The following tables summarize the Company's marketable securities (in thousands):


	As of September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities	$	53,198	$	2	$	(4	)	$	53,196
Corporate debt securities		41,692		—		(288	)		41,404
Total	$	94,890	$	2	$	(292	)	$	94,600


	As of 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


	As of September 30, 2023
	Less than 12 Months					12 Months or More					Total
	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	(10	)	$	29,273	$	-		$	-	$	(10	)	$	29,273
Corporate debt securities		(166	)		28,269		(116	)		13,135		(282	)		41,404
Total	$	(176	)	$	57,542	$	(116	)	$	13,135	$	(292	)	$	70,677

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 September 30, 2023, the Company held 28 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 not record any impairment charges related to its available-for-sale securities during the three and nine months ended September 30, 2023 and 2022. The Company did not recognize any credit-related allowance to available-for-sale securities as of the three and nine months ended September 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 September 30, 2023		As of December 31, 2022
Cash and cash equivalents	$	18,944	$	—
Marketable securities		75,656		97,028
Total	$	94,600	$	97,028

Marketable securities fair value by contractual maturity were as follows (in thousands):


	As of September 30, 2023		As of December 31, 2022
Due in one year or less	$	89,278	$	79,652
Due after one year through five years		5,322		17,376
Total	$	94,600	$	97,028