Available-For-Sale Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Available-For-Sale Marketable Securities

4.Available-For-Sale Marketable Securities

The following tables summarize the amortized cost, unrealized gains (losses) and fair value of available-for-sale marketable securities (in thousands):

	June 30, 2024
	Amortized cost			Unrealized gains		Unrealized losses			Fair value
Money market funds	$	59,780		$	—	$	—		$	59,780
U.S. treasury bills		16,958			—		(1	)		16,957
U.S. government bonds		98,802			99		(109	)		98,792
Government agency obligations		41,727			—		(109	)		41,618
Corporate debt obligations		21,301			—		(33	)		21,268
Commercial paper		47,004			—		(89	)		46,915
Asset-backed securities		10,760			—		(16	)		10,744
Foreign debt securities		2,453			—		(7	)		2,446
Total		298,785			99		(364	)		298,520
Less: amounts classified as cash equivalents		(59,780	)		—		—			(59,780	)
Total available-for-sale marketable securities	$	239,005		$	99	$	(364	)	$	238,740

	December 31, 2023
	Amortized cost			Unrealized gains		Unrealized losses			Fair value
Money market funds	$	137,216		$	—	$	—		$	137,216
U.S. treasury bills		9,826			5		—			9,831
U.S. government bonds		3,005			—		(16	)		2,989
Government agency obligations		46,446			4		(41	)		46,409
Corporate debt obligations		11,014			—		(41	)		10,973
Commercial paper		54,724			4		(1	)		54,727
Asset-backed securities		2,177			—		(6	)		2,171
Foreign debt securities		3,484			—		(5	)		3,479
Total		267,892			13		(110	)		267,795
Less: amounts classified as cash equivalents		(137,216	)		—		—			(137,216	)
Total available-for-sale marketable securities	$	130,676		$	13	$	(110	)	$	130,579

As of June 30, 2024 and December 31, 2023, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the available-for-sale securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its investments were not significantly impacted. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for losses has been recorded. During the three and six months ended June 30, 2024

and 2023, the Company did not recognize any impairment losses on its investments.

Accrued interest receivable included in prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 was $1.4 million and $1.0 million, respectively. The company has not written off any accrued interest receivable during the three and six months ended June 30, 2024 and 2023.

The amortized cost and fair value of available-for-sale marketable securities by contractual maturity were as follows (in thousands):

	June 30, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within one year	$	160,596	$	160,302	$	129,823	$	129,728
Maturing in one to five years		78,409		78,438		853		851
Total available-for-sale marketable securities	$	239,005	$	238,740	$	130,676	$	130,579