Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Investments

3. CASH EQUIVALENTS AND INVESTMENTS

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash equivalents and investments in available- for-sale securities recorded in the condensed consolidated balance sheets (in thousands):

	As of September 30, 2022									As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash and money market funds	$	45,724	$	—	$	—		$	45,724	$	123,690	$	—	$	—		$	123,690
Commercial paper		180,600		—		(841	)		179,759		203,628		—		(21	)		203,607
Corporate notes and bonds		251,789		—		(6,977	)		244,812		80,060		2		(109	)		79,953
Municipal bonds		9,875		—		(324	)		9,551		2,000		—		—			2,000
US government and agency		76,923		—		(982	)		75,941		193,347		1		(20	)		193,328
Total cash equivalents and investments	$	564,911	$	—	$	(9,124	)	$	555,787	$	602,725	$	3	$	(150	)	$	602,578

Unrealized losses related to investments were primarily a result of interest rate fluctuations, and none of the investments held as of September 30, 2022, have been in a continuous unrealized loss position for greater than one year. As of September 30, 2022, the Company did not consider any of its available-for-sale investments to be other-than-temporarily impaired nor does the Company intend, or believe it is more likely than not, that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash equivalents and investments in available-for-sale securities as of September 30, 2022, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

	1 Year or Less		1 Year or Greater		Total
Cash and money market funds	$	45,724	$	—	$	45,724
Commercial paper		179,759		—		179,759
Corporate notes and bonds		108,359		136,453		244,812
Municipal bonds		4,875		4,676		9,551
US government and agency		66,916		9,025		75,941
Total	$	405,633	$	150,154	$	555,787