Available-For-Sale Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Available-For-Sale Marketable Securities

The following tables summarize the estimated fair value of the Company’s available-for-sale marketable securities as of September 30, 2023 and December 31, 2022 (in thousands):


As of September 30, 2023:	Total Amortized Cost		Total Unrealized Gains		Total Unrealized Loss		Total Estimated Fair Value

Money market funds (included in cash and cash equivalents)	$	84,761	$	-	$	-	$	84,761
U.S. Treasury obligations ($223,032 included in cash and cash equivalents)	514,029		51		(30)		514,050
Corporate debt obligations ($46,714 included in cash and cash equivalents)	140,923		4		(74)		140,853
Federal agency obligations ($21,347 included in cash and cash equivalents)	41,892		5		(6)		41,891
Total available for sale marketable securities	$	781,605	$	60	$	(110)	$	781,555


As of December 31, 2022:	Total Amortized Cost		Total Unrealized Loss (1)		Total Estimated Fair Value

Money market funds (included in cash and cash equivalents)	$	238,223	$	-	$	238,223
U.S. Government bonds	25,506		(47)		25,459
U.S. Treasury obligations	11,430		(26)		11,404
Corporate debt obligations	2,145		(4)		2,141
Federal agency obligations	8,515		(9)		8,506
Total available for sale marketable securities	$	285,819	$	(86)	$	285,733

(1)The Company did not have any gross unrealized gains as of December 31, 2022.

As of September 30, 2023 and December 31, 2022, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the Company’s marketable securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its investments were not significantly impacted by such conditions. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for losses has been recorded. During the nine months ended September 30, 2023 and for the year ended December 31, 2022, the Company did not recognize any impairment losses on its investments.

The Company presents accrued interest receivable related to the available-for-sale marketable securities in prepaid expenses and other current assets, separate from short-term investments in the condensed consolidated balance sheet. As of each of September 30, 2023 and December 31, 2022, accrued interest receivable was $0.7 million and $0.1 million, respectively. The Company’s accounting policy is to not measure an allowance for credit losses for accrued interest receivables and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which it considers to be in the period in which the Company determines the accrued interest will not be collected. The Company has not written off any accrued interest receivables for the three and nine months ended September 30, 2023.