Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

6. Marketable Securities

Marketable securities consist of the following (in thousands):

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	27,476	$	—	$	—		$	27,476
Corporate bonds		18,191		—		(92	)	$	18,099
U.S. Government agencies		21,635		20		(1	)	$	21,654
Total	$	67,302	$	20	$	(93	)	$	67,229

As of December 31, 2022, the unrealized losses on the Company’s investments in U.S. government agencies securities and corporate bonds were caused by interest rate increases. The current credit ratings are all within the guidelines of the investment policy of the Company and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment. The Company does not intend to sell the investments and it is not probable that the Company will be required to sell the investments before recovery of their amortized cost basis.

As of December 31, 2022, $0.1 million unrealized losses were associated with marketable securities with contractual maturities of one year or less.

As of December 31, 2022, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for corporate bonds and U.S. government agencies securities with a fair value of $4.2 million that had maturities of one to two years.

There were no impairments of the Company’s assets measured and carried at fair value during the year ended December 31, 2022.