Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Marketable Securities

Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

4. Cash, Cash Equivalents and Marketable Securities

Cash equivalents are highly liquid investments that are readily convertible into cash with original maturities of three months or less when purchased. Marketable securities consist of securities with original maturities greater than 90 days when purchased. The Company classifies these marketable securities as available-for-sale and records them at fair value in the accompanying condensed consolidated balance sheet. Unrealized gains or losses are included in accumulated other comprehensive loss. Premiums or discounts from par value are amortized to interest income over the life of the underlying security.

Cash, cash equivalents and marketable securities consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):


			Unrealized		Unrealized		Fair
March 31, 2024	Amortized Cost		Gains		Losses		Value
Cash and cash equivalents:
Cash and money market funds	$	83,523	$	—	$	—	$	83,523
Marketable securities:
US Treasury obligation - due in one year or less		24,781		1		1		24,781
Total:	$	108,304	$	1	$	1	$	108,304


			Unrealized		Unrealized		Fair
December 31, 2023	Amortized Cost		Gains		Losses		Value
Cash and cash equivalents:
Cash and money market funds	$	139,526	$	—	$	—	$	139,526
Total	$	139,526	$	—	$	—	$	139,526

Although available to be sold to meet operating needs or otherwise, securities are generally held through maturity. The cost of securities sold is determined based on the specific identification method for purposes of recording realized gains and losses. During the three months ended March 31, 2024 and 2023, there were no realized gains or losses on sales of investments, and no investments were adjusted for other-than-temporary declines in fair value.

As of March 31, 2024, marketable securities with maturities of one year or less when purchased are presented in current assets in the accompanying condensed consolidated balance sheet.

As of March 31, 2024, the Company had one security that was in an unrealized loss position. The aggregate fair value of the security held by the Company in an unrealized loss position for less than 12 months as of March 31, 2024 was $8.9 million. The Company determined that there was no material change in the credit risk of the above marketable security. As a result, the Company determined it did not hold any marketable securities with an other-than temporary impairment as of March 31, 2024.