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Marketable Securities and Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
The following is a summary of marketable securities accounted for as available-for-sale securities at June 30, 2023 and December 31, 2022:
As of June 30, 2023 (in thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Commercial paper$59,879 $2 $(55)$59,826 
Government obligations & agency securities103,878 — (495)103,383 
Total$163,757 $2 $(550)$163,209 

As of December 31, 2022 (in thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Commercial paper$120,570 $5 $(313)$120,262 
Corporate debt securities14,146 — (16)14,130 
Government obligations89,265 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 June 30, 2023 are as follows:


As of June 30, 2023 (in thousands)
Securities in an unrealized loss position less than 12 monthsSecurities in an unrealized loss position greater than 12 monthsTotal
Unrealized lossesFair ValueUnrealized lossesFair ValueUnrealized lossesFair Value
Commercial paper$(55)$45,394 $— $— $(55)$45,394 
Government obligations & agency securities(424)96,641 (71)7,236 (495)103,877 
Total$(479)$142,035 $(71)$7,236 $(550)$149,271 

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 monthsSecurities in an unrealized loss position greater than 12 monthsTotal
Unrealized lossesFair ValueUnrealized lossesFair ValueUnrealized lossesFair 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 June 30, 2023 and December 31, 2022 are as follows:


 June 30, 2023
Less than 12 MonthsMore Than 12 Months
Commercial paper$59,826 $— 
Government obligations & agency securities96,218 7,165 
Total Marketable securities$156,044 $7,165 

December 31, 2022
Less than 12 MonthsMore Than 12 Months
Commercial paper$120,262 $— 
Corporate debt securities14,130 — 
Government obligations70,771 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 June 30, 2023 (in thousands)
Level 1Level 2 Level 3Total
Cash equivalents:
   Money market funds$69,061 $— $— $69,061 
Marketable securities:
   Commercial paper— 59,826 — 59,826 
   Government obligations &
   agency securities		— 103,383 — 103,383 
      Total $69,061 $163,209 $— $232,270 

As of December 31, 2022 (in thousands)
Level 1Level 2 Level 3Total
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