Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

As of March 31, 2023, the fair value of available-for-sale marketable debt securities by type of security was as follows:

	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities:
U.S. Treasury notes	$	35,011	$	—	(367)		$	34,644
U.S. government agency bonds	16,169		—		(109)		16,060
Corporate bonds	$	22,462	$	3	$	(96)	$	22,369
	$	73,642	$	3	$	(572)	$	73,073

The amortized cost and fair value of the Company’s available-for-sale debt securities by contractual maturity are summarized as follows:

	March 31, 2023
	Amortized Cost		Fair Value
Maturing in one year or less	$	71,287	$	70,721
Maturing after one year	2,355		2,352
	$	73,642	$	73,073

As of December 31, 2022, the fair value of available-for-sale marketable debt securities by type of security was as follows:

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities:
U.S. Treasury notes	$	50,080	$	1	(714)		$	49,367
U.S. government agency bonds	10,957		—		(184)		10,773
Corporate bonds	$	13,891	$	—	$	(118)	$	13,773
	$	74,928	$	1	$	(1,016)	$	73,913

The amortized cost and fair value of the Company’s available-for-sale debt securities by contractual maturity are summarized as follows:

	December 31, 2022
	Amortized Cost		Fair Value
Maturing in one year or less	$	73,446	$	72,453
Maturing after one year	1,482		1,460
	$	74,928	$	73,913

The cost of securities sold is determined based on the specific identification method for purposes of recording realized gains and losses. During the three months ended March 31, 2023 and 2022, there were no realized losses on sales of marketable securities. There were no marketable securities that required adjustment for other-than-temporary declines in fair value during the three months ended March 31, 2023 and 2022.

There were 22 securities held by the Company in an unrealized loss position for less than twelve months as of March 31, 2023. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of March 31, 2023 was $38,342. There were 20 securities held by the Company in an unrealized loss position for less than twelve months as of December 31, 2022. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of December 31, 2022 was $34,079. There were 13 securities held in an unrealized loss position for more than twelve months as of March 31, 2023. The aggregate fair value of securities held by the Company in an unrealized loss position for more than twelve months as of March 31, 2023 was $29,659. There were 18 securities held in an unrealized loss position for more than twelve months as of December 31, 2022. The aggregate fair value of securities held by the Company in an unrealized loss position for more than twelve months as of December 31, 2022 was $36,857. As of March 31, 2023 and December 31, 2022, the Company assessed the unrealized losses on its available for sale investments in debt securities and determined it does not intend to sell the securities and it is not likely that it will be required to sell the securities prior to recovery. The Company also determined no portion of the unrealized losses relate to a credit loss.