Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable Securities

All marketable securities were considered available-for-sale as of March 31, 2023 and December 31, 2022. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type are summarized in the tables below (in thousands):

	March 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities
U.S. treasuries	$	25,890	$	—	$	(76	)	$	25,814
Commercial paper		113,085		2		(177	)		112,910
U.S. agency securities		53,843		5		(220	)		53,628
Asset-backed securities		1,936		—		(3	)		1,933
Total available-for-sale securities	$	194,754	$	7	$	(476	)	$	194,285

	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Available-for-sale securities
U.S. treasuries	$	65,807	$	—	$	(416	)	$	65,391
Commercial paper		115,381		13		(333	)		115,061
U.S. agency securities		53,767		15		(327	)		53,455
Asset-backed securities		1,914		—		—			1,914
Total available-for-sale securities	$	236,869	$	28	$	(1,076	)	$	235,821

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. As of March 31, 2023, the aggregate fair value of securities with remaining maturities of less than one year held by the Company in an unrealized loss position was $194.3 million. As of March 31, 2023, the Company did not hold any securities with remaining maturities of more than one year in an unrealized loss position. The Company has the intent and ability to hold such securities until recovery and has determined that there has been no material change to its credit risk. As a result, the Company determined it did not hold any investments with a credit loss at March 31, 2023.

There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities during the three months ended March 31, 2023, and as a result, there were no reclassifications out of accumulated other comprehensive gain (loss) for the same periods.