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Marketable Securities and Fair Value Measurements
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
Marketable Securities

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
As of September 30, 2024As of December 31, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate securities$44,123 $239 $(7)$44,355 $15,393 $$(2)$15,393 
U.S. Treasury and agency securities54,803 327 — 55,130 39,963 (32)39,937 
Commercial paper— — — — 998 — — 998 
Debt securities$98,926 $566 $(7)$99,485 $56,354 $$(34)$56,328 
Publicly held equity securities - Level 14,558 5,728 
Total marketable securities$104,043 $62,056 

During the three and nine months ended September 30, 2024 and 2023, we did not reclassify any amount to earnings from accumulated other comprehensive income (loss) related to unrealized gains or losses.
The following table summarizes the cost and estimated fair value of our marketable securities based on stated effective maturities as of September 30, 2024 (excluding publicly held equity securities, in thousands):
As of September 30, 2024Amortized CostFair Value
Less than 1 year$68,761 $68,927 
Mature in 1 - 3 years30,165 30,558 
Debt securities$98,926 $99,485 
All available-for-sale securities have been classified as current because they are available for use in current operations.

Marketable securities in an unrealized loss position as of September 30, 2024 consisted of the following (in thousands):

Less Than 12 Months12 Months or MoreTotal
As of September 30, 2024Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$4,993 $(7)$— $— $4,993 $(7)
U.S. Treasury and agency securities2,998 — — — 2,998 — 
Total$7,991 $(7)$— $— $7,991 $(7)

Marketable securities in an unrealized loss position as of December 31, 2023 consisted of the following (in thousands):

Less Than 12 Months12 Months or MoreTotal
As of December 31, 2023Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$9,418 $(2)$— $— $9,418 $(2)
U.S. Treasury and agency securities24,304 (32)— — 24,304 (32)
Total$33,722 $(34)$— $— $33,722 $(34)

Based on evaluation of securities that have been in a continuous loss position, we did not recognize any other-than-temporary impairment charges during the three and nine months ended September 30, 2024 and 2023.
Fair Value Measurements

The following is a summary of our cash, cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):
 As of September 30, 2024As of December 31, 2023
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash$72,105 $— $— $72,105 $52,451 $— $— $52,451 
Cash equivalents5,958 — — 5,958 44,793 — — 44,793 
Corporate securities— 44,355 — 44,355 — 15,393 — 15,393 
U.S. Treasury and agency securities39,419 15,711 — 55,130 12,701 27,236 — 39,937 
Commercial paper— — — — — 998 — 998 
$117,482 $60,066 $— $177,548 $109,945 $43,627 $— $153,572 
Publicly held equity securities - Level 14,558 5,728 
Total$182,106 $159,300 
There were no transfers between Level 1 and Level 2 fair value measurement categories during the three and nine months ended September 30, 2024 and 2023.