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Short-Term Investments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments Short-Term Investments
The Company invests in marketable securities primarily consisting of debt instruments of the U.S. Government, U.S. Government-sponsored enterprises, and financial institutions and corporations with strong credit ratings. The following represents a summary of the estimated fair value of short-term investments at March 31, 2024 and December 31, 2023 (in thousands):
At March 31, 2024Amortized
Cost		Gross Unrealized
Gain		Gross Unrealized
Loss		Estimated
Fair Value
Available-for-sale securities:
U.S. Government-sponsored enterprises$181,208 $113 $(621)$180,700 
U.S. Treasury securities111,311 42 (117)111,236 
Commercial paper63,788 10 (20)63,778 
Corporate debt securities53,071 113 (67)53,117 
Total$409,378 $278 $(825)$408,831 

At December 31, 2023Amortized
Cost		Gross Unrealized
Gain		Gross Unrealized
Loss		Estimated
Fair Value
Available-for-sale securities:
U.S. Government-sponsored enterprises$181,851 $518 $(215)$182,154 
U.S. Treasury securities114,714 318 (28)115,004 
Commercial paper72,505 33 (27)72,511 
Corporate debt securities39,225 156 (6)39,375 
Total$408,295 $1,025 $(276)$409,044 
The contractual maturities of available-for-sale debt securities as of March 31, 2024, were as follows (in thousands):
Years to Maturity
At March 31, 2024Within One YearOne to Two Years
Two to Three Years
Estimated Fair Value
U.S. Government-sponsored enterprises$75,500 $39,171 $66,029 $180,700 
U.S. Treasury securities55,160 55,088 988 111,236 
Commercial paper63,778 — — 63,778 
Corporate debt securities17,736 35,381 — 53,117 
Total$212,174 $129,640 $67,017 $408,831 

The Company has classified all marketable securities, regardless of maturity, as short-term investments based upon the Company’s ability and intent to use any of those marketable securities to satisfy the Company’s liquidity requirements.
The Company reviews the portfolio of available-for-sale debt securities quarterly to determine if any investment is impaired due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at March 31, 2024 were primarily due to an increase in market interest rates after certain debt securities were purchased. The Company does not intend to sell the available-for-sale debt securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the available-for-sale debt securities in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, the Company did not record an allowance for credit losses related to its available-for-sale debt securities at March 31, 2024 and December 31, 2023.