Investments in marketable securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in marketable securities consisted of the following:


	Amortized Cost		Gross Unrealized Gain(1)		Gross Unrealized Loss(1)		Fair Value
As of June 30, 2023	(in thousands)
Cash equivalents
Money market	$	21,816	$	—	$	—	$	21,816
Total	$	21,816	$	—	$	—	$	21,816
Investments in marketable short-term securities
US government agency bonds	$	35,624	$	—	$	(314)	$	35,310
US corporate bonds	56,066		—		(507)		55,559
US treasury bills	7,834		—		(4)		7,830
US government bonds	26,944		—		(356)		26,588
Total	$	126,468	$	—	$	(1,181)	$	125,287
Investments in marketable long-term securities

US corporate bonds	9,161		—		(66)		9,095
Yankee bonds	1,999		—		(37)		1,962

Total	$	11,160	$	—	$	(103)	$	11,057

(1) Gross unrealized gain (loss) is pre-tax and is reported in accumulated other comprehensive loss.


	Amortized Cost		Gross Unrealized Gain(1)		Gross Unrealized Loss(1)		Fair Value
As of December 31, 2022	(in thousands)
Cash equivalents
Money market	$	23,218	$	—	$	—	$	23,218
Total	$	23,218	$	—	$	—	$	23,218
Investments in marketable short-term securities
US government agency bonds	$	26,686	$	—	$	(424)	$	26,262
US corporate bonds	27,144		—		(303)		26,841
US treasury bills	8,483		—		(16)		8,467
US government bonds	$	55,361	$	—	$	(794)	$	54,567
Total	$	117,674	$	—	$	(1,537)	$	116,137
Investments in marketable long-term securities
US government agency bonds	$	3,724	$	—	$	(130)	$	3,594
US treasury bills	25,433		—		(336)		25,097
US government bonds	8,972		—		(300)		8,672
Total	$	38,129	$	—	$	(766)	$	37,363

(1) Gross unrealized gain (loss) is pre-tax and is reported in accumulated other comprehensive loss.

The contractual term to maturity of the $125.3 million of short-term marketable securities held by the Company as of June 30, 2023 is less than one year. As of June 30, 2023, the Company held $11.1 million of long-term marketable securities with contractual maturities of more than one year, but less than five years. As of December 31, 2022, the Company’s $116.1 million of short-term marketable securities had contractual maturities of less than one year, while the Company’s $37.4 million of long-term marketable securities had maturities of more than one year, but less than five years.

At June 30, 2023 and December 31, 2022, respectively, the Company had 45 and 53 available-for-sale investment debt securities in an unrealized loss position without an allowance for credit losses. Unrealized losses on the Company’s investments in debt securities have not been recognized into income as the issuers’ bonds are of high credit quality and the decline in fair value is largely due to market conditions and/or changes in interest rates. The Company does not intend to sell and it is more likely than not that the Company will not be required to sell the securities prior to the anticipated recovery of their amortized cost basis. The issuers continue to make timely interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

Accrued interest receivable on investments in marketable securities of $0.6 million at both June 30, 2023 and December 31, 2022 is included in Prepaid expenses and other current assets.

The Company had realized gains of less than $0.1 million for the three and six months ended June 30, 2023 and no unrealized gains in 2022.

See Note 3 for additional information regarding the fair value of the Company’s investments in marketable securities.