Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and repurchase agreements collateralized with securities issued by the U.S. government or its agencies. Our marketable securities consist of high investment grade fixed income securities that are primarily invested in commercial paper, corporate bonds, and U.S. government securities.

Cash equivalents and marketable securities classified as available-for-sale consisted of the following:


	March 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	52,144	$	—	$	—		$	52,144
Commercial paper		20,971		—		(4	)		20,967
Agency discount notes		322,988		98		—			323,086
Total cash equivalents		396,103		98		(4	)		396,197
Marketable securities:
Commercial paper		34,228		1		(107	)		34,122
Total marketable securities		34,228		1		(107	)		34,122
Total cash equivalents and marketable securities	$	430,331	$	99	$	(111	)	$	430,319


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	202,250	$	—	$	—		$	202,250
Commercial paper		159,812		—		(54	)		159,758
Total cash equivalents		362,062		—		(54	)		362,008
Marketable securities:
Commercial paper		51,854		—		(274	)		51,580
Total marketable securities		51,854		—		(274	)		51,580
Total cash equivalents and marketable securities	$	413,916	$	—	$	(328	)	$	413,588

There have been no significant realized gains or losses on available-for-sale securities for the periods presented. There were no available-for-sale securities that have been in a continuous unrealized loss position for more than 12 months. As of March 31, 2023 and December 31, 2022 our marketable securities have average contractual maturities of approximately 4 months and 6 months, respectively. We believe that we have the ability to realize the full value of all of these investments upon their respective maturities.