v3.22.4
Investments and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Marketable Investments
The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2022 and 2021 were as follows (in thousands):
December 31, 2022
Securities with net gains or losses in accumulated other comprehensive income (loss)
 Cost
Gross Unrealized Gains
Gross Unrealized LossesAllowance for Credit LossFair Value
U.S. treasury14,482 — (478)— 14,004 
U.S. agency and government sponsored securities6,999 — (176)— 6,823 
U.S. states and municipalities23,460 — (501)— 22,959 
Corporate bonds76,731 — (2,345)— 74,386 
Total$121,672 $— $(3,500)$— $118,172 
December 31, 2021
Securities with net gains or losses in accumulated other comprehensive income (loss)
CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance for Credit LossFair Value
Commercial paper$20,286 $— $(10)$— $20,276 
U.S. treasury14,464 — (77)— 14,387 
U.S. agency securities and government sponsored securities11,553 1 (19)— 11,535 
U.S. states and municipalities39,436 39 (89)— 39,386 
Corporate bonds110,354 49 (491)— 109,912 
Total$196,093 $89 $(686)$— $195,496 
Schedule of the Fair Value of Marketable Investments in an Unrealized Loss Position for Less than Twelve Months
The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of December 31, 2022 and 2021 (in thousands):
December 31, 2022
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. treasury— — 14,004 (478)14,004 (478)
U.S. agency securities and government sponsored securities— — 6,823 (176)6,823 (176)
U.S. states and municipalities4,567 (68)13,772 (433)18,339 (501)
Corporate bonds15,327 (101)59,059 (2,244)74,386 (2,345)
Total$19,894 $(169)$93,658 $(3,331)$113,552 $(3,500)
December 31, 2021
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Commercial paper$16,977 $(10)$— $— $16,977 $(10)
U.S. treasury14,387 (77)— — 14,387 (77)
U.S. agency securities and government sponsored securities6,985 (19)— — 6,985 (19)
U.S. states and municipalities21,924 (89)— — 21,924 (89)
Corporate bonds85,513 (491)— — 85,513 (491)
Total$145,786 $(686)$— $— $145,786 $(686)
Schedule of Contractual Maturities of Marketable Investments
The contractual maturities of the Company’s marketable investments as of December 31, 2022 were as follows (in thousands):
December 31, 2022
Marketable InvestmentsAmortized CostFair Value
Due in one year$58,033 $56,791 
Due in one to five years63,639 61,381 
Total$121,672 $118,172 
Schedule of Fair Value of Assets and Liabilities
The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands):
 As of December 31, 2022
 Level 1Level 2Level 3Fair Value
Financial Assets
Cash equivalents:
Money market funds$21,521 $— $— $21,521 
Marketable investments:
U.S. treasury14,004 — — 14,004 
U.S. agency and government sponsored securities— 6,823 — 6,823 
U.S. states and municipalities— 22,959 — 22,959 
Corporate bonds— 74,386 — 74,386 
Total$35,525 $104,168 $— $139,693 

 As of December 31, 2021
 Level 1Level 2Level 3Fair Value
Financial Assets
Cash equivalents:
Money market funds10,509 — — 10,509 
Marketable investments:
Commercial paper— 20,276 — 20,276 
U.S. treasury14,387 — — 14,387 
U.S. agency and government sponsored securities— 11,535 — 11,535 
U.S. states and municipalities— 39,386 — 39,386 
Corporate bonds— 109,912 — 109,912 
Total$24,896 $181,109 $— $206,005