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Marketable Securities
 12 Months Ended
Dec. 31, 2022
Marketable Securities [Abstract]  
Marketable Securities

3. Marketable Securities

Marketable securities held by the Company are classified as available-for-sale debt securities pursuant to ASC 320, Investments – Debt and Equity Securities, and carried at fair value in the accompanying consolidated balance sheets on a settlement date basis.

The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of December 31, 2022 and 2021 (in thousands):

 

December 31, 2022

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

U.S. Treasury securities

 

$

107,973

 

 

$

13

 

 

$

(115

)

 

$

107,871

 

Federal agency securities

 

 

172,214

 

 

 

39

 

 

 

(209

)

 

 

172,044

 

Total financial assets

 

$

280,187

 

 

$

52

 

 

$

(324

)

 

$

279,915

 

 

December 31, 2021

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

U.S. Treasury securities

 

$

49,202

 

 

$

—

 

 

$

(8

)

 

$

49,194

 

 

No available-for-sale marketable securities held as of December 31, 2022 or 2021 had remaining maturities greater than twelve months.