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

2. Marketable Securities

The following table summarizes cash equivalents and marketable securities held at June 30, 2023 and December 31, 2022 (in thousands), which are recorded at fair value. The table below excludes $331.4 million and $159.3 million of cash at June 30, 2023 and December 31, 2022, respectively.

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

84,224

 

 

$

 

 

$

 

 

$

84,224

 

Corporate debt securities

 

 

3,026

 

 

 

1

 

 

 

 

 

 

3,027

 

Commercial paper

 

 

2,075

 

 

 

 

 

 

 

 

 

2,075

 

U.S. Treasury securities

 

 

24,030

 

 

 

4

 

 

 

 

 

 

24,034

 

Total cash equivalents

 

 

113,355

 

 

 

5

 

 

 

 

 

 

113,360

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

862,612

 

 

 

512

 

 

 

(7,650

)

 

 

855,474

 

Certificates of deposit

 

 

70,797

 

 

 

 

 

 

 

 

 

70,797

 

Government-sponsored enterprise securities

 

 

193,549

 

 

 

1

 

 

 

(1,518

)

 

 

192,032

 

Commercial paper

 

 

210,179

 

 

 

 

 

 

(274

)

 

 

209,905

 

Total marketable securities

 

 

1,337,137

 

 

 

513

 

 

 

(9,442

)

 

 

1,328,208

 

Total cash equivalents and marketable securities

 

$

1,450,492

 

 

$

518

 

 

$

(9,442

)

 

$

1,441,568

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

17,766

 

 

$

 

 

$

 

 

$

17,766

 

Corporate debt securities

 

 

2,151

 

 

 

 

 

 

(2

)

 

 

2,149

 

Commercial paper

 

 

32,675

 

 

 

 

 

 

 

 

 

32,675

 

Total cash equivalents

 

 

52,592

 

 

 

 

 

 

(2

)

 

 

52,590

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

1,236,770

 

 

 

615

 

 

 

(15,006

)

 

 

1,222,379

 

Certificates of deposit

 

 

92,417

 

 

 

 

 

 

 

 

 

92,417

 

Government-sponsored enterprise securities

 

 

79,746

 

 

 

11

 

 

 

(712

)

 

 

79,045

 

Commercial paper

 

 

263,231

 

 

 

 

 

 

(509

)

 

 

262,722

 

Total marketable securities

 

 

1,672,164

 

 

 

626

 

 

 

(16,227

)

 

 

1,656,563

 

Total cash equivalents and marketable securities

 

$

1,724,756

 

 

$

626

 

 

$

(16,229

)

 

$

1,709,153

 

 

As of June 30, 2023 and December 31, 2022, marketable securities were in a net unrealized loss position of $8.9 million and $15.6 million, respectively. The Company has recorded a net unrealized gain of $0.5 million and $6.7 million during the three and six months ended June 30, 2023, respectively, related to its debt securities, which is included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss. The Company recorded a net unrealized loss of $3.4 million and $15.2 million during the three and six months ended June 30, 2022, respectively, related to its debt securities, which is included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss.

As of June 30, 2023 and December 31, 2022, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $820.2 million and $628.4 million, respectively. As of June 30, 2023 and December 31, 2022, the aggregate fair value of marketable securities that were in an unrealized loss position for more than twelve months was $298.5 million and $619.2 million, respectively. Of this amount, securities totaling $4.9 million and $53.1 million as of June 30, 2023 and December 31, 2022, respectively, will mature beyond one year.

The Company determined that there is no material credit risk associated with the above investments as of June 30, 2023. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the three and six months ended June 30, 2023 and 2022. No available-for-sale debt securities held as of June 30, 2023 had remaining maturities greater than thirty months.