Marketable Securities

6 Months Ended

Jun. 30, 2024

Marketable Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands):

	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	105,591	$	—	$	(146	)	$	105,445
Corporate bonds		321,594		24		(1,235	)		320,383
Government and agency securities		124,967		8		(212	)		124,763
U.S. treasury bills		29,713		—		(10	)		29,703
	$	581,865	$	32	$	(1,603	)	$	580,294

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	67,098	$	26	$	(44	)	$	67,080
Corporate bonds		193,876		328		(255	)		193,949
Government and agency securities		89,044		58		(75	)		89,027
U.S. treasury bills		34,469		7		(14	)		34,462
	$	384,487	$	419	$	(388	)	$	384,518

The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands):

	June 30, 2024
	Amortized Cost		Fair Value
Due within one year	$	423,126	$	422,244
Due after one year through three years		158,739		158,050
	$	581,865	$	580,294

The Company’s available-for-sale securities are classified as current assets as they are readily available to be converted to cash and for use in the Company’s current operations. There were no credit losses recorded during the three and six months ended June 30, 2024 and 2023. Interest income for the three months ended June 30, 2024 and 2023 was $8.1 million and $5.1 million, respectively. Interest income for the six months ended June 30, 2024 and 2023 was $16.6 million and $10.1 million, respectively.