Available-For-Sale Debt Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Note 4. Available-For-Sale Debt Securities

The following table summarizes the Company’s available-for-sale debt securities as of March 31, 2024 (in thousands).


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

U.S. government securities	$	28,914	$	—	$	(5)	$	28,909
Corporate debt securities	3,987		—		(1)		3,986
Commercial paper	74,551		14		(46)		74,519
Total	$	107,452	$	14	$	(52)	$	107,414

The following table summarizes the Company’s available-for-sale debt securities as of December 31, 2023 (in thousands).


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

U.S. government securities	$	18,596	$	5	$	—	$	18,601
U.S. government agency securities	9,949		—		(3)		9,946
Corporate debt securities	3,963		1		—		3,964
Commercial paper	73,701		76		(10)		73,767
Total	$	106,209	$	82	$	(13)	$	106,278

There were no realized gains or losses related to available-for-sale debt securities for the three months ended March 31, 2024. As of March 31, 2024, the fair value of the Company’s available-for-sale debt securities with contractual maturity of one year or less from the condensed consolidated balance sheet date was $107.4 million.

As of March 31, 2024, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were less than $0.1 million, which were related to $77.2 million of available-for-sale debt securities. There were no gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months.

The Company did not recognize any credit losses related to the Company’s debt securities during the three months ended March 31, 2024. Unrealized losses related to available-for-sale debt securities are due to interest rate fluctuations as opposed to credit quality. The Company does not intend to sell these investments. In addition, it is more likely than not that the Company will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.