Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Cash Equivalents and Marketable Securities [Abstract]

Summary of Amortized Cost and Fair Value of Cash Equivalents and Marketable Securities by Major Investment Category

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