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Marketable Securities and Fair Value Measurements
3 Months Ended
Mar. 31, 2024
Marketable Securities and Fair Value Measurements  
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