Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

3. Cash, Cash Equivalents and Marketable Securities

As of March 31, 2024, the Company had cash and cash equivalents of $107.3 million and marketable securities of $124.4 million. As of December 31, 2023, the Company had cash and cash equivalents of $270.9 million and no marketable securities. In addition, the Company had a long-term restricted cash balance of $2.0 million and $0.3 million as of March 31, 2024 and December 31, 2023, respectively, which was restricted for a letter of credit and for use pertaining to corporate credit cards. See Note 7, Leases, for additional information regarding the letter of credit.

Cash and cash equivalents are carried at cost, which approximates fair market value. Marketable securities are classified as available for sale and are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income, a component of equity. All of the realized gains and losses on the sale of these marketable securities are determined using the specific identification method. There were no realized gains or losses as of March 31, 2024.

Marketable securities, all of which had maturities of less than one year, consisted of the following:

	March 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Marketable securities:
U.S. treasury securities	$	97,490	$	—	$	(28	)	$	97,462
U.S. government agency bonds		26,995		—		(46	)		26,949
Total marketable securities	$	124,485	$	—	$	(74	)	$	124,411

The following table shows the fair value and gross unrealized losses of the Company’s marketable securities with unrealized losses that are not deemed to have credit losses and for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024. It is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

	Less than 12 months
(in thousands)	Estimated Fair Value		Unrealized Losses
Marketable securities with unrealized losses:
U.S. treasury securities		90,597		(28	)
U.S. government agency bonds		26,949		(46	)
Total	$	117,546	$	(74	)