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Marketable Securities
3 Months Ended
Mar. 31, 2022
Marketable Securities [Abstract]  
Marketable Securities

4. Marketable Securities

The following table summarizes the available-for-sale debt securities held at March 31, 2022 and December 31, 2021 (in thousands):

 

Description

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

167,060

 

 

$

6

 

 

$

(397

)

 

$

166,669

 

US government agencies

 

 

89,615

 

 

 

 

 

 

(1,162

)

 

 

88,453

 

Corporate securities

 

 

236,092

 

 

 

 

 

 

(1,657

)

 

 

234,435

 

Total

 

$

492,767

 

 

$

6

 

 

$

(3,216

)

 

$

489,557

 

 

Description

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

186,700

 

 

$

 

 

$

(45

)

 

$

186,655

 

US government agencies

 

 

79,657

 

 

 

 

 

 

(125

)

 

 

79,532

 

Corporate securities

 

 

253,929

 

 

 

1

 

 

 

(488

)

 

 

253,442

 

Total

 

$

520,286

 

 

$

1

 

 

$

(658

)

 

$

519,629

 

 

 

As of March 31, 2022, the Company held 121 securities that had been in an unrealized loss position for less than 12 months with an aggregate fair value of $467.0 million. As of December 31, 2021, the Company held 113 securities that had been in an unrealized loss position for less than 12 months with an aggregate fair value of $515.4 million.

 

As of March 31, 2022, the Company had 86 securities with a fair value of $387.1 million with a contractual maturity of less than 12 months and 38 securities with a fair value of $102.5 million with a contractual maturity of greater than 12 months. As of December 31, 2021, the Company had 79 securities with a fair value of $394.4 million with a contractual maturity of less than 12 months and 37 securities with a fair value of $125.2 million with a contractual maturity of greater than 12 months. There were no sales of marketable securities during the three months ending March 31, 2022 and 2021.

 

The Company is required to determine whether a decline in the fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make

scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions

 

Unrealized losses on available-for-sale securities presented in the previous table have not been recognized in the condensed consolidated statements of operations because the securities are high credit quality, investment grade securities that the Company does not intend to sell and will not be required to sell prior to their anticipated recovery, and the decline in fair value is attributable to factors other than credit losses. Based on its evaluation, the Company determined it does not have any credit losses related to its available-for-sale securities as of March 31, 2022 and December 31, 2021.