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Marketable Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments

4. Marketable Securities

The following is a summary of the Company’s marketable securities as of December 31, 2022 and 2021.

 

(in thousands)

 

Amortized Cost

 

 

Gross unrealized gain

 

 

Gross unrealized loss

 

 

Fair Value

 

December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

163,208

 

 

$

7

 

 

$

(1,672

)

 

$

161,543

 

U.S. government securities

 

 

9,607

 

 

 

—

 

 

 

(27

)

 

 

9,580

 

Total

 

$

172,815

 

 

$

7

 

 

$

(1,699

)

 

$

171,123

 

December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

193,798

 

 

$

1

 

 

$

(696

)

 

$

193,103

 

Commercial paper

 

 

66,318

 

 

 

1

 

 

 

(17

)

 

 

66,302

 

Total

 

$

260,116

 

 

$

2

 

 

$

(713

)

 

$

259,405

 

The Company’s marketable securities generally have contractual maturity dates of 12 months or less. As of December 31, 2022, the Company had 20 securities with a total fair market value of $163.6 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and is primarily related to the change in market interest rates since purchase and believes that it is more likely than not that it will be able to hold its debt securities to maturity.