A summary of the Company’s cash equivalents and marketable securities as of December 31, 2023 and 2022, which are recorded at fair value (and excludes $197.8 million and $159.3 million of cash at December 31, 2023 and 2022, respectively) is shown below (in thousands):


December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	185,990	$	—	$	—		$	185,990
U.S. Treasury securities		5,731		—		—			5,731
Total cash equivalents		191,721		—		—			191,721
Marketable securities:
U.S. Treasury securities		22,963		45		—			23,008
Corporate debt securities		883,550		3,367		(1,559	)		885,358
Certificates of deposit		47,282		—		—			47,282
Government-sponsored enterprise securities		195,106		377		(352	)		195,131
Commercial paper		155,403		32		(26	)		155,409
Total marketable securities		1,304,304		3,821		(1,937	)		1,306,188
Total cash equivalents and marketable securities	$	1,496,025	$	3,821	$	(1,937	)	$	1,497,909


December 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

Cash equivalents:
Money market funds	$	17,766	$	—	$	—		$	17,766
Corporate debt securities		2,151				(2	)		2,149
Commercial paper		32,675		—		—			32,675
Total cash equivalents		52,592		—		(2	)		52,590
Marketable securities:
Corporate debt securities		1,236,770		615		(15,006	)		1,222,379
Certificates of deposit		92,417		—		—			92,417
Government-sponsored enterprise securities		79,746		11		(712	)		79,045
Commercial paper		263,231		—		(509	)		262,722
Total marketable securities		1,672,164		626		(16,227	)		1,656,563
Total cash equivalents and marketable securities	$	1,724,756	$	626	$	(16,229	)	$	1,709,153

As of December 31, 2023 marketable securities were in a net unrealized gain position of $1.9 million. As of December 31, 2022, marketable securities were in a net unrealized loss position of $15.6 million. The Company has recorded a net unrealized gain of $17.5 million for the year ended December 31, 2023, related to its debt securities. The Company has recorded a net unrealized loss of $10.5 million during the year ended December 31, 2022, related to its debt securities. These amounts are included in comprehensive loss on the condensed consolidated statements of operations and comprehensive loss.

As of December 31, 2023 and 2022, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $463.5 million and $628.4 million, respectively. As of December 31, 2023 and 2022, the aggregate fair value of marketable securities that were in an unrealized loss position for more than twelve months was $138.4 million and $619.2 million, respectively. Of this amount, securities totaling $2.0 million and $53.1 million as of December 31, 2023 and December 31, 2022, respectively, will mature beyond one year.

The Company determined that there was no material credit risk of the above investments as of December 31, 2023 and 2022. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the years ended December 31, 2023 and 2022. No available-for-sale debt securities held as of December 31, 2023 had remaining maturities greater than thirty months.