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Marketable Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

4. Marketable Securities

Marketable securities, which are classified as available-for-sale, consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):

 

 

 

Amortized Cost Basis

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value as of June 30, 2023

 

Short-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

34,273

 

 

$

161

 

 

$

(133

)

 

$

34,301

 

Corporate bonds

 

 

13,489

 

 

 

—

 

 

 

(180

)

 

 

13,309

 

U.S. treasuries

 

 

12,953

 

 

 

315

 

 

 

—

 

 

 

13,268

 

U.S. government sponsored agencies

 

 

12,972

 

 

 

199

 

 

 

(17

)

 

 

13,154

 

Total short-term marketable securities

 

$

73,687

 

 

$

675

 

 

$

(330

)

 

$

74,032

 

 

 

 

Amortized Cost Basis

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value as of December 31, 2022

 

Short-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

43,988

 

 

$

—

 

 

$

(24

)

 

$

43,964

 

Corporate bonds

 

 

47,565

 

 

 

—

 

 

 

(553

)

 

 

47,012

 

U.S. treasuries

 

 

63,502

 

 

 

1

 

 

 

(444

)

 

 

63,059

 

U.S. government sponsored agencies

 

 

7,185

 

 

 

12

 

 

 

(29

)

 

 

7,168

 

Total short-term marketable securities

 

$

162,240

 

 

$

13

 

 

$

(1,050

)

 

$

161,203

 

Long-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

5,067

 

 

$

—

 

 

$

(159

)

 

$

4,908

 

Total long-term marketable securities

 

$

5,067

 

 

$

—

 

 

$

(159

)

 

$

4,908

 

 

All marketable securities held as of June 30, 2023 had contractual maturities of less than one year. There have been no material realized gains or losses on marketable securities for the periods presented.

Aggregate fair values of marketable securities with unrealized losses and gains were as follows as of June 30, 2023 and December 31, 2022 (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Aggregate fair value of marketable securities in a continuous loss position for less than twelve months

 

$

24,775

 

 

$

97,472

 

Aggregate fair value of marketable securities in a continuous loss position for more than twelve months

 

 

16,868

 

 

 

53,716

 

Aggregate fair value of marketable securities in unrealized gain position

 

 

32,389

 

 

 

14,923

 

Total marketable securities

 

$

74,032

 

 

$

166,111

 

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 or other impairment charges related to its marketable securities for any period presented. The Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. The Company further considered the maximum unrealized loss amounts both at the individual instrument level, $0.1 million, as well as in aggregate, $0.3 million, as of June 30, 2023, as immaterial. 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 anticipates that it will recover the entire amortized cost basis of such securities, and therefore, no credit loss existed as of June 30, 2023.