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Investments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments

6. Investments

The Company's available-for-sale investments consisted of the following (in thousands):

 

March 31, 2024

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

Short-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

260,539

 

 

$

42

 

 

$

(163

)

 

$

260,418

 

Short-term investments

 

$

260,539

 

 

$

42

 

 

$

(163

)

 

$

260,418

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

14,735

 

 

$

—

 

 

$

(41

)

 

$

14,694

 

Long-term investments

 

$

14,735

 

 

$

—

 

 

$

(41

)

 

$

14,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Short-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

181,947

 

 

$

180

 

 

$

(64

)

 

$

182,063

 

U.S. agency bonds

 

 

2,500

 

 

 

—

 

 

 

(4

)

 

 

2,496

 

Certificates of deposit

 

 

245

 

 

 

—

 

 

 

(1

)

 

 

244

 

Short-term investments

 

$

184,692

 

 

$

180

 

 

$

(69

)

 

$

184,803

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

26,705

 

 

$

147

 

 

$

—

 

 

$

26,852

 

Long-term investments

 

$

26,705

 

 

$

147

 

 

$

—

 

 

$

26,852

 

The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of March 31, 2024 and December 31, 2023. Credit loss is limited due to the nature of the investments.