Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

The following tables summarize our investments, which are classified as available-for-sale and recorded at fair value (in thousands):

	As of June 30, 2023
	Amortized Cost		Total Unrealized Gains		Total Unrealized Loss			Aggregate Fair Value
Corporate debt securities	$	84,741	$	—	$	(376	)	$	84,365
Commercial paper		26,275		—		(43	)		26,232
U.S. government and agency securities		45,465		1		(192	)		45,274
Total	$	156,481	$	1	$	(611	)	$	155,871

	As of December 31, 2022
	Amortized Cost		Total Unrealized Gains		Total Unrealized Loss			Aggregate Fair Value
Corporate debt securities	$	78,411	$	3	$	(271	)	$	78,143
Commercial paper		43,944		1		(31	)		43,914
U.S. government and agency securities		20,768		—		(46	)		20,722
Total	$	143,123	$	4	$	(348	)	$	142,779

We determine the appropriate classification of our investments at the time of purchase. All of our investments are reported as short-term as they are available for use during the normal cycle of business. We review any investment when its fair value is less than its amortized cost and when evidence indicates that the investment’s carrying amount is not recoverable within a reasonable period. We evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment is compared to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on our condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to a credit loss is recognized in other comprehensive loss.

Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectability of an investment is confirmed or when either of the criteria regarding intent or requirement to sell is met. We held 69 and 60 investments at June 30, 2023 and December 31, 2022, respectively, that were in an unrealized loss position. The unrealized losses at June 30, 2023 and December 31, 2022 were attributable to changes in interest rates, and we do not believe any unrealized losses represent credit losses.

We do not intend to sell the investments before recovery of their amortized cost bases, which may be at maturity. All of our investments mature within two years from June 30, 2023. The following tables summarize our investments in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time in a continuous unrealized loss position (in thousands):

	As of June 30, 2023
	Less than 12 Months					12 Months or Longer					Total
	Aggregate Related Fair Value		Unrealized Losses			Aggregate Related Fair Value		Unrealized Losses			Aggregate Related Fair Value		Unrealized Losses
Corporate debt securities	$	77,264	$	(345	)	$	3,361	$	(31	)	$	80,625	$	(376	)
Commercial paper		26,232		(43	)		—		—			26,232		(43	)
U.S. government and agency securities		43,318		(192	)		—		—			43,318		(192	)
Total	$	146,814	$	(580	)	$	3,361	$	(31	)	$	150,175	$	(611	)

	As of December 31, 2022
	Less than 12 Months					12 Months or Longer				Total
	Aggregate Related Fair Value		Unrealized Losses			Aggregate Related Fair Value		Unrealized Losses		Aggregate Related Fair Value		Unrealized Losses
Corporate debt securities	$	72,820	$	(271	)	$	—	$	—	$	72,820	$	(271	)
Commercial paper		35,589		(31	)		—		—		35,589		(31	)
U.S. government and agency securities		20,722		(46	)		—		—		20,722		(46	)
Total	$	129,131	$	(348	)	$	—	$	—	$	129,131	$	(348	)