Available-For-Sale Debt Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company’s available-for-sale debt securities as of December 31, 2022 (in thousands). There were no available-for-sale debt securities held at December 31, 2021.


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

U.S. government agency securities	$	39,634	$	5	$	(42)	$	39,597
Non-U.S. government securities	3,964		—		(18)		3,946
Corporate debt securities	21,850		—		(126)		21,724
Commercial paper	35,745		—		(47)		35,698
Total	$	101,193	$	5	$	(233)	$	100,965

There were no realized gains or losses related to available-for-sale debt securities for the three and twelve months ended December 31, 2022. As of December 31, 2022, all available-for-sale debt securities mature within one year of consolidated balance sheet date.

As of December 31, 2022, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $0.2 million, which were related to $75.5 million of available-for-sale debt securities. There were no gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months.

The Company did not recognize any credit losses related to the Company’s debt securities during the twelve months ended December 31, 2022. Unrealized losses related to available-for-sale debt securities are due to interest rate fluctuations as opposed to credit quality. The Company does not intend to sell these investments. In addition, it is more likely than not that the Company will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.