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Cash Equivalents and Marketable Securities
 9 Months Ended
Sep. 30, 2024
Cash Equivalents and Marketable Securities [Abstract]  
Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated:

 

 

 

September 30, 2024

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gain

 

 

Gross
Unrealized
Loss

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

221,344

 

 

$

—

 

 

$

—

 

 

$

221,344

 

Commercial paper

 

 

45,430

 

 

 

14

 

 

 

—

 

 

 

45,444

 

Total cash equivalents

 

$

266,774

 

 

$

14

 

 

$

—

 

 

$

266,788

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

41,923

 

 

 

54

 

 

 

(9

)

 

 

41,968

 

Corporate debt securities

 

 

23,579

 

 

 

46

 

 

 

—

 

 

 

23,625

 

Total marketable securities

 

 

65,502

 

 

 

100

 

 

 

(9

)

 

 

65,593

 

Total cash equivalents and marketable securities

 

$

332,276

 

 

$

114

 

 

$

(9

)

 

$

332,381

 

 

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gain

 

 

Gross
Unrealized
Loss

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

306,801

 

 

$

—

 

 

$

—

 

 

$

306,801

 

Commercial paper

 

 

42,455

 

 

 

6

 

 

 

—

 

 

 

42,461

 

U.S. government and agency debt securities

 

 

12,998

 

 

 

—

 

 

 

(6

)

 

 

12,992

 

Total cash equivalents

 

$

362,254

 

 

$

6

 

 

$

(6

)

 

$

362,254

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

47,534

 

 

$

17

 

 

$

(4

)

 

$

47,547

 

U.S. government and agency debt securities

 

 

37,515

 

 

 

—

 

 

 

(91

)

 

 

37,424

 

Corporate debt securities

 

 

4,816

 

 

 

3

 

 

 

(1

)

 

 

4,818

 

Total marketable securities

 

 

89,865

 

 

 

20

 

 

 

(96

)

 

 

89,789

 

Total cash equivalents and marketable securities

 

$

452,119

 

 

$

26

 

 

$

(102

)

 

$

452,043

 

 

As of September 30, 2024, the Company has not realized any material gains or losses on its marketable securities, including any impairment charges on its securities related to expected credit losses. As of September 30, 2024, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at September 30, 2024 (see Note 4).