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Marketable Securities | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Note 4. Marketable securities The following tables summarize the Company’s marketable securities accounted for as available-for-sale securities (in thousands, except years):
|  | March 31, 2023 |
|  | Maturity |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | (in years) |  | cost |  |  | gains |  |  | losses |  |  | fair value |
US treasury securities |  | 1 or less |  | $ | 89,411 |  |  | $ | 13 |  |  | $ | (532 | ) |  | $ | 88,892 |
US government agency securities |  | 1 or less |  |  | 9,525 |  |  |  | 13 |  |  |  | — |  |  |  | 9,538 |
Corporate debt securities |  | 1 or less |  |  | 3,308 |  |  |  | 1 |  |  |  | (3 | ) |  |  | 3,306 |
Commercial paper |  | 1 or less |  |  | 14,607 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 14,603 |
Supranational debt securities |  | 1 or less |  |  | 648 |  |  |  | — |  |  |  | (2 | ) |  |  | 646 |
Total |  |  |  | $ | 117,499 |  |  | $ | 28 |  |  | $ | (542 | ) |  | $ | 116,985 |
|  | December 31, 2022 |
|  | Maturity |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | (in years) |  | cost |  |  | gains |  |  | losses |  |  | fair value |
US treasury securities |  | 1 or less |  | $ | 128,504 |  |  | $ | 5 |  |  | $ | (1,033 | ) |  | $ | 127,476 |
US government agency securities |  | 1 or less |  |  | 1,467 |  |  |  | 1 |  |  |  | — |  |  |  | 1,468 |
Corporate debt securities |  | 1 or less |  |  | 3,309 |  |  |  | — |  |  |  | (8 | ) |  |  | 3,301 |
Commercial paper |  | 1 or less |  |  | 18,519 |  |  |  | — |  |  |  | — |  |  |  | 18,519 |
Supranational debt securities |  | 1 or less |  |  | 645 |  |  |  | — |  |  |  | (6 | ) |  |  | 639 |
Total |  |  |  | $ | 152,444 |  |  | $ | 6 |  |  | $ | (1,047 | ) |  | $ | 151,403 |
The following tables present fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands):
|  | March 31, 2023 |
|  | Unrealized losses less than 12 months |  |  | Unrealized losses 12 months or greater |  |  | Total |
|  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
US treasury securities |  | $ | 37,143 |  |  | $ | (48 | ) |  | $ | 29,483 |  |  | $ | (484 | ) |  | $ | 66,626 |  |  | $ | (532 | )
Corporate debt securities |  |  | 2,567 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 2,567 |  |  |  | (3 | )
Commercial paper |  |  | 9,389 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 9,389 |  |  |  | (5 | )
Supranational debt securities |  |  | 646 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 646 |  |  |  | (2 | )
Total |  | $ | 49,745 |  |  | $ | (58 | ) |  | $ | 29,483 |  |  | $ | (484 | ) |  | $ | 79,228 |  |  | $ | (542 | )
|  | December 31, 2022 |
|  | Unrealized losses less than 12 months |  |  | Unrealized losses 12 months or greater |  |  | Total |
|  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
US treasury securities |  | $ | 60,652 |  |  | $ | (129 | ) |  | $ | 44,048 |  |  | $ | (904 | ) |  | $ | 104,700 |  |  | $ | (1,033 | )
Corporate debt securities |  |  | 2,560 |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | 2,560 |  |  |  | (8 | )
Supranational debt securities |  |  | 639 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 639 |  |  |  | (6 | )
Total |  | $ | 63,851 |  |  | $ | (143 | ) |  | $ | 44,048 |  |  | $ | (904 | ) |  | $ | 107,899 |  |  | $ | (1,047 | )
As of March 31, 2023, there were 34 available-for-sale securities with an estimated fair value of $79.2 million in gross unrealized loss positions, of which 6 available-for-sale securities with an estimated fair value of $29.5 million were in an unrealized loss position for more than 12 mont hs. As of December 31, 2022, there were 35 available-for-sale securities with an estimated fair value of $107.9 million in gross unrealized loss positions, of which 10 available-for-sale securities with an estimated fair value of $44.0 million were in an unrealized loss position for more than 12 months. As of March 31, 2023 and December 31, 2022, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors and interest rate increases. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. Accrued interest on the Company’s available-for-sale securities was $1.0 million and $748,000 as of March 31, 2023 and December 31, 2022, respectively, and was included in prepaid expenses and other current assets on the condensed consolidated balance sheets.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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