Investments Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following at December 31, 2022 and 2021 (in thousands):

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	17,497	$	2	$	(112)	$	17,387
Agency securities	17,507		—		(484)		17,023
Treasury securities	81,605		—		(1,557)		80,048
Total available-for-sale investment securities	$	116,609	$	2	$	(2,153)	$	114,458

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	29,080	$	—	$	(11)	$	29,069
Agency securities	19,753		—		(27)		19,726
Treasury securities	77,108		2		(229)		76,881
Total available-for-sale investment securities	$	125,941	$	2	$	(267)	$	125,676

Available-for-sale Investments, by Remaining Contract Maturity

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):

	December 31, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	90,822	$	89,297	$	64,627	$	64,600
Due after one year through three years	25,787		25,161		61,314		61,076
Total available-for-sale investment securities	$	116,609	$	114,458	$	125,941	$	125,676

Schedule of Sales and Maturities

During the years ended December 31, 2022 and 2021, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):

	Year Ended December 31, 2022
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	(3)	$	994	$	28,998
Agency securities	—		—		—		2,250
Treasury securities	—		—		—		56,635
	$	—	$	(3)	$	994	$	87,883

	Year Ended December 31, 2021
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	—	$	—	$	39,075
Agency securities	—		—		—		11,575
Treasury securities	6		—		43,198		56,704
	$	6	$	—	$	43,198	$	107,354

Fair Value, Assets Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 by level within the fair value hierarchy (in thousands):

	December 31, 2022
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	41,973	$	—	$	41,973
Treasury securities	1,287		—		1,287
Available-for-sale investment securities:
Corporate bonds	—		17,387		17,387
Agency securities	—		17,023		17,023
Treasury securities	80,048		—		80,048
Total	$	123,308	$	34,410	$	157,718

	December 31, 2021
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	6,105	$	—	$	6,105
Available-for-sale investment securities:
Corporate bonds	—		29,069		29,069
Agency securities	—		19,726		19,726
Treasury securities	76,881		—		76,881
Total	$	82,986	$	48,795	$	131,781

Fair Value, Liabilities Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 by level within the fair value hierarchy (in thousands):

	December 31, 2022
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	41,973	$	—	$	41,973
Treasury securities	1,287		—		1,287
Available-for-sale investment securities:
Corporate bonds	—		17,387		17,387
Agency securities	—		17,023		17,023
Treasury securities	80,048		—		80,048
Total	$	123,308	$	34,410	$	157,718

	December 31, 2021
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	6,105	$	—	$	6,105
Available-for-sale investment securities:
Corporate bonds	—		29,069		29,069
Agency securities	—		19,726		19,726
Treasury securities	76,881		—		76,881
Total	$	82,986	$	48,795	$	131,781