Cash, Cash Equivalents, and Financial Instruments

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Financial Instruments

Cash, Cash Equivalents, and Financial Instruments

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2023:

	As of December 31, 2023
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	44,809	$	—	$	—	$	—	$	44,809	$	44,809	$	—
Level 1:
Money market funds	97,378		—		—		—		97,378		97,378		—
Subtotal	97,378		—		—		—		97,378		97,378		—
Level 2:
U.S. treasury securities	102,411		—		541		—		102,952		—		102,952
Subtotal	102,411		—		541		—		102,952		—		102,952
Total	$	244,598	$	—	$	541	$	—	$	245,139	$	142,187	$	102,952

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of December 31, 2022:

	As of December 31, 2022
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	155,459	$	—	$	—	$	—	$	155,459	$	155,459	$	—
Level 1:
Money market funds	69,484		—		—		—		69,484		69,484		—
Subtotal	69,484		—		—		—		69,484		69,484		—
Level 2:
U.S. treasury securities	74,659		—		—		(403)		74,256		—		74,256
Subtotal	74,659		—		—		(403)		74,256		—		74,256
Total	$	299,602	$	—	$	—	$	(403)	$	299,199	$	224,943	$	74,256

Marketable securities held as of December 31, 2023 generally mature over the next 9 months.

The Company evaluates whether the decline in fair value of the available-for-sale securities below their amortized cost basis is related to credit losses or other factors. Based on this evaluation, we determined that unrealized losses of the above securities were primarily attributable to changes in interest rates and non credit-related factors. Accordingly, we determined that an allowance for credit losses was unnecessary as of December 31, 2022