Investments in Debt Securities

9 Months Ended

Sep. 30, 2023

3. Investments in Debt Securities

The following tables summarize the Company’s investments in debt securities and their presentation in the condensed consolidated balance sheet:


	September 30, 2023		December 31, 2022
	(in thousands)
Money market funds	$	20,499	$	18,404
Corporate paper and notes		134,511		126,102
U.S. government agency securities		52,669		34,364
U.S. treasuries		21,482		18,471
Total	$	229,161	$	197,341

Fair value of debt securities	$	228,314	$	196,345


	September 30, 2023		December 31, 2022
	(in thousands)
Cash equivalents	$	25,200	$	18,404
Current marketable securities		146,702		142,480
Non-current marketable securities		57,259		36,457
Total	$	229,161	$	197,341

The Company does not intend to sell and it is unlikely that the Company will be required to sell the above investments before recovery of their amortized cost bases, which may be at maturity. The Company determined that there was no material change in the credit risk of any of its investments.

The fair value of money market funds is determined based on publicly available market price for these funds (Level 1). The fair value of other debt securities is determined based on the publicly available inputs which includes a market price for the same or similar instruments adjusted for estimates in interest yield (Level 2).