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CASH EQUIVALENTS AND MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
CASH EQUIVALENTS AND MARKETABLE SECURITIES CASH EQUIVALENTS AND MARKETABLE SECURITIES
The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
December 31, 2022
Assets
Cash equivalents:
Money market funds$50,820 $— $— $50,820 
Total50,820 — — 50,820 
Marketable securities:
U.S. government-sponsored entity debt securities18,710 — (293)18,417 
Commercial paper securities101,336 22 (193)101,165 
Corporate debt securities11,760 — (90)11,670 
Asset-backed securities24,970 2 (180)24,792 
U.S. treasury bills7,950 — (12)7,938 
Certificates of deposit37,599 4 (142)37,461 
Agency bonds5,598 — (8)5,590 
Total207,923 28 (918)207,033 
Total cash equivalents and marketable securities$258,743 $28 $(918)$257,853 
December 31, 2021
Assets
Cash equivalents:
Money market funds$119,919 $— $— $119,919 
Total119,919 — — 119,919 
Marketable securities:
U.S. government-sponsored entity debt securities30,700 1 (87)30,614 
Commercial paper securities105,792 7 (42)105,757 
Corporate debt securities33,723 1 (42)33,682 
Asset-backed securities70,807 1 (107)70,701 
Certificates of deposit45,116 1 (26)45,091 
Total286,138 11 (304)285,845 
Total cash equivalents and marketable securities$406,057 $11 $(304)$405,764 
The fair value of marketable securities by contractual maturity were as follows (in thousands):
December 31,
20222021
Maturing in one year or less$177,188 $197,676 
Maturing after one year through five years29,845 88,169 
Total$207,033 $285,845 
Realized gains and losses on the sales of investments were not material during the years ended December 31, 2022, 2021 and 2020. Total unrealized gains for securities with net gains in accumulated other comprehensive income were not material for the year ended December 31, 2022.
The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities for the years ended December 31, 2022, 2021, or 2020.
The Company had unrealized losses related to its marketable securities for the years ended December 31, 2022, 2021 and 2020. The Company had no material unrealized losses, individually and in the aggregate, for marketable securities that are in a continuous unrealized loss position for greater than 12 months as of December 31, 2022 and 2021. Based on the scheduled maturities of its investments, the Company determined that it was more likely than not that it will hold these investments for a period of time sufficient for a recovery of its amortized cost basis. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit losses. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, including the assessment of the duration and severity of the unrealized losses and the Company’s ability and intent to hold the investments until maturity, the Company determined that no allowance for credit losses related to its marketable securities was required at either December 31, 2022 or 2021.