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.