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Marketable Securities
 3 Months Ended
Mar. 31, 2023
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

4. Marketable Securities

The following is a summary of the Company’s marketable securities.

(in thousands)

 

Amortized Cost

 

 

Gross unrealized gain

 

 

Gross unrealized loss

 

 

Fair Value

 

March 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

144,740

 

 

$

387

 

 

$

(766

)

 

$

144,361

 

U.S. government securities

 

 

9,712

 

 

 

—

 

 

 

(19

)

 

$

9,693

 

Total

 

$

154,452

 

 

$

387

 

 

$

(785

)

 

$

154,054

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

163,208

 

 

$

7

 

 

$

(1,672

)

 

$

161,543

 

U.S. government securities

 

 

9,607

 

 

 

—

 

 

 

(27

)

 

 

9,580

 

Total

 

$

172,815

 

 

$

7

 

 

$

(1,699

)

 

$

171,123

 

The Company’s marketable securities generally have contractual maturity dates of 10 months or less. As of March 31, 2023, the Company had 17 securities with a total fair market value of $138.5 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary, is primarily related to market factors and believes that it is more likely than not that it will be able to hold its debt securities to maturity. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance for credit losses was not recognized.