Marketable Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

All of the Company's marketable securities were available-for-sale and were classified based on their maturities. Marketable securities with remaining maturities at the date of purchase of three months or less are classified as cash equivalents. Short-term investments are securities that original maturity or remaining maturity is greater than three months and not more than twelve months. Long-term investments are securities for which the original maturity or remaining maturity is greater than twelve months.

The table below summarizes the marketable securities:


	June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	93,052	$	—	$	—	$	93,052


Cash equivalents	93,052		—		—		93,052

U.S. treasury securities	42,865		5		(11)		42,859
Corporate bonds	2,976		—		(4)		2,972
Commercial paper	6,910		—		—		6,910
U.S. agency bonds	5,880		2		(8)		5,874
Short-term investments	58,631		7		(23)		58,615



Total marketable securities	$	151,683	$	7	$	(23)	$	151,667


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	8,002	$	—	$	—	$	8,002

Cash equivalents	8,002		—		—		8,002

U.S. treasury securities	48,636		4		(105)		48,535
U.S. agency bonds	2,918		3		—		2,921
Corporate bonds	2,914		—		(3)		2,911
Commercial paper	22,206		—		—		22,206
Short-term investments	76,674		7		(108)		76,573



Total marketable securities	$	84,676	$	7	$	(108)	$	84,575

The amortized cost of the Company's available-for-sale securities approximates their fair value. Unrealized losses are generally due to interest rate fluctuations, as opposed to credit quality. However, the Company reviews individual securities that are in an unrealized loss position in order to evaluate whether or not they have experienced or are expected to experience credit losses. During the six months ended June 30, 2023 and 2022, unrealized gains and losses from the investments were not material and were not the result of a decline in credit quality. As a result, the Company did not recognize any credit losses related to its investments and that all unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss) on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022.

The Company elected to present accrued interest receivable separately from short-term and long-term investments on its condensed consolidated balance sheets. Accrued interest receivable was $0.1 million as of June 30, 2023, and was recorded in prepaid expenses and other current assets. The Company also elected to exclude accrued interest receivable from the estimation of expected credit losses on its marketable securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. The Company did not write off any accrued interest receivable as of June 30, 2023 or December 31, 2022.