Marketable Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The following is a summary of the Company's marketable securities at September 30, 2022 (in thousands). The Company did not have any marketable securities as of December 31, 2021.


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	103,011	$	—	$	1,264	$	101,747
Corporate debt securities	34,956		—		622		34,334
Total securities with a maturity of one year or less	$	137,967	$	—	$	1,886	$	136,081

U.S. government agency securities and treasuries	11,790		—		263		11,527
Corporate debt securities	15,251		—		598		14,653
Total securities with a maturity of one to two years	$	27,041	$	—	$	861	$	26,180
Total available-for-sale securities	$	165,008	$	—	$	2,747	$	162,261

As of September 30, 2022, the Company had 36 marketable securities with a total fair market value of $162.3 million in an unrealized loss position, of which none were in a continuous unrealized loss position for more than twelve months. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and 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. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity.

Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three and nine months ended September 30, 2022.

The summary above excludes $9.0 million of debt securities classified as cash equivalents. For all debt securities classified as cash equivalents, amortized cost approximated fair value.