Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Estimated Fair Value of Cash Equivalents and Marketable Securities and the Gross Unrealized Gains and Losses

The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):

	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	55,451	$	—	$	—	$	55,451
Commercial paper	16,911		3		—		16,914
Total cash equivalents	$	72,362	$	3	$	—	$	72,365
Marketable securities:
Commercial paper	$	90,272	$	—	$	(93)	$	90,179
Corporate bonds	22,849		1		(22)		22,828
U.S. government securities	—		—		—		—
Total marketable securities	$	113,121	$	1	$	(115)	$	113,007

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	15,250	$	—	$	—	$	15,250
Commercial paper	7,021		1		(2)		7,020
U.S. government securities	3,736		—		(1)		3,735
Total cash equivalents	$	26,007	$	1	$	(3)	$	26,005
Marketable securities:
Commercial paper	$	16,644	$	2	$	(25)	$	16,621
Corporate bonds	3,738		—		(6)		3,732
U.S. government securities	495		—		—		495
Total marketable securities	$	20,877	$	2	$	(31)	$	20,848

Available-for-Sale Securities in an Unrealized Loss Position

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position:

	September 30, 2023
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	78,820	$	(93)	$	—	$	—	$	78,820	$	(93)
U.S. government securities	—		—		—		—		—		$	—
Corporate bonds	18,373		(22)		—		—		18,373		(22)
Total marketable securities	$	97,193	$	(115)	$	—	$	—	$	97,193	$	(115)
	December 31, 2022
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	17,699	$	(27)	$	—	$	—	$	17,699	$	(27)
U.S. government securities	3,735		(1)		—		—		3,735		$	(1)
Corporate bonds	3,732		(6)		—		—		3,732		(6)
Total marketable securities	$	25,166	$	(34)	$	—	$	—	$	25,166	$	(34)

Contractual Maturities of Marketable Securities at Estimated Fair Value

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

	September 30, 2023		December 31, 2022
Due in one year or less	$	102,518	$	20,848
Due thereafter	10,489		—
Total marketable securities	$	113,007	$	20,848