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MARKETABLE SECURITIES
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of September 30, 2023 and December 31, 2022 was as follows:
SEPTEMBER 30, 2023
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding Losses Fair Value
Money market fundsLevel 1$5,166 $— $— $5,166 
U.S. treasury securitiesLevel 131,807 — (46)31,761 
U.S. government agency securitiesLevel 271,625 14 (176)71,463 
$108,598 $14 $(222)$108,390 
DECEMBER 31, 2022
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized Holding GainsGross Unrealized Holding Losses Fair Value
Money market fundsLevel 1$12,647 $— $— $12,647 
U.S. treasury securitiesLevel 139,372 — (169)39,203 
U.S. government agency securitiesLevel 276,860 37 (82)76,815 
$128,879 $37 $(251)$128,665 
The fair values of marketable securities by classification in the condensed consolidated balance sheets was as follows as of September 30, 2023 and December 31, 2022:
(in thousands)SEPTEMBER 30, 2023DECEMBER 31, 2022
Cash and cash equivalents$6,164 $16,629 
Marketable securities102,226 112,036 
$108,390 $128,665 
The fair values of available-for-sale debt securities as of September 30, 2023 and December 31, 2022, by contractual maturity, are summarized as follows:
(in thousands)SEPTEMBER 30, 2023DECEMBER 31, 2022
Due in one year or less$92,138 $127,667 
Due after one year through two years16,252 998 
$108,390 $128,665 
The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of September 30, 2023 and December 31, 2022 was $81.0 million and $70.0 million, respectively. As of September 30, 2023, we believe that the cost basis of our available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of September 30, 2023 and December 31, 2022.