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Investments in Debt Securities
9 Months Ended
Sep. 30, 2022
Debt Securities [Abstract]  
Investments in Debt Securities

3. Investments in Debt Securities

The following tables summarize the Company’s investments in debt securities and their presentation in the condensed consolidated balance sheet:

 

 

September 30,
2022

 

 

December 31,
2021

 

 

 

(in thousands)

 

Money market funds

 

$

14,102

 

 

$

5,684

 

Corporate paper and notes

 

 

134,148

 

 

 

155,039

 

U.S. government agency securities

 

 

15,328

 

 

 

2,093

 

U.S. treasuries

 

 

32,464

 

 

 

32,155

 

Total

 

$

196,042

 

 

$

194,971

 

 

 

 

 

 

 

 

Fair value of debt securities

 

$

194,640

 

 

$

194,773

 

 

 

 

 

September 30,
2022

 

 

December 31,
2021

 

 

 

(in thousands)

 

Cash equivalents

 

$

14,103

 

 

$

5,684

 

Current marketable securities

 

 

160,463

 

 

 

168,990

 

Non-current marketable securities

 

 

21,476

 

 

 

20,297

 

Total

 

$

196,042

 

 

$

194,971

 

 

The Company does not intend to sell and it is unlikely that the Company will be required to sell the above investments before recovery of their amortized cost bases, which may be at maturity. The Company determined that there was no material change in the credit risk of any of its investments.

 

The fair value of money market funds is determined based on publicly available market price for these funds (Level 1). The fair value of other debt securities is determined based on the publicly available inputs which includes a market price for the same or similar instruments adjusted for estimates in interest yield (Level 2).