Cash, Cash Equivalents, Restricted Cash And Investments

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash and Investments

3. 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 condensed consolidated balance sheets (in thousands):

	As of March 31, 2024									As of December 31, 2023
	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	$	28,863	$	—	$	—		$	28,863	$	25,131	$	—	$	—		$	25,131
Commercial paper		3,992		—		(3	)		3,989		16,374		—		(14	)		16,360
Corporate notes and bonds		124,011		1		(1,250	)		122,762		176,793		38		(1,854	)		174,977
Municipal bonds		—		—		—			—		4,990		—		(43	)		4,947
US government and agency		281,743		18		(501	)		281,260		237,015		311		(395	)		236,931
Total cash, cash equivalents,    restricted cash and    investments	$	438,609	$	19	$	(1,754	)	$	436,874	$	460,303	$	349	$	(2,306	)	$	458,346

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present 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 as of March 31, 2024 and December 31, 2023 (in thousands).

	As of March 31, 2024
	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	$	3,989	$	(3	)	$	—	$	—		$	3,989	$	(3	)
Corporate notes and bonds		9,128		(46	)		104,889		(1,204	)		114,017		(1,250	)
US government and agency		220,767		(328	)		27,235		(173	)		248,002		(501	)
Total	$	233,884	$	(377	)	$	132,124	$	(1,377	)	$	366,008	$	(1,754	)

	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	)

The Company did not have any allowance for credit losses as of either March 31, 2024 or December 31, 2023. 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 March 31, 2024, 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	$	26,459	$	2,404	$	28,863
Commercial paper		3,989		—		3,989
Corporate notes and bonds		109,165		13,597		122,762
US government and agency		235,767		45,493		281,260
Total	$	375,380	$	61,494	$	436,874