0001736297-24-000043 | 10-Q | XBRL Viewer

Net Loss per Common Share

9 Months Ended

Sep. 30, 2024

The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(7,593)	$	(3,124)	$	(108,134)	$	(40,582)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	156,831		37,470		121,649		36,627
Net loss per share attributable to common stockholders, basic and diluted	$	(0.05)	$	(0.08)	$	(0.89)	$	(1.11)

As the Company was in a loss position for the three and nine months ended September 30, 2024 and 2023, basic and diluted net loss per share are the same as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands):




	As of
	September 30, 2024	September 30, 2023
Options to purchase Common Stock	7,935	10,811
Redeemable convertible Preferred Stock	—	90,891
Unvested RSUs	13,513	7,848
Warrants for Common Stock	2,442	1,610
ESPP	148	—
Total	24,038	111,160

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	102	$	9	$	714	$	16
Research and development	14,641		1,706		57,619		5,057
Sales and marketing	16,200		691		81,216		1,386
General and administrative	14,592		305		46,821		921
Total	$	45,535	$	2,711	$	186,370	$	7,380

Schedule of Stock Option Activity

A summary of stock option activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	10,059	$	0.84	7.5	$	175,790
Granted	7	0.01
Exercised	(2,006)	0.74
Cancelled and forfeited	(80)	0.87
Outstanding at September 30, 2024	7,980	$	0.87	6.7	$	411,107
Vested and Exercisable at September 30, 2024	6,004	$	0.75	6.6	$	311,037

Schedule of Restricted Stock Unit Activity

A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data):


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	8,583	$	13.34
Granted	9,697	32.51
Vested	(4,434)	12.60
Cancelled and forfeited	(333)	29.47
Outstanding at September 30, 2024	13,513	$	26.94

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (108,134)	$ (40,582)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Stock-based compensation	186,370	7,380
Inventory write-downs	951	10,172
Depreciation	2,180	1,241
Non-cash operating lease expense	1,687	886
Warrants contra revenue	946	438
Accretion of discounts on marketable securities	(4,868)	(1,039)
Changes in operating assets and liabilities:
Accounts receivable, net	(17,054)	(6,494)
Inventory	(1,271)	597
Prepaid expenses and other assets	(4,998)	(220)
Accounts payable	11,723	(663)
Accrued expenses and other liabilities	31,094	2,184
Operating lease liability	(1,653)	(1,015)
Net cash provided by (used in) operating activities	96,973	(27,115)
Cash flows from investing activities
Purchases of property and equipment	(18,797)	(1,750)
Purchases of marketable securities	(724,921)	(102,836)
Maturities of marketable securities	36,579	29,000
Sales of marketable securities	40,998	63,778
Net cash used in investing activities	(666,141)	(11,808)
Cash flows from financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	672,198	0
Payment of deferred offering costs	(4,801)	(105)
Tax withholding related to net share settlements of restricted stock units	(20,111)	0
Proceeds from exercises of stock options, net of repurchases	2,901	662
Net cash provided by financing activities	650,187	557
Net increase (decrease) in cash and cash equivalents	81,019	(38,366)
Cash and cash equivalents
Beginning of the period	45,098	76,088
End of the period	126,117	37,722
Supplemental disclosures of cash flow information:
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	255,127	0
Purchases of property and equipment in accounts payable, accrued expenses and other current liabilities	14,132	510
Right-of-use assets obtained in exchange for lease obligations	$ 844	$ 1,342

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands):


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	71,337	$	-	$	-	$	71,337
U.S. treasury and agency securities	14,941		3		-		14,944
Corporate debt securities	59		-		-		59
Commercial paper	19,920		-		(1)		19,919
Total cash equivalents	$	106,257	$	3	$	(1)	$	106,259
Marketable securities
U.S. treasury and agency securities	$	173,348	$	858	$	(14)	$	174,192
Commercial paper	142,161		188		(6)		142,343
Corporate debt securities	418,602		3,335		(43)		421,894
Foreign government bonds	497		8		-		505
Asset-backed securities	21,648		103		(1)		21,750
Total marketable securities	$	756,256	$	4,492	$	(64)	$	760,684


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	757	$	-	$	-	$	757
U.S. treasury and agency securities	472		-		-		472
Commercial paper	250		-		-		250
Total cash equivalents	$	1,479	$	-	$	-	$	1,479
Marketable securities
U.S. treasury and agency securities	$	59,856	$	211	$	(64)	$	60,003
Commercial paper	8,513		-		(5)		8,508
Corporate debt securities	23,552		96		(9)		23,639

Asset-backed securities	12,059		14		(8)		12,065
Total marketable securities	$	103,980	$	321	$	(86)	$	104,215

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturities of marketable securities classified as available-for-sale, regardless of their classification on the Company’s condensed consolidated balance sheets, are as follows (in thousands):


	As of September 30, 2024				As of December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	501,576	$	502,659	$	65,816	$	65,757
Due after one year through five years	360,937		364,284		39,643		39,937
Total available-for-sale securities	$	862,513	$	866,943	$	105,459	$	105,694

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	71,337	$	-	$	-	$	71,337
U.S. treasury and agency securities	-		14,944		-		14,944
Corporate debt securities	-		59		-		59
Commercial paper	-		19,919		-		19,919
Total cash equivalents	$	71,337	$	34,922	$	-	$	106,259
Marketable securities
U.S. treasury and agency securities	$	-	$	174,192	$	-	$	174,192
Commercial paper	-		142,343		-		142,343
Corporate debt securities	-		421,894		-		421,894
Foreign government bonds	-		505		-		505
Asset-backed securities	-		21,750		-		21,750
Total marketable securities	$	-	$	760,684	$	-	$	760,684


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	757	$	-	$	-	$	757
U.S. treasury and agency securities	-		472		-		472
Commercial paper	-		250		-		250
Total cash equivalents	$	757	$	722	$	-	$	1,479
Marketable securities
U.S. treasury and agency securities	$	-	$	60,003	$	-	$	60,003
Commercial paper	-		8,508		-		8,508
Corporate debt securities	-		23,639		-		23,639

Asset-backed securities	-		12,065		-		12,065
Total marketable securities	$	-	$	104,215	$	-	$	104,215

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Title

Action

Date Adopted

Character of Trading Arrangement (1)

Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to a Trading Arrangement

Expiration Date (2)

Michael Hurlston

Director

Adoption

8/28/2024

Rule 10b5-1 Trading Arrangement

77,453

11/21/2025

(1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as amended (the Rule).

(2) Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule

10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule and is scheduled to terminate on the earlier of the expiration date or when all shares are sold under such plan, subject to early termination for certain specified events set forth therein.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Michael Hurlston [Member]

Trading Arrangements, by Individual

Name

Michael Hurlston

Title

Director

Rule 10b5-1 Arrangement Adopted

true

8/28/2024

11/21/2025

450 days

77,453

Commitment and Contingencies - Narrative (Details) - USD ($)	1 Months Ended
	Dec. 31, 2022	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Service agreement term	3 years
Obligation for next year		$ 2,100,000
Estimate of possible loss		$ 0	$ 0

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Amended and Restated 2018 Equity Incentive Plan

Prior to the IPO, the Company historically granted stock-based compensation awards under its Amended and Restated 2018 Equity Incentive Plan (as amended, “2018 Plan”). The 2018 Plan provided for the grant of incentive and nonqualified stock options and restricted stock units (“RSUs”) to qualified employees, nonemployee directors, and consultants. Options granted under the 2018 Plan generally expire within 10 years from the date of grant, vest over four years and are exercisable for shares of the Company’s Common Stock. The RSUs vest upon the satisfaction of both a service condition and a liquidity event condition. The service condition for the RSUs is generally satisfied over a four-year vesting period. The liquidity event vesting condition for the RSUs was satisfied in connection with the IPO.

The 2018 Plan was terminated in March 2024. Any shares of the Company’s Common Stock that would have otherwise returned to the 2018 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder, including, for the avoidance of doubt, any shares of Common Stock withheld by the Company to satisfy any tax withholding obligations that arose upon vesting or settlement of awards in connection with the IPO, will be returned to the share reserve under the 2024 Plan. All future equity grants will be made pursuant to the 2024 Plan.

2024 Stock Option and Incentive Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Stock Option and Incentive Plan (“2024 Plan”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. Under the 2024 Plan, the Company initially reserved 12,362,662 shares of the Common Stock for issuance thereunder. The 2024 Plan provides for annual automatic increases in the number of shares of the Company’s Common Stock reserved thereunder on January 1, 2025 and each January 1 thereafter, by 5% of the issued and outstanding number of shares of Common Stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee of the Company’s board of directors.

2024 Employee Stock Purchase Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Employee Stock Purchase Plan (“ESPP”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. The Company initially reserved 3,090,666 shares of the Common Stock for future issuance. The number of shares of the Common Stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2025 through January 1, 2034, by the lesser of (i) 3,090,666 shares of common stock, (ii) 1% of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31st, or (iii) such number of shares of Common Stock as determined by the compensation committee of the Company’s board of directors.

Under the ESPP, participants can purchase the Company’s Common Stock using payroll deductions, which may not exceed 15% of their salary. Participants will be granted the right to purchase shares of Common Stock at a price per share that is equal to 85% of the lesser of (i) the closing price on the first day of the applicable offering under the ESPP or, for the first offering period, the “Price to Public” set forth on the cover page for the Prospectus or (ii) the closing price on the last day of the applicable offering period under the ESPP. No participant has the right to purchase shares of Common Stock in an amount, when aggregated with purchase rights under all of the Company’s employee stock purchase plans that are also in effect in the same calendar year(s), that has a fair market value of more than $25,000, determined as of the first day of the applicable offering period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 3,000 shares during any applicable offering period. As of September 30, 2024, there have been no shares issued under the ESPP.

A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	102	$	9	$	714	$	16
Research and development	14,641		1,706		57,619		5,057
Sales and marketing	16,200		691		81,216		1,386
General and administrative	14,592		305		46,821		921
Total	$	45,535	$	2,711	$	186,370	$	7,380

Stock-based compensation expense recognized during the nine months ended September 30, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had

previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with the Company’s IPO.

Stock Option

A summary of stock option activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	10,059	$	0.84	7.5	$	175,790
Granted	7	0.01
Exercised	(2,006)	0.74
Cancelled and forfeited	(80)	0.87
Outstanding at September 30, 2024	7,980	$	0.87	6.7	$	411,107
Vested and Exercisable at September 30, 2024	6,004	$	0.75	6.6	$	311,037

As of September 30, 2024, there was approximately $11.7 million of total unrecognized compensation cost, related to unvested options, which is expected to be recognized over a weighted-average remaining requisite service period of 1.0 years, using the straight-line method.

Restricted Stock Units

A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data):


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	8,583	$	13.34
Granted	9,697	32.51
Vested	(4,434)	12.60
Cancelled and forfeited	(333)	29.47
Outstanding at September 30, 2024	13,513	$	26.94

The aggregate fair value of RSUs that vested and settled during the nine months ended September 30, 2024 was $185.3 million.

As of September 30, 2024, there was $244.3 million of unrecognized stock-based compensation expense related to all unvested awards, which is expected to be recognized over a weighted-average period of 1.8 years.

Segment and Geographical Information - Schedule of Revenue Accounts Receivables Concentration Risk (Details) - Accounts Receivable - Customer Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Customer A
Segment Reporting Information [Line Items]
Concentration risk	26.00%	39.00%
Customer B
Segment Reporting Information [Line Items]
Concentration risk	29.00%	27.00%
Customer F
Segment Reporting Information [Line Items]
Concentration risk	12.00%

Nature of Business and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions			9 Months Ended
	Mar. 22, 2024 USD ($) $ / shares shares	Mar. 21, 2024 $ / shares shares	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Underwriting discounts and commissions \| $	$ 39.1
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) \| shares		90,900,000
Preferred stock, convertible, conversion ratio		1
Undesignated preferred stock, par value (in dollars per share)	$ 0.0001
Issuance costs recognized in additional paid in capital \| $	$ 6.2
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		$ 0.0001
Series A-1 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series B Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series B-1 Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		0.0001
Series D Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Undesignated preferred stock, par value (in dollars per share)		$ 0.0001
Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) \| shares		90,890,650	90,891,000
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	22,770,000
Common stock, par value (in dollars per share)	$ 0.0001
Sale of stock, price (in dollars per share)	$ 36.00
Consideration received on transaction \| $	$ 672.2
IPO, Including Over-Allotment
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	19,758,903
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	2,970,000
Public Stock Offering - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares) \| shares	3,011,097

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands):


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	71,337	$	-	$	-	$	71,337
U.S. treasury and agency securities	14,941		3		-		14,944
Corporate debt securities	59		-		-		59
Commercial paper	19,920		-		(1)		19,919
Total cash equivalents	$	106,257	$	3	$	(1)	$	106,259
Marketable securities
U.S. treasury and agency securities	$	173,348	$	858	$	(14)	$	174,192
Commercial paper	142,161		188		(6)		142,343
Corporate debt securities	418,602		3,335		(43)		421,894
Foreign government bonds	497		8		-		505
Asset-backed securities	21,648		103		(1)		21,750
Total marketable securities	$	756,256	$	4,492	$	(64)	$	760,684


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	757	$	-	$	-	$	757
U.S. treasury and agency securities	472		-		-		472
Commercial paper	250		-		-		250
Total cash equivalents	$	1,479	$	-	$	-	$	1,479
Marketable securities
U.S. treasury and agency securities	$	59,856	$	211	$	(64)	$	60,003
Commercial paper	8,513		-		(5)		8,508
Corporate debt securities	23,552		96		(9)		23,639

Asset-backed securities	12,059		14		(8)		12,065
Total marketable securities	$	103,980	$	321	$	(86)	$	104,215

As of September 30, 2024 and December 31, 2023, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material.


	As of September 30, 2024				As of December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	501,576	$	502,659	$	65,816	$	65,757
Due after one year through five years	360,937		364,284		39,643		39,937
Total available-for-sale securities	$	862,513	$	866,943	$	105,459	$	105,694

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The Company did not recognize any material allowance for credit losses or impairments as of September 30, 2024 and December 31, 2023.

There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023.

Fair Value of Assets and Liabilities

The Company considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	71,337	$	-	$	-	$	71,337
U.S. treasury and agency securities	-		14,944		-		14,944
Corporate debt securities	-		59		-		59
Commercial paper	-		19,919		-		19,919
Total cash equivalents	$	71,337	$	34,922	$	-	$	106,259
Marketable securities
U.S. treasury and agency securities	$	-	$	174,192	$	-	$	174,192
Commercial paper	-		142,343		-		142,343
Corporate debt securities	-		421,894		-		421,894
Foreign government bonds	-		505		-		505
Asset-backed securities	-		21,750		-		21,750
Total marketable securities	$	-	$	760,684	$	-	$	760,684


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	757	$	-	$	-	$	757
U.S. treasury and agency securities	-		472		-		472
Commercial paper	-		250		-		250
Total cash equivalents	$	757	$	722	$	-	$	1,479
Marketable securities
U.S. treasury and agency securities	$	-	$	60,003	$	-	$	60,003
Commercial paper	-		8,508		-		8,508
Corporate debt securities	-		23,639		-		23,639

Asset-backed securities	-		12,065		-		12,065
Total marketable securities	$	-	$	104,215	$	-	$	104,215

The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 45,535,000	$ 2,711,000	$ 186,370,000	$ 7,380,000
Unrecognized stock based compensation		11,700,000		$ 11,700,000
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period				1 year
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense, recognition period				1 year 9 months 18 days
Fair value of RSUs vested				$ 185,300,000
Unrecognized share-based compensation cost related to unvested restricted stock units		$ 244,300,000		244,300,000
Restricted Stock Units In Connection With IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense				$ 88,900,000
2018 Equity Incentive Plan \| Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period				10 years
Vesting period				4 years
2018 Equity Incentive Plan \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				4 years
2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	12,362,662
Annual automatic increases in the number of shares	5.00%
2024 Employee Stock Purchase Plan \| ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)	3,090,666
Number of additional shares allowable under the plan (in shares)	3,090,666
Percent of outstanding shares	1.00%
Maximum employee subscription amount, percent of salary	15.00%
ESPP purchase price of common stock, percent of market price	85.00%
Maximum contribution amount	$ 25,000
Maximum number of shares per employee (in shares)	3,000
ESPP shares purchased during the period (in shares)				0

Condensed Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 1,085	$ 2,247
Work-in-progress	10,577	11,780
Finished goods	12,753	10,068
Total inventory	$ 24,415	$ 24,095

Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock (Details)	Mar. 21, 2024 shares	Sep. 30, 2024 vote $ / shares shares	Mar. 22, 2024 $ / shares shares	Jan. 22, 2024 shares	Dec. 31, 2023 $ / shares shares
Equity [Abstract]
Conversion of preferred stock into common stock (in shares)	90,900,000
Conversion of redeemable convertible preferred stock into common stock (in shares)	90,900,000
Preferred stock, convertible, conversion ratio	1
Undesignated preferred stock, authorized (in shares)			100,000,000
Undesignated preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Undesignated preferred stock, issued (in shares)		0
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000	163,375,000	162,641,331
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001			$ 0.0001
Voting right \| vote		1

Segment and Geographical Information - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 113,086	$ 36,928	$ 255,194	$ 65,280
Taiwan
Segment Reporting Information [Line Items]
Revenue	76,901	22,252	200,429	32,555
China
Segment Reporting Information [Line Items]
Revenue	16,507	2,639	23,206	4,053
Singapore
Segment Reporting Information [Line Items]
Revenue	11,972	0	11,972	0
United States
Segment Reporting Information [Line Items]
Revenue	5,388	11,441	10,744	23,033
Other
Segment Reporting Information [Line Items]
Revenue	$ 2,318	$ 596	$ 8,843	$ 5,639

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock	Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock Redeemable Convertible Preferred Stock The Company has previously issued shares of Preferred Stock. Immediately prior to the consummation of the IPO, all of the then outstanding 90.9 million shares of the Company’s convertible Preferred Stock were automatically converted into an aggregate 90.9 million shares of Common Stock on a one-for-one basis, and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares of stock that the Company is authorized to issue and shall not be reissued by the Company. Undesignated Preferred Stock On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which authorized 100,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share, with rights and preferences, including voting rights, designated from time to time by the Company’s Board of Directors. As of September 30, 2024, no undesignated preferred stock has been issued. Common Stock On January 22, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware which resulted in an increase to the authorized shares of the Company’s Common Stock from 162,641,331 shares to 163,375,000 shares. On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware that resulted in an increase to the authorized shares of the Company’s Common Stock from 163,375,000 shares to 1,000,000,000 shares. As of September 30, 2024 and December 31, 2023, the Company had authorized 1.0 billion and 162.6 million shares, respectively, of Common Stock with a $0.0001 per share par value. Common stockholders are entitled to one vote for each share held.

Segment and Geographical Information - Narrative (Details) - Property, Plant and Equipment - Geographic Concentration Risk	9 Months Ended
	Sep. 30, 2024
United States
Segment Reporting Information [Line Items]
Concentration risk	16.00%
Taiwan
Segment Reporting Information [Line Items]
Concentration risk	83.00%

Net Loss per Common Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (7,593)	$ (3,124)	$ (108,134)	$ (40,582)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	156,831	37,470	121,649	36,627
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	156,831	37,470	121,649	36,627
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.05)	$ (0.08)	$ (0.89)	$ (1.11)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.05)	$ (0.08)	$ (0.89)	$ (1.11)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Publisher FASB
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+ Details

Condensed Consolidated Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Raw materials	$	1,085	$	2,247
Work-in-progress	10,577		11,780
Finished goods	12,753		10,068
Total inventory	$	24,415	$	24,095

Schedule of Property, Plant and , Net

Property and equipment, net consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Construction in progress	$	29,072	$	—
Laboratory equipment	9,417		6,470
Office furniture	314		242
Leasehold improvements	843		437
Servers and workstations	350		242
Property and equipment, gross	39,996		7,391
Less: accumulated depreciation	(4,859)		(2,679)
Total property and equipment, net	$	35,137	$	4,712

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Accrued compensation and benefits	$	23,097	$	14,923
Production mask costs	13,058		—
Customer deposits	10,000		—

Accrued income taxes	8,569		155
Accrued software license costs	6,359		3,224
Other current liabilities	8,406		10,440

Total accrued expenses and other current liabilities	$	69,489	$	28,742

Schedule of Other Liabilities

Other liabilities consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023

Accrued income taxes	$	3,560	$	1,394
Other	1,853		2,393
Total other liabilities	$	5,413	$	3,787

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized (in shares)	0	91,131,000
Redeemable convertible preferred stock, shares issued (in shares)	0	90,891,000
Redeemable convertible preferred stock, shares outstanding (in shares)	0	90,891,000
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 265,699
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	162,641,331
Common stock, shares issued (in shares)	158,561,000	42,046,000
Common stock, shares outstanding (in shares)	158,561,000	42,046,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 113,086	$ 36,928	$ 255,194	$ 65,280
Cost of revenue	25,209	8,823	56,943	24,478
Gross profit	87,877	28,105	198,251	40,802
Operating expenses
Research and development	50,659	20,626	144,306	53,753
Sales and marketing	23,248	5,507	100,834	14,997
General and administrative	22,866	3,949	69,321	10,569
Total operating expenses	96,773	30,082	314,461	79,319
Operating loss	(8,896)	(1,977)	(116,210)	(38,517)
Interest income	10,912	1,724	23,730	4,875
Income (loss) before income taxes	2,016	(253)	(92,480)	(33,642)
Income tax provision	9,609	2,871	15,654	6,940
Net loss	$ (7,593)	$ (3,124)	$ (108,134)	$ (40,582)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.05)	$ (0.08)	$ (0.89)	$ (1.11)
Diluted (in dollars per share)	$ (0.05)	$ (0.08)	$ (0.89)	$ (1.11)
Weighted-average shares used in calculating net loss per share attributable to common stockholders:
Basic (in shares)	156,831	37,470	121,649	36,627
Diluted (in shares)	156,831	37,470	121,649	36,627
Other comprehensive loss
Unrealized gain (loss) on marketable securities, net of taxes	$ 4,782	$ (82)	$ 4,171	$ (86)
Total other comprehensive gain (loss)	4,782	(82)	4,171	(86)
Total comprehensive loss	$ (2,811)	$ (3,206)	$ (103,963)	$ (40,668)

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding beginning balance (in shares) \| shares	8,583
Granted (in shares) \| shares	9,697
Vested (in shares) \| shares	(4,434)
Cancelled and forfeited (in shares) \| shares	(333)
Outstanding ending balance (in shares) \| shares	13,513
Weighted Average Grant Date Fair Value
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 13.34
Granted (in dollars per share) \| $ / shares	32.51
Vested (in dollars per share) \| $ / shares	12.60
Cancelled and forfeited (in dollars per share) \| $ / shares	29.47
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 26.94

Marketable Securities - Amortized Cost vs. Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 862,513	$ 105,459
Fair Value	866,943	105,694
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	106,257	1,479
Gross Unrealized Gains	3	0
Gross Unrealized Losses	(1)	0
Fair Value	106,259	1,479
Cash equivalents \| Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,337	757
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	71,337	757
Cash equivalents \| U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,941	472
Gross Unrealized Gains	3	0
Gross Unrealized Losses	0	0
Fair Value	14,944	472
Cash equivalents \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	59
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	59
Cash equivalents \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,920	250
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	0
Fair Value	19,919	250
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	756,256	103,980
Gross Unrealized Gains	4,492	321
Gross Unrealized Losses	(64)	(86)
Fair Value	760,684	104,215
Marketable securities \| U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	173,348	59,856
Gross Unrealized Gains	858	211
Gross Unrealized Losses	(14)	(64)
Fair Value	174,192	60,003
Marketable securities \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	418,602	23,552
Gross Unrealized Gains	3,335	96
Gross Unrealized Losses	(43)	(9)
Fair Value	421,894	23,639
Marketable securities \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	142,161	8,513
Gross Unrealized Gains	188	0
Gross Unrealized Losses	(6)	(5)
Fair Value	142,343	8,508
Marketable securities \| Foreign government bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	497
Gross Unrealized Gains	8
Gross Unrealized Losses	0
Fair Value	505
Marketable securities \| Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,648	12,059
Gross Unrealized Gains	103	14
Gross Unrealized Losses	(1)	(8)
Fair Value	$ 21,750	$ 12,065

Condensed Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 800	$ 400	$ 2,180	$ 1,241

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 9,609	$ 2,871	$ 15,654	$ 6,940
Effective tax rate	476.60%	(1134.80%)	(16.90%)	(20.60%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-41979
Entity Registrant Name	Astera Labs, Inc.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	82-3437062
Entity Address, Address Line One	2901 Tasman Drive
Entity Address, Address Line Two	Suite 205
Entity Address City Or Town	Santa Clara
Entity Address State Or Province	CA
Entity Address Postal Zip Code	95054
City Area Code	(408)
Local Phone Number	766-3806
Security 12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	ALAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		158,610,853
Central Index Key	0001736297
amendment flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Fiscal Year End Date	--12-31

Segment and Geographical Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Taiwan	$	76,901	$	22,252	$	200,429	$	32,555
China	16,507		2,639		23,206		4,053
Singapore	11,972		-		11,972		-
United States	5,388		11,441		10,744		23,033
Other	2,318		596		8,843		5,639
Total	$	113,086	$	36,928	$	255,194	$	65,280

Schedules of Concentration of Risk, by Risk Factor

The Company had the following customers that individually comprised 10% or more of its revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Customer A	35	%	22	%	40	%	13	%
Customer B	26	%	37	%	28	%	37	%

Customer C	*		23	%	*		22	%
Customer D	11	%	*		*		*
Customer E	*		*		*		12	%

*Less than 10% of total revenue

The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:


	As of
	September 30, 2024		December 31, 2023
Customer A	26	%	39	%
Customer B	29	%	27	%



Customer F	12	%	*

*Less than 10% of total accounts receivable, net

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company's income tax expense recognized for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands, except percentages):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income tax provision	$	9,609		$	2,871		$	15,654		$	6,940
Effective tax rate	476.6		%	(1134.8)		%	(16.9)		%	(20.6)		%

The Company accrues for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate for the three and nine months ended September 30, 2024 and 2023 is different than the statutory federal tax rate primarily due to the valuation allowance in the United States and the capitalization of research and development expenditures under Section 174 of the Internal Revenue Code, which results in current tax expense. This is offset by benefits from the foreign-derived intangible income deduction, significant increase in stock-based compensation tax deduction, and U.S. research and development credits.

Income tax provision consists primarily of U.S. federal, state, and foreign income taxes. The Company maintains a full valuation allowance on its federal and state deferred tax assets as it has concluded that it is more likely than not that the deferred tax assets will not be realized as of September 30, 2024 and December 31, 2023. The Tax Cuts and Jobs Act (“TCJA”) requires taxpayers to capitalize and amortize research and development expenditures under Internal Revenue Code Section 174 for tax years beginning after December 31, 2021. The rule became effective for the Company in 2022 and resulted in the capitalization of research and development costs which was offset by a valuation allowance. The Company will amortize these costs for tax purposes over 5 years for research and development performed in the U.S., and over 15 years for research and development performed outside of the United States.

The Company accounts for uncertain tax positions in accordance with Accounting Standards Codification 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not to be sustained upon review by the tax authorities. Interest and penalties related to uncertain tax positions are classified in the condensed consolidated financial statements as income tax expense.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation, Fiscal Year Maturity

The Company is committed to make the following minimum payments under its purchase commitments for software licenses as of September 30, 2024 (in thousands):


	Purchase Commitments
Remainder of 2024	$	457
2025	4,022
2026	735
Total purchase commitments	$	5,214

Nature of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Summary of Significant Accounting Policies	Nature of Business and Summary of Significant Accounting Policies Description of Business Astera Labs, Inc. (the “Company”) offers an Intelligent Connectivity Platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, the Company’s software suite which is embedded in its connectivity products and integrated into its customers’ systems. The Company delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach addresses the data, network, and memory bottlenecks, scalability, and other infrastructure requirements of hyperscalers and system original equipment manufacturers (“OEMs”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s final prospectus dated March 19, 2024 (the “Prospectus”), as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”) on March 21, 2024. In the opinion of management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive loss, of redeemable convertible preferred stock and stockholders’ equity (deficit), and of cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries in Canada, China, India, Israel, and Taiwan. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company’s significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, the valuation of deferred tax assets, reserves for uncertain tax positions, the valuation of inventory, warranty reserve, the fair value of marketable securities, the grant date fair value of common stock warrants, the valuation and assumptions underlying stock-based compensation including the per share fair value of the Company’s common stock, and the incremental borrowing rate used in the Company’s operating lease calculations. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information reasonably available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s condensed consolidated financial statements in future periods, and actual results could differ from these estimates. Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented. Initial Public Offering On March 22, 2024, the Company completed its initial public offering (the “IPO”) of 22,770,000 shares of its common stock, par value $0.0001 per share (the “Common Stock”), at a price to the public of $36.00 per share, which included 19,758,903 shares of Common Stock sold by the Company, inclusive of 2,970,000 shares sold by the Company pursuant to the full exercise of the underwriters’ over-allotment option, as well as 3,011,097 shares of Common Stock sold by certain of the Company’s existing stockholders. The Company received net proceeds of $672.2 million after deducting underwriting discounts and commissions of $39.1 million. Immediately prior to the closing of the IPO, the Company issued 90,890,650 shares of its Common Stock upon conversion on a one-for-one basis of all outstanding shares of its Series A Preferred Stock, par value $0.0001 per share, Series A-1 Preferred Stock, par value $0.0001 per share, Series B Preferred Stock, par value $0.0001 per share, Series B-1 Preferred Stock, par value $0.0001 per share, Series C Preferred Stock, par value $0.0001 per share, and Series D Preferred Stock, par value $0.0001 per share (collectively, the “Preferred Stock”), and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares that the Company is authorized to issue and may not be reissued by the Company. Deferred Offering Costs The Company capitalized certain legal, accounting, and other fees and costs that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated. Upon the consummation of the IPO, $6.2 million of such costs were recorded as a reduction of the proceeds generated from the offering, which was recognized in additional paid-in capital. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures.

Net Loss per Common Share - Antidilutive Shares (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	24,038	111,160
Options to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	7,935	10,811
Redeemable convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	0	90,891
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	13,513	7,848
Warrants for Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	2,442	1,610
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	148	0

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 45,535	$ 2,711	$ 186,370	$ 7,380
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	102	9	714	16
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	14,641	1,706	57,619	5,057
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	16,200	691	81,216	1,386
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 14,592	$ 305	$ 46,821	$ 921

Condensed Consolidated Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 39,996	$ 7,391
Less: accumulated depreciation	(4,859)	(2,679)
Total property and equipment, net	35,137	4,712
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,072	0
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,417	6,470
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	314	242
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	843	437
Servers and workstations
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 350	$ 242

Marketable Securities - Investment by Maturity Dates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 501,576	$ 65,816
Due after one year through five years	360,937	39,643
Amortized Cost	862,513	105,459
Estimated Fair Value
Due within one year	502,659	65,757
Due after one year through five years	364,284	39,937
Total available-for-sale securities	$ 866,943	$ 105,694

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 103
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 126,117	$ 45,098
Marketable securities	760,684	104,215
Accounts receivable, net	25,386	8,335
Inventory	24,415	24,095
Prepaid expenses and other current assets	8,987	4,064
Total current assets	945,589	185,807
Property and equipment, net	35,137	4,712
Other assets	2,339	5,773
Total assets	983,065	196,292
Current liabilities
Accounts payable	18,551	6,337
Accrued expenses and other current liabilities	69,489	28,742
Total current liabilities	88,040	35,079
Other liabilities	5,413	3,787
Total liabilities	93,453	38,866
Commitments and contingencies (Note 5)
Redeemable convertible preferred stock, $0.0001 par value; 0 and 91,131 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 0 and 90,891 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively; liquidation preference of $0 and $265,699 as of September 30, 2024 and December 31, 2023, respectively	0	255,127
Stockholders’ equity (deficit)
Common stock, $0.0001 par value; 1,000,000 and 162,641 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 158,561 and 42,046 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	16	4
Additional paid-in capital	1,118,675	27,411
Accumulated other comprehensive income	4,430	259
Accumulated deficit	(233,509)	(125,375)
Total stockholders’ equity (deficit)	889,612	(97,701)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$ 983,065	$ 196,292

Common Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Oct. 31, 2023
Class of Warrant or Right [Line Items]
Warrants contra revenue				$ 946	$ 438
Customer Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)	1,484,230
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 20.34
Warrant exercisable term	7 years
Warrant shares issuable vested (in shares)	14,844
2023 Warrant
Class of Warrant or Right [Line Items]
Number of shares issuable by warrant (in shares)							831,945
Class of warrant or right, exercise price of warrants or rights (in dollars per share)							$ 20.34
Warrants
Class of Warrant or Right [Line Items]
Warrants issuable (in shares)		382,192		382,192		198,518
Warrant eligible for vesting (in shares)		51,781		51,781		34,090
Warrants contra revenue		$ 500	$ 300	$ 900	$ 400

Condensed Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 23,097	$ 14,923
Production mask costs	13,058	0
Customer deposits	10,000	0
Accrued income taxes	8,569	155
Accrued software license costs	6,359	3,224
Other current liabilities	8,406	10,440
Accrued expenses and other current liabilities	$ 69,489	$ 28,742

Stock-Based Compensation - Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) \| shares	10,059
Granted (in shares) \| shares	7
Exercised (in shares) \| shares	(2,006)
Cancelled and forfeited (in shares) \| shares	(80)
Outstanding ending balance (in shares) \| shares	7,980	10,059
Vested and exercisable (in shares) \| shares	6,004
Weighted Average Exercise Price
Outstanding beginning balance, Weighted average exercise price (in dollars per share) \| $ / shares	$ 0.87	$ 0.84
Granted (in dollars per share) \| $ / shares	0.01
Exercised (in dollars per share) \| $ / shares	0.74
Cancelled and forfeited (in dollars per share) \| $ / shares	0.87
Outstanding ending balance, Weighted average exercise price (in dollars per share) \| $ / shares	0.84
Vested an exercisable (in dollars per share) \| $ / shares	$ 0.75
Weighted-average remaining contractual term	6 years 8 months 12 days	7 years 6 months
Vested and exercisable, weighted-average remaining contractual term	6 years 7 months 6 days
Aggregate intrinsic value \| $	$ 411,107	$ 175,790
Vested and exercisable, aggregate intrinsic value \| $	$ 311,037

Common Stock Warrants	9 Months Ended
Common Stock Warrants	Sep. 30, 2024
Equity [Abstract]
Common Stock Warrants	Common Stock Warrants In October 2022, the Company issued a warrant to a customer (“Holder”) to purchase an aggregate of up to 1,484,230 shares of Common Stock at an exercise price of $20.34 per share (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seventh anniversary of the issue date. Upon issuance of the Customer Warrant, 14,844 shares issuable underlying the Customer Warrant were immediately vested and exercisable. The remainder of the shares underlying the Customer Warrant may vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of global payments by the Holder and its affiliates to the Company. In October 2023, the Company amended the warrant agreement and issued an additional warrant to the Holder to purchase an aggregate of up to 831,945 shares of Common Stock at an exercise price of $20.34 per share (the “2023 Warrant”, and together with the Customer Warrant, the “Warrants”), with the same exercise period as the Customer Warrant. The 2023 Warrant will vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of payments by the Holder and its affiliates to the Company. As of September 30, 2024 and December 31, 2023, an aggregate of 382,192 shares and 198,518 shares, respectively, underlying the Warrants vested and are exercisable. Additionally, an aggregate of 51,781 and 34,090 shares were probable of vesting as of September 30, 2024 and December 31, 2023, respectively. The Company recognized $0.5 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively, and $0.9 million and $0.4 million for the nine months ended September 30, 2024 and 2023, as a reduction of revenue in the condensed consolidated statements of operations and comprehensive loss related to the Warrants. The remaining grant date fair values of the Warrants that are probable of vesting will be recognized as a reduction of revenue in proportion to the amount of related product sales, which could occur until October 14, 2029.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The Company's income tax expense recognized for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands, except percentages):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income tax provision	$	9,609		$	2,871		$	15,654		$	6,940
Effective tax rate	476.6		%	(1134.8)		%	(16.9)		%	(20.6)		%

Condensed Consolidated Balance Sheet Components - Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued income taxes	$ 3,560	$ 1,394
Other	1,853	2,393
Total other liabilities	$ 5,413	$ 3,787

Commitment and Contingencies - Purchase Obligation (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Other Commitments [Line Items]
2025	$ 2,100
License
Other Commitments [Line Items]
Remainder of 2024	457
2025	4,022
2026	735
Total purchase commitments	$ 5,214

Segment and Geographical Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment and Geographical Information

The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company manages its operations and allocates resources as a single operating segment.

Revenue by location is determined by the billing address of the Company’s customers, which include distributors who purchase the Company’s products and resell them.

The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Taiwan	$	76,901	$	22,252	$	200,429	$	32,555
China	16,507		2,639		23,206		4,053
Singapore	11,972		-		11,972		-
United States	5,388		11,441		10,744		23,033
Other	2,318		596		8,843		5,639
Total	$	113,086	$	36,928	$	255,194	$	65,280

The Company had the following customers that individually comprised 10% or more of its revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Customer A	35	%	22	%	40	%	13	%
Customer B	26	%	37	%	28	%	37	%

Customer C	*		23	%	*		22	%
Customer D	11	%	*		*		*
Customer E	*		*		*		12	%

*Less than 10% of total revenue

The Company had the following customers that individually comprised 10% or more of its accounts receivable, net:


	As of
	September 30, 2024		December 31, 2023
Customer A	26	%	39	%
Customer B	29	%	27	%



Customer F	12	%	*

*Less than 10% of total accounts receivable, net

The Company did not recognize any material allowance for credit losses as of September 30, 2024 and December 31, 2023.

Property and equipment by geographic location is based on the location of the asset. As of September 30, 2024, 16% and 83% of the Company’s property and equipment was located in the United States and Taiwan, respectively. As of December 31, 2023, substantially all of the Company’s property and equipment was located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Loss per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(7,593)	$	(3,124)	$	(108,134)	$	(40,582)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	156,831		37,470		121,649		36,627
Net loss per share attributable to common stockholders, basic and diluted	$	(0.05)	$	(0.08)	$	(0.89)	$	(1.11)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands):




	As of
	September 30, 2024	September 30, 2023
Options to purchase Common Stock	7,935	10,811
Redeemable convertible Preferred Stock	—	90,891
Unvested RSUs	13,513	7,848
Warrants for Common Stock	2,442	1,610
ESPP	148	—
Total	24,038	111,160

Nature of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s final prospectus dated March 19, 2024 (the “Prospectus”), as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”) on March 21, 2024. In the opinion of management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive loss, of redeemable convertible preferred stock and stockholders’ equity (deficit), and of cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries in Canada, China, India, Israel, and Taiwan. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company’s significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, the valuation of deferred tax assets, reserves for uncertain tax positions, the valuation of inventory, warranty reserve, the fair value of marketable securities, the grant date fair value of common stock warrants, the valuation and assumptions underlying stock-based compensation including the per share fair value of the Company’s common stock, and the incremental borrowing rate used in the Company’s operating lease calculations. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information reasonably available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s condensed consolidated financial statements in future periods, and actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior period balances were reclassified to conform to the current period’s presentation. None of these reclassifications had an impact on reported net income or cash flows for any of the periods presented.
Deferred Offering Costs	Deferred Offering Costs The Company capitalized certain legal, accounting, and other fees and costs that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures.

Segment and Geographical Information - Schedule of Revenue Concentration Risk (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A
Segment Reporting Information [Line Items]
Concentration risk	35.00%	22.00%	40.00%	13.00%
Customer B
Segment Reporting Information [Line Items]
Concentration risk	26.00%	37.00%	28.00%	37.00%
Customer C
Segment Reporting Information [Line Items]
Concentration risk		23.00%		22.00%
Customer D
Segment Reporting Information [Line Items]
Concentration risk	11.00%
Customer E
Segment Reporting Information [Line Items]
Concentration risk				12.00%

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Redeemable convertible Preferred Stock
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2022						90,891
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2022						$ 255,127
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2023						90,891
Ending balance, Redeemable Convertible Preferred Stock at Sep. 30, 2023						$ 255,127
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022		40,629
Beginning balance at Dec. 31, 2022	$ (85,292)	$ 4	$ 14,051	$ (229)	$ (99,118)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		957
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	1,677		1,677
Repurchase of common stock upon termination (in shares)		(207)
Repurchase of common stock upon termination	(174)		(174)
Stock-based compensation	7,380		7,380
Warrants contra revenue	438		438
Unrealized gains (losses) on marketable securities	(86)			(86)
Net loss	(40,582)				(40,582)
Ending balance, shares outstanding (in shares) at Sep. 30, 2023		41,379
Ending balance at Sep. 30, 2023	(116,639)	$ 4	23,372	(315)	(139,700)
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2023						90,891
Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2023						$ 255,127
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2023						90,891
Ending balance, Redeemable Convertible Preferred Stock at Sep. 30, 2023						$ 255,127
Beginning balance, shares outstanding (in shares) at Jun. 30, 2023		40,562
Beginning balance at Jun. 30, 2023	(117,262)	$ 4	19,543	(233)	(136,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		850
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	807		807
Repurchase of common stock upon termination (in shares)		(33)
Repurchase of common stock upon termination	0
Stock-based compensation	2,711		2,711
Warrants contra revenue	311		311
Unrealized gains (losses) on marketable securities	(82)			(82)
Net loss	(3,124)				(3,124)
Ending balance, shares outstanding (in shares) at Sep. 30, 2023		41,379
Ending balance at Sep. 30, 2023	$ (116,639)	$ 4	23,372	(315)	(139,700)
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2023	90,891					90,891
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2023	$ 255,127					$ 255,127
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)						(90,891)
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering						$ (255,127)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2024	0					0
Ending balance, Redeemable Convertible Preferred Stock at Sep. 30, 2024	$ 0					$ 0
Beginning balance, shares outstanding (in shares) at Dec. 31, 2023	42,046	42,046
Beginning balance at Dec. 31, 2023	$ (97,701)	$ 4	27,411	259	(125,375)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares)		90,891
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering	255,127	$ 9	255,118
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)		19,759
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions	$ 665,990	$ 2	665,988
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)	2,006	2,006
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	$ 2,956		2,956
Issuance of common stock upon vesting of restricted stock units (in shares)		4,434
Issuance of common stock upon vesting of restricted stock units	1	$ 1
Shares of common stock withheld related to net settlement of restricted stock units		(559)
Shares of common stock withheld related to net settlement of equity awards	(20,111)		(20,111)
Repurchase of common stock upon termination (in shares)		(16)
Repurchase of common stock upon termination	(3)		(3)
Stock-based compensation	186,370		186,370
Warrants contra revenue	946		946
Unrealized gains (losses) on marketable securities	4,171			4,171
Net loss	$ (108,134)				(108,134)
Ending balance, shares outstanding (in shares) at Sep. 30, 2024	158,561	158,561
Ending balance at Sep. 30, 2024	$ 889,612	$ 16	1,118,675	4,430	(233,509)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Sep. 30, 2024	0					0
Ending balance, Redeemable Convertible Preferred Stock at Sep. 30, 2024	$ 0					$ 0
Beginning balance, shares outstanding (in shares) at Jun. 30, 2024		156,656
Beginning balance at Jun. 30, 2024	845,252	$ 16	1,071,504	(352)	(225,916)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares)		1,171
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options	1,133		1,133
Issuance of common stock upon vesting of restricted stock units (in shares)		734
Issuance of common stock upon vesting of restricted stock units	0
Stock-based compensation	45,535		45,535
Warrants contra revenue	503		503
Unrealized gains (losses) on marketable securities	4,782			4,782
Net loss	$ (7,593)				(7,593)
Ending balance, shares outstanding (in shares) at Sep. 30, 2024	158,561	158,561
Ending balance at Sep. 30, 2024	$ 889,612	$ 16	$ 1,118,675	$ 4,430	$ (233,509)

Condensed Consolidated Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheet Components

Inventory

Inventory consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Raw materials	$	1,085	$	2,247
Work-in-progress	10,577		11,780
Finished goods	12,753		10,068
Total inventory	$	24,415	$	24,095

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Construction in progress	$	29,072	$	—
Laboratory equipment	9,417		6,470
Office furniture	314		242
Leasehold improvements	843		437
Servers and workstations	350		242
Property and equipment, gross	39,996		7,391
Less: accumulated depreciation	(4,859)		(2,679)
Total property and equipment, net	$	35,137	$	4,712

Depreciation expense for the three months ended September 30, 2024 and 2023 was $0.8 million and $0.4 million, respectively, and $2.2 million and $1.2 million for the nine months ended September 30, 2024 and 2023, respectively. Construction in progress primarily includes production mask costs capitalized relating to the Company’s products and will be placed in service and begin to depreciate when related manufacturing commences.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Accrued compensation and benefits	$	23,097	$	14,923
Production mask costs	13,058		—
Customer deposits	10,000		—

Accrued income taxes	8,569		155
Accrued software license costs	6,359		3,224
Other current liabilities	8,406		10,440

Total accrued expenses and other current liabilities	$	69,489	$	28,742

Other Liabilities

Other liabilities consists of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023

Accrued income taxes	$	3,560	$	1,394
Other	1,853		2,393
Total other liabilities	$	5,413	$	3,787

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss attributable to common stockholders	$ (7,593)	$ (3,124)	$ (108,134)	$ (40,582)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitment and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

The Company depends upon third-party subcontractors to manufacture wafers and other inventory parts. The Company’s subcontractor relationships typically allow for the cancellation of outstanding purchase orders but require payment of all expenses incurred through the date of cancellation. The Company had no such material firm purchase commitments as of September 30, 2024.

The Company’s purchase commitments include payments for software licenses when there is a fixed, non-cancellable payment schedule or when minimum payments are due according to a delivery schedule. The Company is committed to make the following minimum payments under its purchase commitments for software licenses as of September 30, 2024 (in thousands):


	Purchase Commitments
Remainder of 2024	$	457
2025	4,022
2026	735
Total purchase commitments	$	5,214

In December 2022, the Company entered into a cloud service agreement with a vendor for three years. The arrangement provides cloud hosting services for the Company’s research and development. As of September 30, 2024, the purchase commitment was $2.1 million for the remaining term of the contract.

Legal Proceedings

From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings or claims, nor is the Company aware of any other pending or threatened legal proceedings or claims that could reasonably be expected to have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such legal proceedings or claims be resolved unfavorably.

Indemnification Obligations

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its members, partners, suppliers and vendors. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not in the past incurred significant expense defending its licensees against third party claims, nor has it incurred significant expense under its standard service warranties or arrangements with its members, partners, suppliers, and vendors. Accordingly, the Company had no liabilities recorded for these provisions as of September 30, 2024 and December 31, 2023.

Marketable Securities - Fair Value Measurement (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 866,943	$ 105,694
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	106,259	1,479
Cash equivalents \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	71,337	757
Cash equivalents \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	14,944	472
Cash equivalents \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	19,919	250
Cash equivalents \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	59
Cash equivalents \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	71,337	757
Cash equivalents \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	71,337	757
Cash equivalents \| Level 1 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Cash equivalents \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	34,922	722
Cash equivalents \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 2 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	14,944	472
Cash equivalents \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	19,919	250
Cash equivalents \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	59
Cash equivalents \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 3 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Cash equivalents \| Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	760,684	104,215
Marketable securities \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	174,192	60,003
Marketable securities \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	142,343	8,508
Marketable securities \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	421,894	23,639
Marketable securities \| Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	505
Marketable securities \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	21,750	12,065
Marketable securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 1 \| Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Marketable securities \| Level 1 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	760,684	104,215
Marketable securities \| Level 2 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	174,192	60,003
Marketable securities \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	142,343	8,508
Marketable securities \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	421,894	23,639
Marketable securities \| Level 2 \| Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	505
Marketable securities \| Level 2 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	21,750	12,065
Marketable securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 3 \| U.S. treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Marketable securities \| Level 3 \| Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0
Marketable securities \| Level 3 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0