Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

The Company has classified its marketable securities as available-for-sale. The Company’s cash, cash equivalents and marketable securities by major security type as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	200	$	—	$	—	$	200
Money market funds	368		—		—		368
Commercial paper	25,743		—		(5)		25,738
U.S. federal agency securities	895		—		—		895
Total cash and cash equivalents	27,206		—		(5)		27,201
Current marketable securities:
Commercial paper	11,125		—		(33)		11,092
U.S. federal agency securities	26,102		—		(210)		25,892
U.S. government securities	6,678		—		(75)		6,603
Total current marketable securities	43,905		—		(318)		43,587
Long-term marketable securities:
U.S. federal agency securities	17,236		50		(65)		17,221
U.S. government securities	10,646		5		(131)		10,520
Corporate debt securities	1,169		7		—		1,176
Total long-term marketable securities	29,051		62		(196)		28,917
Total cash, cash equivalents and marketable securities	$	100,162	$	62	$	(519)	$	99,705


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	913	$	—	$	—	$	913
Money market funds	2,618		—		—		2,618
Commercial paper	26,356		—		(9)		26,347
Total cash and cash equivalents	29,887		—		(9)		29,878
Current marketable securities:
Commercial paper	15,219		2		(66)		15,155
Corporate debt securities	507		—		(5)		502
U.S. federal agency securities	28,964		—		(364)		28,600
U.S. government securities	8,702		—		(133)		8,569
Total current marketable securities	53,392		2		(568)		52,826
Long-term marketable securities:
U.S. federal agency securities	9,810		—		(199)		9,611
U.S. government securities	10,770		—		(208)		10,562
Corporate debt securities	1,156		—		—		1,156
Total long-term marketable securities	21,736		—		(407)		21,329
Total cash, cash equivalents and marketable securities	$	105,015	$	2	$	(984)	$	104,033

The following tables summarize the Company’s available-for-sale debt securities and cash equivalents with unrealized losses as of March 31, 2023 and December 31, 2022, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):


	March 31, 2023
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	32,187	$	(38)	$	—	$	—	$	32,187	$	(38)
U.S. federal agency securities	11,898		(179)		17,946		(96)		29,844		(275)
U.S. government securities	10,670		(156)		4,652		(50)		15,322		(206)
Total	$	54,755	$	(373)	$	22,598	$	(146)	$	77,353	$	(519)


	December 31, 2022
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	40,063	$	(75)	$	—	$	—	$	40,063	$	(75)
Corporate debt securities	1,156		—		502		(5)		1,658		(5)
U.S. federal agency securities	12,869		(228)		25,342		(335)		38,211		(563)
U.S. government securities	10,562		(208)		8,569		(133)		19,131		(341)
Total	$	64,650	$	(511)	$	34,413	$	(473)	$	99,063	$	(984)

As of March 31, 2023 and December 31, 2022, the Company had not recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

The Company’s marketable securities classified by contractual maturities as of March 31, 2023 were as follows (in thousands):


	Amortized Cost		Fair Value
Due within one year	$	43,905	$	43,587
Due after one year through five years	29,051		28,917
Total	$	72,956	$	72,504