Cash and Investments in Marketable Securities

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Cash and Investments in Marketable Securities

Cash and Investments in Marketable Securities

Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):

	Estimated Fair Value at
	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	76,955	$	88,227
Short-term investments	379,872		416,750
Total cash and investments in marketable securities	$	456,827	$	504,977

Our portfolio of cash and investments in marketable securities includes (in thousands):

	Fair Value Hierarchy Level	March 31, 2023								December 31, 2022
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Fair Value
Corporate notes and bonds	2	$	60,165	$	—	$	(271)	$	59,894	$	83,522
Corporate commercial paper	2	298,216		3		(421)		297,798		344,204
Obligations of U.S. government agencies	2	16,667		—		—		16,667		—
Available-for-sale investments		$	375,048	$	3	$	(692)	$	374,359	$	427,726
Money market funds	1							48,925		47,054
Certificates of deposit	2							7,503		21,399
Cash	N/A							26,040		8,798
Total cash and investments in marketable securities								$	456,827	$	504,977

For the three months ended March 31, 2023 and 2022, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. At December 31, 2022, our gross unrealized losses totaled $1.8 million, and our gross unrealized gains were insignificant.