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Marketable Securities
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

4. Marketable Securities

All marketable securities were considered available-for-sale as of September 30, 2023 and December 31, 2022. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type are summarized in the tables below (in thousands):

 

 

September 30, 2023

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

4,469

 

 

$

—

 

 

$

(13

)

 

$

4,456

 

Commercial paper

 

 

7,942

 

 

 

—

 

 

 

(5

)

 

 

7,937

 

U.S. agency securities

 

 

36,700

 

 

 

—

 

 

 

(74

)

 

 

36,626

 

Asset-backed securities

 

 

1,982

 

 

 

—

 

 

 

(3

)

 

 

1,979

 

Total available-for-sale securities

 

$

51,093

 

 

$

—

 

 

$

(95

)

 

$

50,998

 

 

 

 

December 31, 2022

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

65,807

 

 

$

—

 

 

$

(416

)

 

$

65,391

 

Commercial paper

 

 

115,381

 

 

 

13

 

 

 

(333

)

 

 

115,061

 

U.S. agency securities

 

 

53,767

 

 

 

15

 

 

 

(327

)

 

 

53,455

 

Asset-backed securities

 

 

1,914

 

 

 

—

 

 

 

—

 

 

 

1,914

 

Total available-for-sale securities

 

$

236,869

 

 

$

28

 

 

$

(1,076

)

 

$

235,821

 

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. As of September 30, 2023, the aggregate fair value of securities with remaining maturities of less than one year held by the Company in an unrealized loss position was $51.0 million. The Company has the intent and ability to hold such securities until recovery and has determined that there has been no material change to its credit risk. As a result, the Company determined it did not hold any investments with a credit loss at September 30, 2023.

There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities during the three and nine months ended September 30, 2023, and as a result, there were no reclassifications out of accumulated other comprehensive gain (loss) for the same periods.