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CASH EQUIVALENTS AND MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2023
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, 2023
Assets
Cash equivalents:
Money market funds$2,508 $— $— $2,508 
Total2,508 — — 2,508 
Marketable securities:
U.S. government-sponsored entity debt securities22,347 219 — 22,566 
Commercial paper securities2,825 2 (1)2,826 
Corporate debt securities1,399 6 — 1,405 
Asset-backed securities2,368 9 — 2,377 
U.S. treasury bills5,599 — (6)5,593 
Certificates of deposit1,026 5 — 1,031 
Total35,564 241 (7)35,798 
Total cash equivalents and marketable securities$38,072 $241 $(7)$38,306 
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 
The fair value of marketable securities by contractual maturity were as follows (in thousands):
December 31,
20232022
Maturing in one year or less$10,855 $177,188 
Maturing after one year through five years24,943 29,845 
Total$35,798 $207,033 
Realized gains and losses on the sales of investments were not material during the years ended December 31, 2023, 2022 and 2021. Total unrealized gains for securities with net gains in AOCI were not material for the year ended December 31, 2023.
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 related to its marketable securities for the years ended December 31, 2023, 2022, or 2021.
The Company had unrealized losses related to its marketable securities for the years ended December 31, 2023, 2022 and 2021. 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, 2023, 2022 and 2021. 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. 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, the Company determined that no allowance for credit losses related to its marketable securities was required at either December 31, 2023 or 2022.
The Company also considers whether it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. Based on the scheduled maturities of its investments and projection of its cash flows in accordance with the current operating plan, the Company determined that it was more likely than not that it will be required to sell various securities before recovery of their amortized cost basis during the year ended December 31, 2023. As a result, the Company had reclassified certain non-current marketable securities investments of $34.4 million as current during the year ended December 31, 2023 and recorded an impairment charge of $0.4 million related to those securities. Realized gains and losses on the subsequent sale of these securities during the year ended December 31, 2023 were not material. No impairment charges were recorded during the year ended December 31, 2022, as the Company concluded at that time it had the ability and intent to hold the long-term investments until maturity.