Cash and Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Cash and Cash Equivalents and Marketable Securities

3. Cash and Cash Equivalents and Marketable Securities

As of September 30, 2023 and December 31, 2022, cash and cash equivalents and marketable securities were comprised of the following:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
As of September 30, 2023
Cash and cash equivalents:
Cash	$	38,643	$	—	$	—		$	38,643
Money market funds		68,726		—		—			68,726
Total cash and cash equivalents:	$	107,369	$	—	$	—		$	107,369
Marketable securities:
U.S. Treasury and government-sponsored enterprises	$	42,159	$	—	$	(64	)	$	42,095
Commercial paper		100,797		—		(189	)		100,608
Total marketable securities	$	142,956	$	—	$	(253	)	$	142,703
As of December 31, 2022
Cash and cash equivalents:
Cash	$	116,526	$	—	$	—		$	116,526
Money market funds		42,995		—		—			42,995
Total cash and cash equivalents:	$	159,521	$	—	$	—		$	159,521
Marketable securities:
U.S. Treasury and government-sponsored enterprises	$	184,848	$	5	$	(433	)	$	184,420
Total marketable securities	$	184,848	$	5	$	(433	)	$	184,420

Interest receivable was $0.3 million and $0.4 million as of September 30, 2023 and December 31, 2022, respectively, and is included in other current receivables.

The Company held available-for-sale marketable securities with an aggregate fair value of $142.7 million and $157.9 million that were in an unrealized loss position as of September 30, 2023 and December 31, 2022, respectively. These marketable securities have been in an unrealized loss position for less than twelve months. The unrealized losses as of September 30, 2023 and December 31, 2022, were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. The Company does not intend to sell these securities and it is more likely than not that it will hold these investments for a period of time sufficient to recover the amortized cost. As a result, the Company did not record an allowance for credit losses or other impairment charges for its marketable securities for the three and nine months ended September 30, 2023 and 2022.

The Company recognized $0.2 million of net unrealized gain for the three and nine months ended September 30, 2023, respectively, and $0.5 million of net unrealized loss for the three and nine months ended September 30, 2022, respectively, in other comprehensive loss.

The maturities of the Company’s marketable securities as of September 30, 2023 and December 31, 2022 are less than one year.