Cash, Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2024

The following tables show the Company’s cash, cash equivalents and investments by significant investment category as of September 30, 2024 and December 31, 2023 in accordance with the fair value hierarchy (in thousands):


	September 30, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	16,365	$	—	$	—	$	16,365	$	16,365	$	—	$	—
Level 1 (1):
Money market funds	$	211,334	$	—	$	—	$	211,334	$	211,334	$	—	$	—
Level 2 (2):
Treasury bills	$	1,446	$	4	$	—	$	1,450	$	—	$	1,450	$	—
U.S. government bonds	$	34,453	$	111	$	(6)	$	34,558	$	—	$	24,670	$	9,888
U.S. agency securities	$	3,905	$	—	$	(1)	$	3,904	$	—	$	1,500	$	2,404
Commercial paper	$	13,346	$	5	$	—	$	13,351	$	995	$	12,356	$	—
Corporate debt securities	$	52,566	$	190	$	(10)	$	52,746	$	—	$	34,149	$	18,597
Certificates of deposit	$	3,009	$	—	$	—	$	3,009	$	—	$	3,009	$	—
Subtotal	$	108,725	$	310	$	(17)	$	109,018	$	995	$	77,134	$	30,889
Total	$	336,424	$	310	$	(17)	$	336,717	$	228,694	$	77,134	$	30,889


	December 31, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	24,247	$	—	$	—	$	24,247	$	24,247	$	—	$	—
Level 1 (1):
Money market funds	$	190,610	$	—	$	—	$	190,610	$	190,610	$	—	$	—
Level 2 (2):
Treasury bills	$	1,485	$	—	$	(2)	$	1,483	$	—	$	1,483	$	—
U.S. government bonds	$	9,553	$	20	$	(11)	$	9,562	$	—	$	4,387	$	5,175
U.S. agency securities	$	23,843	$	2	$	(22)	$	23,823	$	—	$	23,823	$	—
Commercial paper	$	16,983	$	9	$	(1)	$	16,991	$	6,908	$	10,083	$	—
Corporate debt securities	$	47,951	$	91	$	(45)	$	47,997	$	—	$	31,677	$	16,320
Certificates of deposit	$	3,004	$	—	$	—	$	3,004	$	—	$	3,004	$	—
Subtotal	$	102,819	$	122	$	(80)	$	102,860	$	6,908	$	74,457	$	21,495
Total	$	317,676	$	122	$	(80)	$	317,717	$	221,765	$	74,457	$	21,495

(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.

(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

During the nine months ended September 30, 2024 and year ended December 31, 2023, there were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 of the fair value hierarchy.