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Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities Accounted for Available-for-Sale 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

Summary of Fair Values and Gross Unrealized Losses for Available-for-sale Securities

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	)