Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

4. Cash, Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities consisted of the following (in thousands):

	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	5,649	$	—	$	—		$	5,649
Money market funds		54,439		—		—			54,439
Commercial paper		39,190		—		(9	)		39,181
U.S. government and agency securities		19,221		5		—			19,226
Total cash and cash equivalents	$	118,499	$	5	$	(9	)	$	118,495
Marketable securities:
Commercial paper	$	51,990	$	39	$	(35	)	$	51,994
U.S. government and agency securities		153,003		34		(799	)		152,238
Corporate debt securities		34,952		—		(301	)		34,651
Total marketable securities	$	239,945	$	73	$	(1,135	)	$	238,883

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash and cash equivalents:
Cash	$	15,724	$	—	$	—		$	15,724
Money market funds		45,443		—		—			45,443
Commercial paper		41,972		—		(15	)		41,957
U.S. government and agency securities		12,311		3		—			12,314
Total cash and cash equivalents	$	115,450	$	3	$	(15	)	$	115,438
Marketable securities:
Commercial paper	$	69,630	$	2	$	(58	)	$	69,574
U.S. government and agency securities		148,160		6		(1,461	)		146,705
Corporate debt securities		54,123		—		(526	)		53,597
Total marketable securities	$	271,913	$	8	$	(2,045	)	$	269,876

The amortized cost and estimated fair value of our available-for-sale marketable securities by contractual maturity are summarized below as of March 31, 2023 (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Mature in one year or less	$	232,949	$	64	$	(1,132	)	$	231,881
Mature after one year through two years		6,996		9		(3	)		7,002
Total available-for-sale marketable securities	$	239,945	$	73	$	(1,135	)	$	238,883

For all securities with a fair value less than its amortized cost basis, we determined the decline in fair value below amortized cost basis to be noncredit related. We have not recognized any impairment losses through March 31, 2023.