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Short-Term Investments
9 Months Ended
Sep. 30, 2022
Investments Disclosure [Abstract]  
SHORT-TERM INVESTMENTS

3. SHORT-TERM INVESTMENTS

The Company may invest its excess cash in fixed income instruments denominated and payable in U.S. dollars, including U.S. treasury securities, commercial paper, corporate debt securities and asset-backed securities in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

The following table summarizes the Company’s short-term investments as of September 30, 2022 and December 31, 2021:

 

As of September 30, 2022

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Commercial paper

 

$

74,632

 

 

$

 

 

$

 

 

$

74,632

 

US Treasury securities

 

 

64,648

 

 

 

2

 

 

 

(313

)

 

 

64,337

 

Corporate debt securities

 

 

19,089

 

 

 

 

 

 

(146

)

 

 

18,943

 

Total

 

$

158,369

 

 

$

2

 

 

$

(459

)

 

$

157,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Commercial paper

 

$

27,992

 

 

$

 

 

$

 

 

$

27,992

 

Corporate debt securities

 

 

19,506

 

 

 

 

 

 

(7

)

 

 

19,499

 

Total

 

$

47,498

 

 

$

 

 

$

(7

)

 

$

47,491

 

 

The Company utilizes the specific identification method in computing realized gains and losses. The Company had no realized gains and losses on its available-for-sale securities for the three and nine months ended September 30, 2022 and 2021. The contractual maturity dates of all of the Company’s investments are less than one year.