Marketable Securities and Fair Value Measurements |
Marketable Securities and Fair Value MeasurementsThe following is a summary of marketable securities accounted for as available-for-sale securities at March 31, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2023 (in thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Commercial paper | $ | 94,260 | | | $ | 9 | | | $ | (122) | | | $ | 94,147 | | | | | | | | | | Government obligations & agency securities | 90,338 | | | 13 | | | (295) | | | 90,056 | | Total | $ | 184,598 | | | $ | 22 | | | $ | (417) | | | $ | 184,203 | |
| | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 (in thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Commercial paper | $ | 120,570 | | | $ | 5 | | | $ | (313) | | | $ | 120,262 | | Corporate debt securities | 14,146 | | | — | | | (16) | | | 14,130 | | Government obligations | 89,265 | | | 4 | | | (519) | | | 88,750 | | Total | $ | 223,981 | | | $ | 9 | | | $ | (848) | | | $ | 223,142 | |
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of March 31, 2023 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2023 (in thousands) | Securities in an unrealized loss position less than 12 months | | Securities in an unrealized loss position greater than 12 months | | Total | | Unrealized losses | | Fair Value | | Unrealized losses | | Fair Value | | Unrealized losses | | Fair Value | Commercial paper | $ | (122) | | | $ | 66,054 | | | $ | — | | | $ | — | | | $ | (122) | | | $ | 66,054 | | | | | | | | | | | | | | Government obligations & agency securities | (295) | | | 73,455 | | | — | | | — | | | (295) | | | 73,455 | | Total | $ | (417) | | | $ | 139,509 | | | $ | — | | | $ | — | | | $ | (417) | | | $ | 139,509 | |
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 (in thousands) | Securities in an unrealized loss position less than 12 months | | Securities in an unrealized loss position greater than 12 months | | Total | | Unrealized losses | | Fair Value | | Unrealized losses | | Fair Value | | Unrealized losses | | Fair Value | Commercial paper | $ | (313) | | | $ | 110,370 | | | $ | — | | | $ | — | | | $ | (313) | | | $ | 110,370 | | Corporate debt securities | (16) | | | 14,130 | | | — | | | — | | | (16) | | | 14,130 | | Government obligations | (455) | | | 70,771 | | | (64) | | | 14,897 | | | (519) | | | 85,668 | | Total | $ | (784) | | | $ | 195,271 | | | $ | (64) | | | $ | 14,897 | | | $ | (848) | | | $ | 210,168 | |
Marketable securities on the balance sheet at March 31, 2023 and December 31, 2022 are as follows:
| | | | | | | | | | | | | March 31, 2023 | | Less than 12 Months | | More Than 12 Months | Commercial paper | $ | 94,147 | | | $ | — | | | | | | Government obligations & agency securities | 90,056 | | | — | | Total Marketable securities | $ | 184,203 | | | $ | — | |
| | | | | | | | | | | | | December 31, 2022 | | Less than 12 Months | | More Than 12 Months | Commercial paper | $ | 120,262 | | | $ | — | | Corporate debt securities | 14,130 | | | — | | Government obligations | 70,771 | | | 17,979 | | Total Marketable securities | $ | 205,163 | | | $ | 17,979 | |
The Company classifies all of its securities as current as they are all available for sale and are available for current operations. The following tables present information about the Company's financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2023 (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents: | | | | | | | | Money market funds | $ | 45,665 | | | $ | — | | | $ | — | | | $ | 45,665 | | | | | | | | | | | | | | | | | | Marketable securities: | | | | | | | | Commercial paper | — | | | 94,147 | | | — | | | 94,147 | | Corporate debt securities | — | | | — | | | — | | | — | | Government obligations & agency securities | — | | | 90,056 | | | — | | | 90,056 | | Total | $ | 45,665 | | | $ | 184,203 | | | $ | — | | | $ | 229,868 | |
| | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | Cash equivalents: | | | | | | | | Money market funds | $ | 11,242 | | | $ | — | | | $ | — | | | $ | 11,242 | | | | | | | | | | | | | | | | | | Marketable securities: | | | | | | | | Commercial paper | — | | | 120,262 | | | — | | | 120,262 | | Corporate debt securities | — | | | 14,130 | | | — | | | 14,130 | | Government obligations | — | | | 88,750 | | | — | | | 88,750 | | Total | $ | 11,242 | | | $ | 223,142 | | | $ | — | | | $ | 234,384 | |
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