The following is a summary of marketable securities accounted for as available-for-sale securities at September 30, 2023 and December 31, 2022:


As of September 30, 2023 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	35,070	$	—	$	(26)	$	35,044
Corporate debt securities	17,222		—		(6)		17,216
Government obligations & agency securities	96,785		—		(280)		96,505
Total	$	149,077	$	—	$	(312)	$	148,765


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 September 30, 2023 are as follows:


As of September 30, 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	$	(26)	$	35,044	$	—	$	—	$	(26)	$	35,044
Corporate debt securities	(6)		17,216		—		—		(6)		17,216
Government obligations & agency securities	(280)		96,505		—		—		(280)		96,505
Total	$	(312)	$	148,765	$	—	$	—	$	(312)	$	148,765

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 September 30, 2023 and December 31, 2022 are as follows:


	September 30, 2023
	Less than 12 Months		More Than 12 Months
Commercial paper	$	35,044	$	—
Corporate debt securities	17,216		—
Government obligations & agency securities	96,505		—
Total Marketable securities	$	148,765	$	—


	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 September 30, 2023 (in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	5,825	$	—	$	—	$	5,825


Marketable securities:
Commercial paper	—		35,044		—		35,044
Corporate debt securities	—		17,216		—		17,216
Government obligations & agency securities	—		96,505		—		96,505
Total	$	5,825	$	148,765	$	—	$	154,590


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