Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

4. Marketable Securities

Marketable securities as of September 30, 2023 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	114,624	$	6	$	(176	)		114,454
U.S Treasury securities		4,991		—		(23	)		4,968
Total	$	119,615	$	6	$	(199	)	$	119,422

Market securities as of December 31, 2022 consisted of the following (in thousands):


	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Description
Corporate debt securities	$	127,565	$	27	$	(241	)		127,351
U.S Treasury securities		80,798		2		(237	)		80,563
Total	$	208,363	$	29	$	(478	)	$	207,914

As of September 30, 2023, the Company held 31 marketable securities, 20 of which were in an unrealized loss position. The aggregate fair value of securities in a loss position is $82.3 million. There were no individual securities that were in a significant unrealized loss position as of September 30, 2023. The Company evaluates securities for other-than-temporary impairments based on quantitative and qualitative factors, and considers the decline in market value as of September 30, 2023, to be primarily attributable to the then current economic and market conditions. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that the Company will have to sell them before recovery of their carrying values. The Company also believes that it will be able to collect both principal and interest amounts due to it at maturity.