Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

The fair value and amortized cost of cash equivalents and marketable securities by major security type are as follows (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	67,970	$	—	$	—	$	67,970
U.S. Treasury securities	277,056		—		(5,257)		271,799
U.S. government agency securities	135,460		1		(1,416)		134,045
Corporate debt securities	221,608		3		(930)		220,681
Total cash equivalents and marketable securities	$	702,094	$	4	$	(7,603)	$	694,495


Classified as:	Fair Value
Cash equivalents	$	107,780
Marketable securities	516,598
Marketable securities, non-current	70,117
Total cash equivalents and marketable securities	$	694,495


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	206,245	$	—	$	—	$	206,245
U.S. Treasury securities	290,909		2		(1,205)		289,706
U.S. government agency securities	93,864		2		(240)		93,626
Corporate debt securities	285,338		—		(182)		285,156
Total cash equivalents and marketable securities	$	876,356	$	4	$	(1,627)	$	874,733


Classified as:	Fair Value
Cash equivalents	$	270,236
Marketable securities	320,966
Marketable securities, non-current	283,531
Total cash equivalents and marketable securities	$	874,733

The fair value of securities held by the Company in an unrealized loss position for less than 12 months were $287.8 million and $602.9 million, as of December 31, 2022 and 2021, respectively. The fair value of securities held by the Company in an unrealized continuous loss position for greater than 12 months were $278.7 million and zero as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, all of the Company’s marketable securities had a maturity date of two years or less, were available for use and were classified as available-for-sale. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. The Company determined that there was no material change in the credit risk of the above investments during the years ended December 31, 2022 and 2021. As such, an allowance for credit losses has not been recognized. Gross realized gains and losses were de minimis for the years ended December 31, 2022 and 2021 and as a result, amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2022 and 2021 were also de minimis. See Note 6, Fair Value Measurements, for additional information regarding cash equivalents and marketable securities.