Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

3. Marketable Securities

Marketable securities at March 31, 2023 consisted of the following (in thousands):


Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:
Corporate debt	$	2,025	$	—	$	—	$	2,025

Marketable securities at December 31, 2022 consisted of the following (in thousands):


Marketable Securities	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Current:
Corporate debt	$	4,807	$	—	$	(32	)	$	4,775

Corporate debt includes obligations issued by investment-grade corporations. At March 31, 2023 and December 31, 2022, the Company held only investments that have maturities of less than one year.

At March 31, 2023, the Company held one debt security

that

was in an immaterial unrealized loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss posi

tion at M

arch 31, 2023 was $2.0 million.

Based on the Company’s evaluation, a credit loss allowance is not required, and the Company also evaluated its security for other-than-temporary impairment and considered the decline in market value for the security to be primarily attributable to current economic and market conditions. It was not more likely than not that the Company would have been required to sell the security prior to the recovery of the amortized cost basis. Based on this analysis, these marketable securities were

not

considered to be other-than-temporarily impaired as of March 31, 2023, and the decline in fair value below the amortized cost basis was recorded as an unrealized loss, net of tax, in other comprehensive loss in the consolidated statements of comprehensive loss.