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Marketable Securities

12 Months Ended

Dec. 31, 2022

Marketable Securities

Marketable Securities

3. Marketable Securities

Marketable securities consist of the following:


		December 31, 2022
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	133,163		$	—		$	(1,457)		$	131,706
U.S. Government agencies			1,612			—			(37)			1,575
Total		$	134,775		$	—		$	(1,494)		$	133,281


		December 31, 2021
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	207,917		$	3		$	(666)		$	207,254
Total		$	207,917		$	3		$	(666)		$	207,254

The Company uses the specific identification method when calculating realized gains and losses. For the years ended December 31, 2022 and 2021, respectively, the Company recorded $9 thousand and $57 thousand in realized gains on available-for-sale securities, which is included in other income on the statements of operations and comprehensive loss.

The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of December 31, 2022, the Company had investments with a total fair market value of $133.3 million in an unrealized loss position, of which $91.8 million were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes, and such unrealized losses are temporary as the Company anticipates a full recovery of the amortized cost basis of these securities at maturity. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.

The following table summarizes maturities of the Company’s investments available-for-sale as of December 31, 2022:


		December 31, 2022
					Fair
(in thousands)		Cost			Value
Maturities:
Within 1 year		$	105,930		$	104,660
Between 1 to 2 years			28,845			28,621
Total investments available-for-sale		$	134,775		$	133,281

The Company has classified all of its investments available-for-sale, including those with maturities beyond one year, as current assets on the accompanying balance sheets based on the highly liquid nature of these investment securities and because these investment securities are considered available for use in current operations.

The Company has elected to report interest receivable from its marketable securities with prepaid expenses and other current assets on its balance sheet. Interest receivable included in prepaid expenses and other current assets totaled $0.7 million and $1.0 million as of December 31, 2022 and 2021, respectively.