v3.23.2
Marketable Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of reconciliation of available-for-sale debt securities from amortized cost to fair value
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at June 30, 2023 and December 31, 2022 were as follows:
Amortized CostAllowance for Credit LossesNet Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2023
Debt securities
U.S. corporate bonds
$97,143 $— $97,143 $— $(194)$96,949 
Foreign corporate bonds
34,446 — 34,446 — (41)34,405 
U.S. treasury bills
28,842 — 28,842 2 (5)28,839 
U.S. agency bonds27,334 — 27,334 — (24)27,310 
Total $187,765 $— $187,765 $2 $(264)$187,503 
December 31, 2022
Debt securities
U.S. corporate bonds
$142,697 $— $142,697 $25 $(135)$142,587 
Foreign corporate bonds
36,766 — 36,766 9 (32)36,743 
U.S. treasury bills
89,308 — 89,308 17 (5)89,320 
U.S. agency bonds41,734 — 41,734 — (24)41,710 
Total$310,505 $— $310,505 $51 $(196)$310,360 
The fair value of debt securities available-for-sale by classification in the condensed consolidated balance sheets was as follows:
June 30, 2023December 31, 2022
Cash and cash equivalents$— $49,896 
Marketable securities187,503 260,464 
Total$187,503 $310,360 
Schedule of available-for-sale debt securities by contractual maturity
The net amortized cost and fair value of debt securities available-for-sale at June 30, 2023 and December 31, 2022 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
June 30, 2023December 31, 2022
Net Amortized CostFair ValueNet Amortized CostFair Value
Due to mature:
Less than one year$187,765 $187,503 $310,505 $310,360 
Summary of debt securities available-for-sale in an unrealized loss position, aggregated by the length of time Summarized below are the debt securities available-for-sale the Company held at June 30, 2023 and December 31, 2022 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:
Less than 12 months
Number of SecuritiesFair ValueUnrealized Losses
June 30, 2023
Debt securities
U.S. corporate bonds17 $96,949 $(194)
Foreign corporate bonds5 34,405 (41)
U.S. treasury bills2 11,877 (5)
U.S. agency bonds3 27,310 (24)
Total27$170,541 $(264)
December 31, 2022
Debt securities
U.S. corporate bonds16 $104,508 $(135)
Foreign corporate bonds3 31,886 (32)
U.S. treasury bills1 9,762 (5)
U.S. agency bonds4 41,710 (24)
Total24 $187,866 $(196)
Schedule of net investment income Sources of net investment income included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
20232023
Gross investment income
$4,183 $8,400 
Investment expenses(68)(138)
Net investment income (excluding net realized capital losses)
4,115 8,262 
Net realized capital losses
(17)(39)
Net investment income$4,098 $8,223 
Schedule of proceeds from sale of available-for-sale debt securities and related gross realized capital gains and losses The proceeds from the sale of available-for-sale debt securities and the related gross realized capital losses for the three and six months ended June 30, 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
20232023
Proceeds from sales$2,464 $4,920 
Gross realized capital losses17 $39