Cash, Cash Equivalents, Restricted Cash And Investments

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash and Investments

4. CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the consolidated balance sheets (in thousands):

	As of December 31, 2023									As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash and money market    funds	$	25,131	$	—	$	—		$	25,131	$	46,367	$	—	$	—		$	46,367
Commercial paper		16,374		—		(14	)		16,360		130,141		—		(443	)		129,698
Corporate notes and bonds		176,793		38		(1,854	)		174,977		277,184		19		(5,993	)		271,210
Municipal bonds		4,990		—		(43	)		4,947		9,905		—		(273	)		9,632
US government and agency		237,015		311		(395	)		236,931		83,556		23		(688	)		82,891
Total cash, cash equivalents,    restricted cash and    investments	$	460,303	$	349	$	(2,306	)	$	458,346	$	547,153	$	42	$	(7,397	)	$	539,798

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following table presents information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	As of December 31, 2023
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Loses
Commercial paper	$	16,360	$	(14	)	$	—	$	—		$	16,360	$	(14	)
Corporate notes and bonds		11,074		(58	)		151,174		(1,796	)		162,248		(1,854	)
Municipal bonds		—		—			4,947		(43	)		4,947		(43	)
US government and agency		109,540		(192	)		24,795		(203	)		134,335		(395	)
Total	$	136,974	$	(264	)	$	180,916	$	(2,042	)	$	317,890	$	(2,306	)

There were no securities in a gross unrealized loss position for greater than twelve months as of December 31, 2022.

The Company did not have any allowance for credit losses as of either December 31, 2023 or December 31, 2022. The Company neither intends to nor believes that it is more likely than not that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of December 31, 2023, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

	1 Year or Less		Greater than 1 Year		Total
Cash and money market funds	$	22,726	$	2,405	$	25,131
Commercial paper		16,360		—		16,360
Corporate notes and bonds		130,423		44,554		174,977
Municipal bonds		4,947		—		4,947
US government and agency		180,996		55,935		236,931
Total	$	355,452	$	102,894	$	458,346