Cash, Cash Equivalents, Marketable Securities, and Restricted Cash

9 Months Ended

Sep. 30, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash

As of September 30, 2024, the Company held $233.6 million in cash and cash equivalents and $16.1 million of marketable securities which are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are generally reported within other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss). If a decline in the fair value of a marketable security below the Company's cost basis is determined to be other-than-temporary or if an available-for-sale debt security’s fair value is determined to be less than the amortized cost and the Company intends or is more than likely to sell the security before recovery and it is not considered a credit loss, such security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in the Consolidated Statements of Operations as an impairment charge. If the unrealized loss of an available-for-sale debt security is determined to be a result of credit loss, the Company would recognize an allowance and the corresponding credit loss would be included in the Consolidated Statements of Operations.

The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds, both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as, in accordance with Company policy, such securities are of high credit rating. Investments that have original maturities greater than three months but less than one year are classified as current.

Cash, cash equivalents and marketable securities are classified as current unless mentioned otherwise below and consisted of the following:

	As of September 30, 2024
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	233,647	$	—	$	—	$	233,647
Commercial paper	5,991		—		—		5,991
Treasury bill	9,958		10		—		9,968
U.S. government agency bonds	—		—		—		—
Money market	100		—		—		100
Certificates of deposit	51		—		—		51
	$	249,747	$	10	$	—	$	249,757
Included in cash and cash equivalents	$	233,647	$	—	$	—	$	233,647
Included in marketable securities	16,100		10		—		16,110
Total cash, cash equivalents, and marketable securities	$	249,747	$	10	$	—	$	249,757

	As of December 31, 2023
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	246,994	$	—	$	—	$	246,994
Commercial paper	14,651		12		—		14,663
Treasury bill	12,944		2		—		12,946
U.S. government agency bonds	11,450		—		(4)		11,446
Money market	100		—		—		100
Certificate of deposit	51		—		—		51
	$	286,190	$	14	$	(4)	$	286,200
Included in cash and cash equivalents	$	246,994	$	—	$	—	$	246,994
Included in marketable securities	39,196		14		(4)		39,206
Total cash, cash equivalents, and marketable securities	$	286,190	$	14	$	(4)	$	286,200

For both the nine months ended September 30, 2024 and September 30, 2023, there were no realized gains or losses. The cost of securities sold is based on the specific identification method.

There were no unrealized loss positions as of September 30, 2024. Unrealized loss positions in the marketable securities as of December 31, 2023 reflect temporary impairments and are not a result of credit loss. Additionally, as these positions have been in a loss position for less than twelve months and the Company does not intend to sell these securities before recovery, the losses are recognized as a component of other comprehensive income (loss). The fair value of these marketable securities in unrealized loss positions are $0.0 million and $11.4 million as of September 30, 2024 and December 31, 2023, respectively.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total shown in the Consolidated Statements of Cash Flows.

	As of September 30,
(in thousands)	2024		2023
Cash and cash equivalents	$	233,647	$	263,320
Restricted cash	3,173		2,952
Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	236,820	$	266,272