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Fair Value Measurement
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Available-for-sale marketable securities consisted of the following (in thousands):
December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$1,146 $— $— $1,146 
Corporate debt securities7,139 — (9)7,130 
U.S. Treasury securities111,469 — (934)110,535 
Agency bonds2,783 (1)2,784 
Commercial paper7,004 — — 7,004 
$129,541 $$(944)$128,599 
December 31, 2021
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$32,745 $— $(53)$32,692 
Corporate debt securities58,885 — (86)58,799 
U.S. Treasury securities231,230 — (469)230,761 
Non-U.S. Government Securities17,232 — (12)17,220 
Commercial paper282,731 — — 282,731 
$622,823 $— $(620)$622,203 
As of December 31, 2022, 20 available-for-sale marketable securities with a fair market value of $117.2 million were in a gross unrealized loss position of $0.9 million. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of December 31, 2022, because we do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis.
The estimated fair value of our contractual maturities of available-for-sale debt securities are as follows (in thousands):
December 31, 2022December 31, 2021
Due within one year$114,353 $500,965 
After one but within five years14,246 121,238 
$128,599 $622,203 
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
December 31, 2022December 31, 2021
Level 1Level 2Total estimated fair valueLevel 1Level 2Total estimated fair value
Cash equivalents:
Money market funds$191,704 $— $191,704 $118,707 $— $118,707 
Available-for-sale marketable
   securities:
Asset-backed securities— 1,146 1,146 — 32,692 32,692 
Corporate debt securities— 7,130 7,130 — 58,799 58,799 
U.S. Treasury securities110,535 — 110,535 230,761 — 230,761 
Non-US Government securities— — — — 17,220 17,220 
Agency bonds2,784 — 2,784 
Commercial paper— 7,004 7,004 — 282,731 282,731 
$305,023 $15,280 $320,303 $349,468 $391,442 $740,910 
We had no available for sale securities that were classified within Level 3 as of December 31, 2022 and 2021.