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Marketable Securities | 9 Months Ended
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Sep. 30, 2023
Marketable Securities [Abstract] |
Marketable Securities | Marketable Securities M arketable securities consisted of the following as of the periods presented (in thousands):
| September 30, 2023 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Marketable Securities |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 159,288 |  |  | $ | — |  |  | $ | (238) |  |  | $ | 159,050 |  |
U.S. Agency securities | 29,352 |  |  | — |  |  | (22) |  |  | 29,330 |  |
Certificates of deposit | 3,365 |  |  | — |  |  | — |  |  | 3,365 |  |
Corporate debt securities | 1,687 |  |  | — |  |  | (3) |  |  | 1,684 |  |
Commercial paper | 9,513 |  |  | — |  |  | (7) |  |  | 9,506 |  |
Total marketable securities | $ | 203,205 |  |  | $ | — |  |  | $ | (270) |  |  | $ | 202,935 |  |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Marketable Securities |  |  |  |  |  |  |
U.S. Treasury securities | $ | 219,895 |  |  | $ | 10 |  |  | $ | (801) |  |  | $ | 219,104 |
U.S. Agency securities | 19,247 |  |  | 19 |  |  | (2) |  |  | 19,264 |
Certificates of deposit | 26,624 |  |  | 4 |  |  | (119) |  |  | 26,509 |
Corporate debt securities | 13,934 |  |  | — |  |  | (86) |  |  | 13,848 |
Commercial paper | 22,433 |  |  | 10 |  |  | (43) |  |  | 22,400 |
Total marketable securities | $ | 302,133 |  |  | $ | 43 |  |  | $ | (1,051) |  |  | $ | 301,125 |
The Company’s marketable securities have been classified as available for sale. All available for sale debt securities are available for use in current operations. Accordingly, they have been classified as current. Marketable securities that have been in a continuous unrealized loss position consisted of the following as of the periods presented (in thousands):
| September 30, 2023
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. Treasury securities | $ | 153,622 |  |  | $ | (238) |  |  | $ | — |  |  | $ | — |  |  | $ | 153,622 |  |  | $ | (238) |
U.S. Agency securities | 29,330 |  |  | (22) |  |  | — |  |  | — |  |  | 29,330 |  |  | (22) |
Certificates of deposit | 3,365 |  |  | — |  |  | — |  |  | — |  |  | 3,365 |  |  | — |
Corporate debt securities | 1,684 |  |  | (3) |  |  | — |  |  | — |  |  | 1,684 |  |  | (3) |
Commercial paper | 9,506 |  |  | (7) |  |  | — |  |  | — |  |  | 9,506 |  |  | (7) |
Total | $ | 197,507 |  |  | $ | (270) |  |  | $ | — |  |  | $ | — |  |  | $ | 197,507 |  |  | $ | (270) |
| December 31, 2022
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. Treasury securities | $ | 116,161 |  |  | $ | (151) |  |  | $ | 77,173 |  |  | $ | (650) |  |  | $ | 193,334 |  |  | $ | (801) |
U.S. Agency securities | 3,197 |  |  | (2) |  |  | — |  |  | — |  |  | 3,197 |  |  | (2) |
Certificates of deposit | 22,402 |  |  | (119) |  |  | — |  |  | — |  |  | 22,402 |  |  | (119) |
Corporate debt securities | 4,253 |  |  | (13) |  |  | 8,345 |  |  | (73) |  |  | 12,598 |  |  | (86) |
Commercial paper | 12,853 |  |  | (43) |  |  | — |  |  | — |  |  | 12,853 |  |  | (43) |
Total | $ | 158,866 |  |  | $ | (328) |  |  | $ | 85,518 |  |  | $ | (723) |  |  | $ | 244,384 |  |  | $ | (1,051) |
The Company periodically evaluates whether any security has experienced credit-related declines in fair value. The Company did not recognize any credit loss related to its available for sales debt securities during the three and nine months ended September 30, 2023 or 2022. The amount of realized gains or losses from marketable securities that were reclassified out from accumulated other comprehensive loss to other income, net was based on specific identification and such amount was immaterial in the three and nine months ended September 30, 2023. The Company had no realized gains or losses from marketable securities that were reclassified out of accumulated other comprehensive loss in the three and nine months ended September 30, 2022. The following summarizes the remaining contractual maturities of the Company’s marketable securities as of September 30, 2023 (in thousands):
| Fair Value
One year or less | $ | 187,079 |
Over one year through five years | 15,856 |
Total marketable securities | $ | 202,935 |

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