FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS Investments The following table provides details regarding the Company’s short-term investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | March 31, 2022 | | | | | | | | | Money market funds | | $ | 30,758 | | | $ | — | | | $ | — | | | $ | 30,758 | | U.S. treasury securities | | 27,358 | | | 1 | | | (252) | | | 27,107 | | U.S. corporate paper and bonds | | 113,562 | | | — | | | (639) | | | 112,923 | | International corporate bond holdings | | 4,585 | | | — | | | (45) | | | 4,540 | | Total | | $ | 176,263 | | | $ | 1 | | | $ | (936) | | | $ | 175,328 | | | | | | | | | | | December 31, 2021 | | | | | | | | | Money market funds | | $ | 42,199 | | | $ | — | | | $ | — | | | $ | 42,199 | | U.S. treasury securities | | 22,215 | | | — | | | (54) | | | 22,161 | | U.S. corporate paper and bonds | | 128,005 | | | 6 | | | (94) | | | 127,917 | | International corporate bond holdings | | 4,603 | | | — | | | (15) | | | 4,588 | | Total | | $ | 197,022 | | | $ | 6 | | | $ | (163) | | | $ | 196,865 | | | | | | | | | | |
The money market funds above are included in cash and cash equivalents on the Company’s condensed consolidated balance sheets.
As of March 31, 2022, the Company considers the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such investments until their recovery at fair value. The Company had zero and $4 thousand in realized gains in its available for sale securities during the three months ended March 31, 2022 and 2021, respectively. The contractual maturity dates of all of the Company’s investments are all less than 24 months.
Fair Value Measurements
The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | March 31, 2022 | | | | | | | | | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 30,758 | | | $ | — | | | $ | — | | | $ | 30,758 | | Short-term investments: | | | | | | | | | U.S. treasury securities | | — | | | 27,109 | | | — | | | 27,109 | | U.S. corporate paper and bonds | | — | | | 112,923 | | | — | | | 112,923 | | International corporate bond holdings | | — | | | 4,538 | | | — | | | 4,538 | | Total cash equivalents and short-term investments | | $ | 30,758 | | | $ | 144,570 | | | $ | — | | | $ | 175,328 | | | | | | | | | | | December 31, 2021 | | | | | | | | | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 42,199 | | | $ | — | | | $ | — | | | $ | 42,199 | | Short-term investments: | | | | | | | | | U.S. treasury securities | | — | | | 22,161 | | | — | | | 22,161 | | U.S. corporate paper and bonds | | — | | | 127,917 | | | — | | | 127,917 | | International corporate bond holdings | | — | | | 4,588 | | | — | | | 4,588 | | Total cash equivalents and short-term investments | | $ | 42,199 | | | $ | 154,666 | | | $ | — | | | $ | 196,865 | |
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