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Marketable Securities
 6 Months Ended
Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

4.

Marketable Securities

The Company’s marketable securities, which consist of highly liquid marketable debt securities, are classified as available-for-sale and are stated at fair value. The following tables summarize the Company’s marketable securities (in thousands):

 

As of June 30, 2022

 

Maturity

(in years)

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. Treasury securities

 

1 or less

 

$

197,630

 

 

$

—

 

 

$

(1,395

)

 

$

196,235

 

U.S. Government agency securities

 

1 or less

 

 

5,000

 

 

 

—

 

 

 

(72

)

 

 

4,928

 

Negotiable certificates of deposit

 

1 or less

 

 

2,647

 

 

 

—

 

 

 

(34

)

 

 

2,613

 

Corporate debt securities

 

1 or less

 

 

12,839

 

 

 

—

 

 

 

(211

)

 

 

12,628

 

U.S. Treasury securities

 

1 - 2

 

 

52,114

 

 

 

—

 

 

 

(1,100

)

 

 

51,014

 

Negotiable certificates of deposit

 

1 - 2

 

 

1,224

 

 

 

—

 

 

 

(39

)

 

 

1,185

 

Corporate debt securities

 

1 - 2

 

 

4,644

 

 

 

—

 

 

 

(135

)

 

 

4,509

 

Total

 

 

 

$

276,098

 

 

$

—

 

 

$

(2,986

)

 

$

273,112

 

 

As of December 31, 2021

 

Maturity

(in years)

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. Treasury securities

 

1 or less

 

$

2,492

 

 

$

—

 

 

$

(1

)

 

$

2,491

 

Negotiable certificates of deposit

 

1 or less

 

 

1,190

 

 

 

—

 

 

 

(1

)

 

 

1,189

 

U.S. Treasury securities

 

1 - 2

 

 

63,034

 

 

 

—

 

 

 

(153

)

 

 

62,881

 

Negotiable certificates of deposit

 

1 - 2

 

 

2,687

 

 

 

—

 

 

 

(3

)

 

 

2,684

 

Corporate debt securities

 

1 - 2

 

 

15,879

 

 

 

—

 

 

 

(29

)

 

 

15,850

 

Total

 

 

 

$

85,282

 

 

$

—

 

 

$

(187

)

 

$

85,095

 

 

The unrealized losses on the Company’s marketable securities of $3.0 million as of June 30, 2022 were caused by interest rate increases which resulted in the decrease in market value of these securities. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those marketable securities to be other-than-temporarily impaired at June 30, 2022. None of the Company’s marketable securities have been in a continuous unrealized loss position for 12 months or greater as of June 30, 2022.