CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES

The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2022
Assets
Cash equivalents:
Money market funds	$	49,827	$	—	$	—	$	49,827

U.S. government-sponsored entity debt securities	15,009				(1)		15,008
Total	64,836		—		(1)		64,835
Marketable securities:
U.S. government-sponsored entity debt securities	24,788		—		(347)		24,441
Commercial paper securities	117,709		—		(384)		117,325
Corporate debt securities	17,522		—		(149)		17,373
Asset-backed securities	67,890		—		(375)		67,515
U.S. treasury bills	2,995		—		—		2,995
Certificate of deposits	50,526		—		(121)		50,405
Total	281,430		—		(1,376)		280,054
Total cash equivalents and marketable securities	$	346,266	$	—	$	(1,377)	$	344,889

December 31, 2021
Assets
Cash equivalents:
Money market funds	$	119,919	$	—	$	—	$	119,919
Total	119,919		—		—		119,919
Marketable securities:
U.S. government-sponsored entity debt securities	30,700		1		(87)		30,614
Commercial paper securities	105,792		7		(42)		105,757
Corporate debt securities	33,723		1		(42)		33,682
Asset-backed securities	70,807		1		(107)		70,701
Certificate of deposits	45,116		1		(26)		45,091
Total	286,138		11		(304)		285,845
Total cash equivalents and marketable securities	$	406,057	$	11	$	(304)	$	405,764

The fair value of marketable securities by contractual maturity were as follows (in thousands):


	March 31, 2022		December 31, 2021
Maturing in one year or less	$	212,547	$	197,676
Maturing after one year through five years	82,515		88,169
Total	$	295,062	$	285,845

Realized gains and losses on the sales of investments were insignificant during the three months ended March 31, 2022 and 2021.

The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities for the three months ended March 31, 2022 and 2021.

The Company had unrealized losses related to its marketable securities for the three months ended March 31, 2022 and 2021. The Company had no material unrealized losses, individually and in the aggregate, for marketable securities that are in a

continuous unrealized loss position for greater than 12 months as of March 31, 2022 and December 31, 2021. Based on the scheduled maturities of its investments, the Company determined that it was more likely than not that it will hold these investments for a period of time sufficient for a recovery of its cost basis. Total unrealized gains for securities with net gains in accumulated other comprehensive income were not material for the three months ended March 31, 2022. The unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit losses. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, including the assessment of the duration and severity of the unrealized losses and the Company’s ability and intent to hold the investments until maturity, the Company determined that no allowance for credit losses related to its marketable securities was required at either March 31, 2022 or December 31, 2021.