Financial Instruments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

Note 4. Financial Instruments

The following table summarizes the amortized cost and fair value of available-for-sale securities (in thousands):

	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
At June 30, 2024:
Money market funds	1 year or less	$	25,053	$	—	$	—		$	25,053
U.S. government agency securities and treasuries	1 year or less		207,349		2		(84	)		207,267
Total		$	232,402	$	2	$	(84	)	$	232,320
At December 31, 2023:
Money market funds	1 year or less	$	37,590	$	—	$	—		$	37,590
U.S. government agency securities and treasuries	1 year or less		167,604		158		(32	)		167,730
Total		$	205,194	$	158	$	(32	)	$	205,320

The Company has classified all of its short-term investments as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and therefore, they are carried at fair value. No available-for-sale debt securities held as of June 30, 2024 and December 31, 2023, had remaining maturities greater than one year. Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. As of June 30, 2024, none of the Company’s securities were in material unrealized loss positions.

The Company reviews its investment holdings at the end of each reporting period and evaluates any unrealized losses using the expected credit loss model to determine if the unrealized loss is a result of a credit loss or other factors. The Company also evaluates its investment holdings for impairment using a variety of factors including the Company’s intent to sell the underlying securities prior to maturity and whether it is more likely than not that the Company would be required to sell the securities before the recovery of their amortized basis. As of June 30, 2024, none of the available-for-sale securities have been in an unrealized loss position for greater than 12 months. During the six months ended June 30, 2024 and 2023, the Company did not recognize any impairment or realized gains or losses on sales of investments, and the Company did not record an allowance for, or recognize, any expected credit losses.