Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2021

Cash And Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

The amortized cost, unrealized gains and losses and fair values of cash equivalents and marketable securities were as follows (in thousands):

	December 31, 2021
Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	79,281	$	—	$	—		$	79,281
Commercial paper		1,000		—		—			1,000
Corporate debt securities		1,031		—		—			1,031
Total cash equivalents		81,312		—		—			81,312
Short-term marketable securities:
Certificates of deposit		5,600		—		(6	)		5,594
Commercial paper		44,990		—		(16	)		44,974
Corporate debt securities		26,976		—		(23	)		26,953
U.S. treasuries		12,277		—		(8	)		12,269
U.S. government debt securities		2,000		—		(1	)		1,999
Asset backed securities		16,565		—		(8	)		16,557
Total short-term marketable securities		108,408		—		(62	)		108,346
Long-term marketable securities:
Corporate debt securities		1,637		—		(6	)		1,631
U.S. treasuries		2,991		—		(5	)		2,986
Total long-term marketable securities		4,628		—		(11	)		4,617
Total	$	194,348	$	—	$	(73	)	$	194,275

	December 31, 2020
Description	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	36,801	$	—	$	—	$	36,801
Total cash equivalents		36,801		—		—		36,801
Short-term marketable securities:
US treasuries		1,002		—		—		1,002
Total short-term marketable securities		1,002		—		—		1,002
Total	$	37,803	$	—	$	—	$	37,803

As of December 31, 2021 and 2020, the Company had a total of $206.3 million and $171.1 million in cash, cash equivalents and marketable securities, which includes $93.3 million and $170.1 million in cash and cash equivalents and $113.0 million and $1.0 million in marketable securities, respectively.

All marketable securities held as of December 31, 2021, had contractual effective maturities of less than two years. There have been no material realized gains or losses on marketable securities for the periods presented. As of December 31, 2021, the Company did not hold any individual securities in an unrealized loss position for 12 months or greater. The Company has the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by us, thus there has been no recognition of any other-than-temporary impairment in the year ended December 31, 2021, 2020 or 2019. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. Thus, the Company has not recorded an allowance for credit losses as of December 31, 2021. The Company will continue to assess the current and expected future economic and market conditions surrounding the COVID-19 pandemic, as further development arises.

See Note 4 for further information regarding the fair value of the Company’s financial instruments.