Marketable Securities and Fair Value Measurements |
3. Marketable Securities and Fair Value Measurements The following tables present our marketable securities by security type: | | | | | | | | | | | | | | | As of March 31, 2024 | | | | | | Gross | | Gross | | | | | Amortized | | Unrealized | | Unrealized | | Fair | (in thousands) | | Cost | | Gains | | Losses | | Value | U.S. treasury securities | | $ | 198,608 | | $ | 7 | | $ | (204) | | $ | 198,411 |
| | | | | | | | | | | | | | | As of December 31, 2023 | | | | | | Gross | | Gross | | | | | Amortized | | Unrealized | | Unrealized | | Fair | (in thousands) | | Cost | | Gains | | Losses | | Value | U.S. treasury securities | | $ | 197,644 | | $ | 274 | | $ | — | | $ | 197,918 |
The following table summarizes our marketable securities by contractual maturity as of March 31, 2024: | | | | | | | | | As of March 31, 2024 | | | Amortized | | Fair | (in thousands) | | Cost | | Value | Less than one year | | $ | 183,948 | | $ | 183,777 | Greater than one year but less than two years | | | 14,660 | | | 14,634 | Total | | $ | 198,608 | | $ | 198,411 |
Our marketable securities as of December 31, 2023 consisted of investments that mature within one year of their purchase date. The following tables present our assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques that we utilized to determine such fair value: | | | | | | | | | | | | | | | Fair Value Measurements at March 31, 2024 Using: | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents: | | | | | | | | | | | | | Money market funds | | $ | 5,090 | | $ | — | | $ | — | | $ | 5,090 | Marketable securities: | | | | | | | | | | | | | U.S. treasury securities | | | — | | | 198,411 | | | — | | | 198,411 | Totals | | $ | 5,090 | | $ | 198,411 | | $ | — | | $ | 203,501 |
| | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2023 Using: | (in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents: | | | | | | | | | | | | | Money market funds | | $ | 38,210 | | $ | — | | $ | — | | $ | 38,210 | Marketable securities: | | | | | | | | | | | | | U.S. treasury securities | | | — | | | 197,918 | | | — | | | 197,918 | Totals | | $ | 38,210 | | $ | 197,918 | | $ | — | | $ | 236,128 |
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