Marketable Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

As of June 30, 2023, the fair value of available-for-sale marketable debt securities by type of security was as follows:


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities:
U.S. Treasury notes	$	13,433	$	—	(43)		$	13,390
U.S. government agency bonds	11,167		—		(75)		11,092
Corporate bonds	$	17,037	$	—	$	(103)	$	16,934
	$	41,637	$	—	$	(221)	$	41,416

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


	June 30, 2023
	Amortized Cost		Fair Value
Maturing in one year or less	$	39,271	$	39,065
Maturing after one year	2,366		2,351
	$	41,637	$	41,416

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 six months ended June 30, 2023 the Company recorded $110 of realized losses on sales of marketable securities. During the six month ended June 30, 2022, there were no realized losses on sales of marketable securities. The Company has the intent and ability to hold such marketable securities until recovery and has determined that there has been no material change to their credit risk. As a result, the Company determined it did not hold any investments with a credit loss at June 30, 2023.

There were 15 securities held by the Company in an unrealized loss position for less than twelve months as of June 30, 2023. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of June 30, 2023 was $27,552. 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 7 securities held in an unrealized loss position for more than twelve months as of June 30, 2023. The aggregate fair value of securities held by the Company in an unrealized loss position for more than twelve months as of June 30, 2023 was $13,863. 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 June 30, 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.