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Marketable Securities
 9 Months Ended
Sep. 30, 2023
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
Marketable securities consisted of the following as of the periods presented (in thousands):

September 30, 2023
Amortized Cost
Gross Unrealized GainsGross Unrealized Losses
Fair Value
Marketable Securities
U.S. Treasury securities$159,288 $— $(238)$159,050 
U.S. Agency securities29,352 — (22)29,330 
Certificates of deposit3,365 — — 3,365 
Corporate debt securities1,687 — (3)1,684 
Commercial paper9,513 — (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 securities19,247 19 (2)19,264 
Certificates of deposit26,624 4 (119)26,509 
Corporate debt securities13,934 — (86)13,848 
Commercial paper22,433 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 Months12 Months or MoreTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. Treasury securities$153,622 $(238)$— $— $153,622 $(238)
U.S. Agency securities29,330 (22)— — 29,330 (22)
Certificates of deposit3,365 — — — 3,365 — 
Corporate debt securities1,684 (3)— — 1,684 (3)
Commercial paper9,506 (7)— — 9,506 (7)
Total$197,507 $(270)$— $— $197,507 $(270)
December 31, 2022
Less Than 12 Months12 Months or MoreTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. Treasury securities$116,161 $(151)$77,173 $(650)$193,334 $(801)
U.S. Agency securities3,197 (2)— — 3,197 (2)
Certificates of deposit22,402 (119)— — 22,402 (119)
Corporate debt securities4,253 (13)8,345 (73)12,598 (86)
Commercial paper12,853 (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 years15,856 
Total marketable securities$202,935