Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Available-For-Sale Investment Securities Held by the Company

The following is a summary of the available-for-sale investment securities held by the Company as of March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	127,343	$	19	$	(888	)	$	126,474
Certificates of deposit		4,156		—		(80	)		4,076
Corporate debt securities		125,944		—		(1,565	)		124,379
Total	$	257,443	$	19	$	(2,533	)	$	254,929

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	154,228	$	12	$	(1,510	)	$	152,730
Certificates of deposit		4,629		—		(94	)		4,535
Corporate debt securities		145,330		—		(2,336	)		142,994
Asset-backed securities		1,497		—		(3	)		1,494
Total	$	305,684	$	12	$	(3,943	)	$	301,753

Summary of Available-For-Sale Investment Securities By Contractual Maturity

As of March 31, 2023 and December 31, 2022, available-for-sale investment securities by contractual maturity were as follows (in thousands):

	As of March 31, 2023				As of December 31, 2022
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	230,382	$	228,291	$	246,276	$	243,542
Due after one year through five years		27,061		26,638		59,408		58,211
Total	$	257,443	$	254,929	$	305,684	$	301,753

Summary of Available-For-Sale Securities Investment

The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
	Less Than 12 Months					More Than 12 Months					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government and agency obligations	$	52,134	$	(373	)	$	30,463	$	(515	)	$	82,597	$	(888	)
Certificates of deposit		2,410		(40	)		1,666		(40	)	$	4,076		(80	)
Corporate debt securities		77,574		(967	)		44,805		(598	)	$	122,379		(1,565	)
Total	$	132,118	$	(1,380	)	$	76,934	$	(1,153	)	$	209,052	$	(2,533	)

	As of December 31, 2022
	Less Than 12 Months					More Than 12 Months					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government and agency obligations	$	95,933	$	(702	)	$	36,681	$	(808	)	$	132,614	$	(1,510	)
Certificates of deposit		2,399		(47	)		2,136		(47	)		4,535		(94	)
Corporate debt securities		96,663		(1,399	)		43,330		(937	)		139,993		(2,336	)
Asset-backed securities		1,494		(3	)		—		—			1,494		(3	)
Total	$	196,489	$	(2,151	)	$	82,147	$	(1,792	)	$	278,636	$	(3,943	)