Cash equivalents and marketable securities consisted of the following:


	March 31, 2024
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	42,498		$	-	$	-		$	42,498
Commercial paper		21,391			-		(12	)		21,379
Corporate debt securities		44,044			3		(11	)		44,036
Asset-based securities		44,641			-		(43	)		44,598
U.S. government securities		113,180			-		(50	)		113,130
Total		265,754			3		(116	)		265,641
Less amounts classified as cash equivalents		(63,257	)		-		-			(63,257	)
Total marketable securities	$	202,497		$	3	$	(116	)	$	202,384


	December 31, 2023
	Amortized Cost Basis			Unrealized Gains			Unrealized Losses			Fair Value
	(in thousands)
Money market funds	$	56,397		$	-		$	-		$	56,397
Commercial paper		82,179			1			(28	)		82,152
Corporate debt securities		61,887			12			(5	)		61,894
Asset-based securities		10,505			-			–			10,505
U.S. government securities		113,612			40			–			113,652
U.S. agency securities		4,960			1			–			4,961
Total		329,540			54			(33	)		329,561
Less amounts classified as cash equivalents		(65,144	)		(4	)		-			(65,148	)
Total marketable securities	$	264,396		$	50		$	(33	)	$	264,413

No marketable securities had maturities of more than one year as of March 31, 2024 and December 31, 2023.

There were $190.5 million and $110.9 million of investments in an unrealized loss position of $0.1 million and $33,000 as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based on the Company’s procedures under the expected credit loss model, including an assessment of unrealized losses on the portfolio after March 31, 2024 and 2023, the Company concluded that the unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses for these securities has not been recorded as of March 31, 2024. Also, based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.

The Company recognized no material gains or losses on its cash equivalents and current and non-current marketable securities as of March 31, 2024 and December 31, 2023 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the period then ended.