statements of operations and comprehensive income (loss). Realized gains and losses are recorded in the consolidated statements of operations and comprehensive income (loss) based on the specific-identification method. There were no material realized gains or losses on investments for the years ended December 31, 2023 or 2022. As of December 31, 2023 and 2022, the aggregate fair value of investments held by the Company in an unrealized loss position for less than twelve months was $89,381 and $137,816, respectively. The Company did not hold any investments in an unrealized loss position for greater than twelve months as of December 31, 2023 and December 31, 2022, respectively.
On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815 Derivatives and Hedging and Topic 825, Financial Instruments. Under these standards, the Company reviews available-for-sale securities for impairment whenever the fair value of
the security is less than its amortized cost. If impairment exists and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will write down the amortized cost basis to its fair value at the reporting date, recognizing the difference as a loss within other income, net in the consolidated statements of operations. If the Company does not intend to sell the security nor is it more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will determine if any portion of the unrealized loss on the security is due to credit loss. If the impairment is entirely or partially due to credit loss, the Company will measure the credit loss up to the amount of the difference between fair value and amortized cost, and recognize an allowance for credit losses along with the related charge against earnings as a loss within other income, net in the consolidated statements of operations. The remaining impairment amount due to all other factors is recognized in accumulated other comprehensive loss in the consolidated balance sheets. Subsequent changes to the Company’s estimate of credit losses will be recorded as adjustments to the allowance for credit losses and net (income) loss. For the year ended December 31, 2023, the Company determined that no impairments were required to be recognized in the consolidated statements of operations.
The following is a summary of cash, cash equivalents and investments as of December 31, 2023 and December 31, 2022:
Amortized
 Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
December 31, 2023:
Cash and cash equivalents$58,848 $— $— $58,848 
Investments:
     U.S. treasury securities179,843 265 (387)179,721 
          Total investments179,843 265 (387)179,721 
               Total cash, cash equivalents, and investments$238,691 $265 $(387)$238,569 
Amortized
 Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
December 31, 2022:
Cash and cash equivalents$79,765 $— $— $79,765 
Investments:
     U.S. treasury securities153,604 5 (108)153,501 
     Corporate securities4,295 — (22)4,273 
          Total investments157,899 5 (130)157,774 
               Total cash, cash equivalents, and investments$237,664 $5 $(130)$237,539 
The Company considered the extent to which any unrealized losses on its marketable securities were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that the Company would have to sell the security before the recovery of the amortized cost basis. At December 31, 2023 and 2022, the unrealized losses related to its marketable securities were due to rising market interest rates compared to when the investments were initiated. The Company does not believe the unrealized losses represent credit risk, and the Company does not intend to sell any of the securities in an unrealized loss position and it is not likely that the Company would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. Thus, no credit loss
was recognized for the Company's marketable securities for the years ended December 31, 2023 and 2022.
As of December 31, 2023, the Company held $97.7 million in U.S. treasury securities with maturities within one year and $82.0 million in U.S. treasury securities with maturities after one year and within three years.
Restricted Cash
As of December 31, 2021, restricted cash was $176 and related to cash held at a separate financial institution in an interest-bearing cash account as collateral for a letter of credit related to the contractual provisions for one of the Company’s building leases. During 2022, this cash was returned to the Company and a corresponding reduction was made to the Company’s line of credit. See Note 12 for detail on this credit facility.
The following table is a reconciliation of cash, cash equivalents, and restricted cash included in the accompanying consolidated balance sheets that sum to the total cash, cash equivalents, and restricted cash included in the accompanying consolidated statements of cash flows.
As of December 31,
202320222021
Cash and cash equivalents$58,848 $79,765 $269,665 
Restricted cash included in "other long-term assets"— — 176 
Cash, cash equivalents and restricted cash$58,848 $79,765 $269,841