Available-for-sale Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

4. Available-For-Sale Securities

The following table summarizes the Company’s available-for-sale securities (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
U.S. Agency bonds	$	24,670	$	5	$	(26	)	$	24,649
U.S. Treasury securities		12,980		—		(38	)		12,942
U.S. Agency discount notes		12,287		1		(3	)		12,285
Total available-for-sale securities	$	49,937	$	6	$	(67	)	$	49,876


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
U.S. Treasury securities	$	36,452	$	—	$	(206	)	$	36,246
U.S. Agency bonds		22,550		8		(35	)		22,523
U.S. Agency discount notes		11,175		10		—			11,185
Total available-for-sale securities	$	70,177	$	18	$	(241	)	$	69,954

The Company had 15 investments in available-for-sale securities in an unrealized loss position as of March 31, 2023 with a fair value of $32.1 million. The Company had 25 investments in available-for-sale securities in an unrealized loss position as of December 31, 2022 with a fair value of $48.1 million. These investments were in a loss position for less than 12 months and the Company considered the loss to be temporary in nature. The Company considered the decline in market value for these securities to be primarily attributable to economic and market conditions rather than credit-related factors. The Company considered the risk-profile of the counterparties under ASU 2016-13, noting that any credit risk associated with such entities is either zero or near zero.

As of March 31, 2023 and December 31, 2022, the Company did not intend to sell, and it was not more likely than not that the Company would be required to sell the investments that were in an unrealized loss position before recovery of their amortized cost basis. Accordingly, the Company did not recognize any other-than-temporary impairments related to its available-for-sale securities in an unrealized loss position. As of March 31, 2023 and December 31, 2022, the Company did not hold any investments that matured beyond one year. During the three months ended March 31, 2023 and the year ended December 31, 2022, the Company did not sell any available-for-sale securities and therefore did not recognize any realized gains or losses.