Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

5. MARKETABLE SECURITIES

Marketable securities are debt securities measured at fair value on a recurring basis and accounted for as available-for-sale. These securities are classified within Level 2 in the fair value hierarchy because the Company uses quoted market prices to the extent available

or alternative pricing sources to determine fair value. The Company’s marketable securities have maturities of less than one year as of the balance sheet date.

Unrealized gains and losses are reported as a component of other comprehensive loss. Fair value of the debt securities totaled $71.2 million as of December 31, 2022. The Company did not hold marketable debt securities as of December 31, 2021.

The following table summarizes the unrealized gains and losses in the Company’s investments in marketable securities (in thousands):

	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Level 2:
US Government bonds	$	71,418	$	1	$	(225	)	$	71,194
Total marketable securities	$	71,418	$	1	$	(225	)	$	71,194