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CASH, CASH EQUIVALENTS AND INVESTMENTS
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS CASH, CASH EQUIVALENTS AND INVESTMENTS
The following table presents the Company’s cash, cash equivalents and short-term investments:
June 30, 2022December 31, 2021
(in thousands)Amortized Cost BasisUnrealized GainsUnrealized LossesEstimated Fair ValueAmortized Cost BasisUnrealized GainsUnrealized LossesEstimated Fair Value
Cash:
Demand deposits$29,668 $— $— $29,668 $26,536 $— $— $26,536 
Cash equivalents:
Money market funds439,933 — — 439,933 1,152,761 — — 1,152,761 
U.S. agency securities194,875 — (19)194,856 — — — — 
Total cash equivalents634,808 — (19)634,789 1,152,761 — — 1,152,761 
Total cash and equivalents664,476 — (19)664,457 1,179,297 — — 1,179,297 
Short-term investments:
U.S. agency securities207,764 — (141)207,623 — — — — 
U.S. Treasury securities392,439 — (396)392,043 — — — — 
Total short-term investments600,203 — (537)599,666 — — — — 
Total cash, cash equivalents and short-term investments$1,264,679 $— $(556)$1,264,123 $1,179,297 $— $— $1,179,297 
The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell, any investments in unrealized loss positions before recovery of their amortized cost basis. We did not recognize any credit losses related to our available-for-sale investments during the three and six months ended June 30, 2022. The unrealized losses on our available-for-sale investments were primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale investments held as of June 30, 2022, were in a continuous unrealized loss position for greater than 12 months and the unrealized losses and the related risk of expected credit losses were not material. There were no realized gains or losses recognized for the three and six months ended June 30, 2022.
As of June 30, 2022, all outstanding available-for-sale securities were due within one year.