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Marketable Securities | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 4. Marketable securities The following table summarizes the Company's marketable securities (in thousands):
|  | As of June 30, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. treasury securities |  | $ | 40,430 |  |  | $ | 2 |  |  | $ | (20 | ) |  | $ | 40,412 |
Corporate debt securities |  |  | 53,086 |  |  |  | — |  |  |  | (438 | ) |  |  | 52,648 |
Total |  | $ | 93,516 |  |  | $ | 2 |  |  | $ | (458 | ) |  | $ | 93,060 |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. treasury securities |  | $ | 22,630 |  |  | $ | — |  |  | $ | (24 | ) |  | $ | 22,606 |
Corporate debt securities |  |  | 75,161 |  |  |  | — |  |  |  | (739 | ) |  |  | 74,422 |
Total |  | $ | 97,791 |  |  | $ | — |  |  | $ | (763 | ) |  | $ | 97,028 |
In accordance with the Company's investment policy, it places investments in investment grade securities with high credit quality issuers, and generally limits the amount of credit exposure to any one issuer. The Company evaluates securities for impairment at the end of each reporting period. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investment to allow for an anticipated recovery in fair value. As of June 30, 2023, the Company held 34 marketable securities in an unrealized loss position. The Company does not intend to sell its marketable securities and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. The Company also believes that it will be able to collect both principal and interest amounts due at maturity. The Company did no t record any impairment charges related to its available-for-sale securities during the three and six months ended June 30, 2023 and 2022. The Company did no t recognize any credit-related allowance to available-for-sale securities as of the three and six months ended June 30, 2023 and 2022. The fair values of the Company's marketable securities by classification in the condensed consolidated balance sheets were as follows:
|  | As of June 30, 2023 |  |  | As of December 31, 2022 |
Cash and cash equivalents |  | $ | 6,616 |  |  | $ | — |
Marketable securities |  |  | 86,444 |  |  |  | 97,028 |
Total |  | $ | 93,060 |  |  | $ | 97,028 |
Marketable securities fair value by contractual maturity were as follows (in thousands):
|  | As of June 30, 2023 |  |  | As of December 31, 2022 |
Due in one year or less |  | $ | 85,071 |  |  | $ | 79,652 |
Due after one year through five years |  |  | 7,989 |  |  |  | 17,376 |
Total |  | $ | 93,060 |  |  | $ | 97,028 |

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