Cash, Cash Equivalents, and Financial Instruments

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

	As of March 31, 2024
	Adjusted Cost		Allowance for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	134,285	$	—	$	—	$	—	$	134,285	$	134,285	$	—
Level 1:
Money market funds	44,707		—		—		—		44,707		44,707		—
Subtotal	44,707		—		—		—		44,707		44,707		—
Level 2:
U.S. treasury securities	102,544		—		159		—		102,703		—		102,703
Subtotal	102,544		—		159		—		102,703		—		102,703
Total	$	281,536	$	—	$	159	$	—	$	281,695	$	178,992	$	102,703

	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

Marketable securities held as of March 31, 2024 generally mature over the next twenty-four months. As of March 31, 2024 and December 31, 2023 all balances were in a gain position, therefore there are no allowances for credit losses recorded for the periods presented