Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Cash Equivalents and Investments

3. Cash Equivalents and Investments

The Company considers all highly liquid investments with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds and are stated at fair value.

Investments comprise U.S. treasury securities, commercial paper, and corporate bonds, which are classified as available for sale debt securities.

The following table is a summary of amortized cost, unrealized gains and losses, and fair value (in thousands):

		March 31, 2022
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds		$	20,742	$	—	$	—		$	20,742
	Total cash equivalents		20,742		—		—			20,742
Commercial paper			30,489		—		—			30,488
Corporate bonds			14,708		—		(179	)		14,529
U.S. treasury securities			23,130		—		(142	)		22,988
	Total short-term investments		68,327		—		(321	)		68,005
U.S. treasury securities			17,973		—		(372	)		17,601
	Total long-term investments		17,973		—		(372	)		17,601
Total cash equivalents and available for sale securities		$	107,042	$	—	$	(693	)	$	106,348

		December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds		$	38,067	$	—	$	—		$	38,067
	Total cash equivalents		38,067		—		—			38,067
Commercial paper			33,973		—		—			33,973
Corporate bonds			6,285		—		(23	)		6,262
U.S. treasury securities			5,999		—		(13	)		5,986
	Total short-term investments		46,257		—		(36	)		46,221
Corporate bonds			8,470		—		(34	)		8,436
U.S. treasury securities			24,137		—		(114	)		24,023
	Total long-term investments		32,607		—		(148	)		32,459
Total cash equivalents and available for sale securities		$	116,931	$	—	$	(184	)	$	116,747

As of March 31, 2022, the weighted-average remaining contractual maturities of available for sale securities was approximately eight months.

There have been no realized gains or losses on available for sale securities for the periods presented. No available for sale securities held as of March 31, 2022 have been in a continuous unrealized loss position for more than 12 months, and unrealized gains and losses are included in “accumulated other comprehensive loss” within stockholders' equity on the condensed balance sheets. As of March 31, 2022, unrealized losses on available for sale securities are not attributed to credit risk and are considered temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and does not believe it is more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on securities related to other-than-temporary declines in fair value. The Company’s cash equivalents and short-term investments are due within one year.