Available-for-Sale Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Marketable Securities

4. Available-for-Sale Marketable Securities

As of March 31, 2024, the Company’s available-for-sale marketable securities consisted entirely of debt securities issued by the U.S. Treasury with contractual maturities on various dates through November 2024.

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of March 31, 2024 (in thousands):

	Total		Total		Total			Total
	Amortized		Unrealized		Unrealized			Estimated
As of March 31, 2024:	Cost		Gains		Losses			Fair Value
U.S. Treasury notes	$	29,746	$	2	$	—		$	29,748
U.S. Treasury bills		115,767		1		(9	)		115,759
Total available-for-sale marketable securities	$	145,513	$	3	$	(9	)	$	145,507

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of December 31, 2023 (in thousands):

	Total		Total		Total		Total
	Amortized		Unrealized		Unrealized		Estimated
As of December 31, 2023:	Cost		Gains		Losses		Fair Value
U.S. Treasury bills	$	22,892	$	4	$	—	$	22,896
Total available-for-sale marketable securities	$	22,892	$	4	$	—	$	22,896

As of March 31, 2024 and December 31, 2023, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the Company’s marketable securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its investments were not significantly impacted by such conditions. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for losses has been recorded. During the three months ended March 31, 2024 and 2023, the Company did not recognize any impairment losses on its investments.

As of each of March 31, 2024 and December 31, 2023, accrued interest receivable was $0.4 million and zero, respectively, and included in the fair value of available-for-sale marketable securities and cash equivalents. The Company’s accounting policy is to not measure an allowance for credit losses for accrued interest receivables and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which it considers to be in the period in which the Company determines the accrued interest will not be collected. During the three months ended March 31, 2024 and 2023, the Company did not write off any accrued interest receivables.