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Cash and Investments
 12 Months Ended
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]  
Cash and Investments CASH AND INVESTMENTS
Securities classified as cash and investments as of December 31, 2021 and 2020 are summarized below (in thousands). Estimated fair value is based on quoted market prices for these investments.
December 31, 2021
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Money market funds$71,175 $— $— $71,175 
Cash1,253 — — 1,253 
Total cash and cash equivalents72,428 — — 72,428 
Short-term investments:
Commercial paper$31,936 $1 $(2)$31,935 
Corporate bonds7,025 — (3)7,022 
Asset-backed securities5,306 — (2)5,304 
U.S. treasury notes— — — — 
Total short-term investments44,267 1 (7)44,261 
Total cash equivalents and investments$116,695 $1 $(7)$116,689 
December 31, 2020
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Money market funds$88,151 $— $— $88,151 
Commercial paper2,100 — — 2,100 
Cash781 — — 781 
Total cash and cash equivalents91,032 — — 91,032 
Short-term investments
Commercial paper$60,631 $2 $(4)$60,629 
Corporate bonds24,547 3 (6)24,544 
U.S. government-sponsored agency bonds9,277 2 — 9,279 
U.S. treasury notes1,000 — — 1,000 
Total short-term investments95,455 7 (10)95,452 
Long-term investments:
Corporate bonds$2,115 $— $(1)$2,114 
Total cash equivalents and investments$188,602 $7 $(11)$188,598 
Cash equivalents consist of money market funds and other debt securities with original maturities of three months or less at the time of purchase, and the carrying amount is a reasonable approximation of fair value. We invest our cash in high quality securities of financial and commercial institutions. These securities are carried at fair value, which is based on readily available market information, with unrealized gains and losses included in accumulated other comprehensive income (loss) within stockholders’ equity on ours balance sheets. We use the specific identification method to determine the amount of realized gains or losses on sales of marketable securities. Realized gains or losses have been insignificant and are included in other income (expense), net, in the statement of operations.
All short-term available-for-sale securities held as of December 31, 2021 and 2020, had contractual maturities of less than one year. The long-term securities held as of December 31, 2020 had contractual maturities greater than one year. Our available-for-sale securities are subject to a periodic impairment review. We consider a debt security to be impaired when its fair value is less than its carrying cost, in which case we would further review the investment to determine whether it is other-than-temporarily impaired. When we evaluate an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, intent to sell, and whether it is more likely than not we will be required to sell the investment before the recovery of its cost basis. If an investment is other-than-temporarily impaired, we write it down through the statement of operations to its fair value and establishes that value as a new cost basis for the investment. We did not identify any of its available-for-sale securities as other-than-temporarily impaired in any of the periods presented. As of December 31, 2021 and 2020, no investment was in a continuous unrealized loss position for more than one year and we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.
As of December 31, 2021, the amortized cost and estimated fair value of available-for-sale debt securities by contractual maturity were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$44,267 $44,261