Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

Marketable Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

3. Marketable Securities

Marketable securities at September 30, 2022 consisted of the following (in thousands):


Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Current:
Corporate debt	$	13,124	$	—	$	(140	)	$	12,984

Marketable securities at December 31, 2021 consisted of the following (in thousands):


Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Current:
Corporate debt	$	37,715	$	—	$	(84	)	$	37,631

Corporate debt includes obligations issued by investment-grade corporations and may include issues that have been guaranteed by governments and government agencies. Investments classified as short-term have maturities of less than one year, and investments classified as long-term are those that have maturities of greater than one year and management does not intend to liquidate within the next twelve months. All of the Company’s marketable securities have an effective maturity of less than two years.

At September 30, 2022, the Company held 8 debt securities that individually and in total were in an immaterial unrealized loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position at September 30, 2022 was approximately $13.0 million. The Company evaluated its securities for other than temporary impairment and considered the decline in market value for the securities to be primarily attributable to current economic and market conditions.

The Company intends to hold the securities to maturity but may be

required to sell the securities prior to the recovery of the amortized cost basis. Based on this analysis,

the

marketable securities were considered to be other-than-temporarily impaired as of September 30, 2022.

There were no impairments for credit losses, and as such, the unrealized losses will continue to be recognized in the consolidated statements of comprehensive loss. Realized losses, if any, will be recognized in the Company’s statements of operations on a specific identification basis.