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Marketable Securities
6 Months Ended
Jun. 30, 2022
Marketable Securities  
Marketable Securities

4. Marketable Securities

Marketable securities consist of the following:

June 30, 2022

Gross

Gross

Amortized

Unrealized

Unrealized

Estimated

(in thousands)

    

Cost

    

Gain

    

Loss

    

Fair Value

Corporate bonds

$

159,669

$

1

$

(2,341)

$

157,329

Total

$

159,669

$

1

$

(2,341)

$

157,329

December 31, 2021

Gross

Gross

Amortized

Unrealized

Unrealized

Estimated

(in thousands)

    

Cost

    

Gain

    

Loss

    

Fair Value

Corporate bonds

$

207,917

$

3

$

(666)

$

207,254

Total

$

207,917

$

3

$

(666)

$

207,254

The Company uses the specific identification method when calculating realized gains and losses. For the six months ended June 30, 2022 and 2021, respectively, the Company recorded $9 thousand and $56 thousand in realized gains on available-for-sale securities, which is included in other income, net on the condensed statements of operations.

The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of June 30, 2022, the Company had investments with a total fair market value of $151.3 million in an unrealized loss position, of which $33.2 million were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes, and such unrealized losses are temporary as the Company anticipates a full recovery of the amortized cost basis of these securities at maturity. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.

The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2022:

June 30, 2022

Fair

(in thousands)

    

Cost

    

Value

Maturities:

Within 1 year

$

136,495

$

134,648

Between 1 to 2 years

 

23,174

 

22,681

Total investments available-for-sale

$

159,669

$

157,329

The Company has classified all its investments available-for-sale, including those with maturities beyond one year, as current assets on the accompanying condensed balance sheets based on the highly liquid nature of these investment securities and because these investment securities are considered available for use in current operations.