Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Government sponsored enterprise securities	$	104,852	$	27	$	(231	)	$	104,648
Municipal bonds		7,360		—		(30	)		7,330
	$	112,212	$	27	$	(261	)	$	111,978

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury notes	$	15,956	$	—	$	(11	)	$	15,945
Government sponsored enterprise securities		81,216		16		(291	)		80,941
Corporate debt securities		20,873		—		(98	)		20,775
Commercial paper		184,923		30		(637	)		184,316
	$	302,968	$	46	$	(1,037	)	$	301,977

Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position

The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):

	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
March 31, 2023
Government sponsored enterprise securities	$	87,812	$	(231	)	$	—	$	—	$	87,812	$	(231	)
Municipal bonds		7,330		(30	)		—		—		7,330		(30	)
Total	$	95,142	$	(261	)	$	—	$	—	$	95,142	$	(261	)
	Less Than 12 Months					12 Months or Greater				Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
December 31, 2022
U.S. Treasury notes	$	15,945	$	(11	)	$	—	$	—	$	15,945	$	(11	)
Government sponsored enterprise securities		58,254		(291	)		—		—		58,254		(291	)
Corporate debt securities		20,775		(98	)		—		—		20,775		(98	)
Commercial paper		135,200		(637	)		—		—		135,200		(637	)
Total	$	230,174	$	(1,037	)	$	—	$	—	$	230,174	$	(1,037	)