Marketable Securities

12 Months Ended

Dec. 31, 2022

MARKETABLE SECURITIES

The Company’s marketable securities consisted of the following (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	30,174	$	—	$	(249)	$	29,925
Asset-backed securities	3,006		—		(102)		2,904
U.S. treasury securities	15,032		—		(357)		14,675
Total available-for-sale securities, short-term	48,212		—		(708)		47,504
Available-for-sale securities, long-term
Corporate debt securities	15,880		—		(43)		15,837
Total available-for-sale securities, long-term	15,880		—		(43)		15,837
Total available-for-sale securities	$	64,092	$	—	$	(751)	$	63,341


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Commercial paper	$	47,939	$	—	$	—	$	47,939
Corporate debt securities	7,992		—		(11)		7,981
Asset-backed securities	16,177		—		(22)		16,155
Total available-for-sale securities, short-term	72,108		—		(33)		72,075
Available-for-sale securities, long-term
Corporate debt securities	16,816		—		(103)		16,713
Asset-backed securities	3,013		—		(25)		2,988
U.S. treasury securities	11,988		—		(70)		11,918
Total available-for-sale securities, long-term	31,817		—		(198)		31,619
Total available-for-sale securities	$	103,925	$	—	$	(231)	$	103,694

As of December 31, 2022, the Company’s available-for-sale securities classified as short-term mature in one year or less and the Company’s available-for-sale securities classified as long-term mature within two years. Certain of the Company’s available-for-sale marketable securities that were in an unrealized loss position as of December 31, 2022 have been in a loss position for between 12 to 15 months; however, unrealized losses on available-for-sale securities as of December 31, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no other-than-temporary impairment was recorded for the years ended December 31, 2022 and 2021. There were no realized gains or losses for the years ended December 31, 2022 and 2021. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.