Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

v3.23.1
Marketable Securities
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

4. Marketable Securities

All marketable securities were considered available-for-sale as of March 31, 2023 and December 31, 2022. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type are summarized in the tables below (in thousands):

 

 

March 31, 2023

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

25,890

 

 

$

 

 

$

(76

)

 

$

25,814

 

Commercial paper

 

 

113,085

 

 

 

2

 

 

 

(177

)

 

 

112,910

 

U.S. agency securities

 

 

53,843

 

 

 

5

 

 

 

(220

)

 

 

53,628

 

Asset-backed securities

 

 

1,936

 

 

 

 

 

 

(3

)

 

 

1,933

 

Total available-for-sale securities

 

$

194,754

 

 

$

7

 

 

$

(476

)

 

$

194,285

 

 

 

 

December 31, 2022

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

65,807

 

 

$

 

 

$

(416

)

 

$

65,391

 

Commercial paper

 

 

115,381

 

 

 

13

 

 

 

(333

)

 

 

115,061

 

U.S. agency securities

 

 

53,767

 

 

 

15

 

 

 

(327

)

 

 

53,455

 

Asset-backed securities

 

 

1,914

 

 

 

 

 

 

 

 

 

1,914

 

Total available-for-sale securities

 

$

236,869

 

 

$

28

 

 

$

(1,076

)

 

$

235,821

 

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. As of March 31, 2023, the aggregate fair value of securities with remaining maturities of less than one year held by the Company in an unrealized loss position was $194.3 million. As of March 31, 2023, the Company did not hold any securities with remaining maturities of more than one year in an unrealized loss position. The Company has the intent and ability to hold such securities until recovery and has determined that there has been no material change to its credit risk. As a result, the Company determined it did not hold any investments with a credit loss at March 31, 2023.

There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities during the three months ended March 31, 2023, and as a result, there were no reclassifications out of accumulated other comprehensive gain (loss) for the same periods.