Available-For-Sale Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Available-For-Sale Marketable Securities

The following tables summarize the estimated fair value of the Company’s available-for-sale marketable securities as of March 31, 2024 and December 31, 2023 (in thousands):


As of March 31, 2024:	Total Amortized Cost		Total Unrealized Gain		Total Unrealized Loss		Total Estimated Fair Value

Money market funds (included in cash and cash equivalents)	$	88,994	$	—	$	-	$	88,994
U.S. Treasury obligations ($116,279 included in cash and cash equivalents)	398,532		7		(53)		398,486
Corporate debt obligations ($31,015 included in cash and cash equivalents)	148,913		14		(61)		148,866
Federal agency obligations ($4,973 included in cash and cash equivalents)	18,963		—		(11)		18,952
Total available for sale marketable securities	$	655,402	$	21	$	(125)	$	655,298


As of December 31, 2023:	Total Amortized Cost		Total Unrealized Gain		Total Unrealized Loss		Total Estimated Fair Value

Money market funds (included in cash and cash equivalents)	$	23,205	$	—	$	-	$	23,205
U.S. Treasury obligations ($146,497 included in cash and cash equivalents)	525,198		156		(1)		525,353
Corporate debt obligations ($23,313 included in cash and cash equivalents)	135,288		36		(40)		135,284
Federal agency obligations ($15,344 included in cash and cash equivalents)	27,735		12		(1)		27,746
Total available for sale marketable securities	$	711,426	$	204	$	(42)	$	711,588

As of March 31, 2024 and December 31, 2023, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the marketable securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its investments were not significantly impacted. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for losses has been recorded. During the three months ended March 31, 2024 and for the year ended December 31, 2023, the Company did not recognize any impairment losses on its investments.

The Company presents accrued interest receivable related to the available-for-sale marketable securities in prepaid expenses and other current assets, separate from short-term investments in the condensed consolidated balance sheet. As of March 31, 2024 and December 31, 2023, accrued interest receivable was $1.2 million and $0.8 million, respectively. The Company’s accounting policy is to not measure an allowance for credit losses for accrued interest receivables and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which it considers to be in the period in which the Company determines the accrued interest will not be collected. The Company has not written off any accrued interest receivables for the three months ended March 31, 2024.

As of March 31, 2024, all available for sale marketable securities mature within one year.