CASH EQUIVALENTS AND MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES

The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2023
Assets
Cash equivalents:
Money market funds	$	8,168	$	—	$	—	$	8,168


Total	8,168		—		—		8,168
Marketable securities:
U.S. government-sponsored entity debt securities	32,685		—		(389)		32,296
Commercial paper securities	41,881		—		(43)		41,838

Asset-backed securities	10,557		—		(52)		10,505
U.S. treasury bills	5,598		—		(25)		5,573
Certificates of deposit	25,131		—		(35)		25,096
Total	115,852		—		(544)		115,308
Total cash equivalents and marketable securities	$	124,020	$	—	$	(544)	$	123,476

December 31, 2022
Assets
Cash equivalents:
Money market funds	$	50,820	$	—	$	—	$	50,820
Total	50,820		—		—		50,820
Marketable securities:
U.S. government-sponsored entity debt securities	18,710		—		(293)		18,417
Commercial paper securities	101,336		22		(193)		101,165
Corporate debt securities	11,760		—		(90)		11,670
Asset-backed securities	24,970		2		(180)		24,792
U.S. treasury bills	7,950		—		(12)		7,938
Certificates of deposit	37,599		4		(142)		37,461
Agency bonds	5,598		—		(8)		5,590
Total	207,923		28		(918)		207,033
Total cash equivalents and marketable securities	$	258,743	$	28	$	(918)	$	257,853

The fair value of marketable securities by contractual maturity were as follows (in thousands):


	June 30, 2023		December 31, 2022
Maturing in one year or less	$	76,271	$	177,188
Maturing after one year through five years	39,037		29,845
Total	$	115,308	$	207,033

There were no realized gains and losses on the sales of investments during the three and six months ended June 30, 2023 and 2022. Total unrealized gains for securities with net gains in accumulated other comprehensive income were not material for the three and six months ended June 30, 2023.

The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities for the three and six months ended June 30, 2023 and 2022.

The Company had unrealized losses related to its marketable securities for the three and six months ended June 30, 2023 and 2022. The Company had no material unrealized losses, individually and in the aggregate, for marketable securities that are in a continuous unrealized loss position for greater than 12 months as of June 30, 2023 and December 31, 2022. Based on the scheduled maturities of its investments, the Company determined that it was more likely than not that it will hold these investments for a period of time sufficient for a recovery of its amortized cost basis. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit losses. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, including the assessment of the duration and severity of the unrealized losses and the Company’s ability and intent to hold the investments until maturity, the Company determined that no allowance for credit losses related to its marketable securities was required at either June 30, 2023 or December 31, 2022.