Marketable Securities

3 Months Ended

Mar. 31, 2023

4. Marketable Securities

Available-for-sale marketable securities were as follows (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	158,883	$	—	$	—		$	158,883
Corporate debt		21,197		—		(42	)		21,155
Government agency		78,535		184		(56	)		78,663
Total	$	258,615	$	184	$	(98	)	$	258,701

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	129,810	$	—	$	—		$	129,810
Corporate debt		11,923		—		(57	)		11,866
U.S. government agency		49,144		9		(173	)		48,980
Total	$	190,877	$	9	$	(230	)	$	190,656

All of the Company’s available-for-sale debt marketable securities held as of March 31, 2023 had contractual maturities of less than one year. The Company had 6 securities in an unrealized loss position with an aggregate related fair value of $33.2 million as of March 31, 2023. All securities in an unrealized loss position as of March 31, 2023 had been in a loss position for less than 12 months. Unrealized losses on available-for-sale marketable securities as of March 31, 2023 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no allowance for credit losses related to the Company’s available-for-sale marketable securities was recorded for the three months ended March 31, 2023. The Company does not intend to sell these securities or expect to be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.