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Marketable Securities
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

2. Marketable Securities

The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the Condensed Consolidated Balance Sheet as of March 31, 2022 and December 31, 2021 were as follows (in thousands):

 

 

March 31, 2022

 

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Losses

 

 

Fair Value

 

Commercial paper

$

6,282

 

 

$

-

 

 

$

-

 

 

$

6,282

 

Corporate bonds

 

2,822

 

 

$

-

 

 

$

(8

)

 

 

2,814

 

U.S. treasury securities

 

12,054

 

 

$

-

 

 

$

(69

)

 

 

11,985

 

Marketable securities

$

21,158

 

 

$

-

 

 

$

(77

)

 

$

21,081

 

 

 

December 31, 2021

 

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Losses

 

 

Fair Value

 

Commercial paper

$

5,580

 

 

$

-

 

 

$

-

 

 

$

5,580

 

Corporate bonds

 

2,129

 

 

$

-

 

 

$

(1

)

 

 

2,128

 

U.S. treasury securities

 

6,060

 

 

$

-

 

 

$

(3

)

 

 

6,057

 

Marketable securities

$

13,769

 

 

$

-

 

 

$

(4

)

 

$

13,765

 

As of March 31, 2022, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):

 

 Due within one year

 

 

 

 

 

$

20,380

 

 Due in one to two years

 

 

 

 

 

$

701

 

Total

 

 

 

 

 

$

21,081

 

 

The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.

The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gain and losses on marketable securities are presented net of tax.

The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at March 31, 2022 and December 31, 2021.