Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The amortized cost, including interest receivable, unrealized gains and losses and fair value of investments available-for-sale as of September 30, 2022 are as follows:


(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Short-term investments:
Corporate debt securities and commercial paper	$	43,318	$	—	$	(156)	$	43,162
U.S. treasury securities and government agency obligations	25,999		—		(323)		25,676

Total investments	$	69,317	$	—	$	(479)	$	68,838

Short-term investments have maturities ranging from one to twelve months with a weighted-average maturity of 0.4 years at September 30, 2022.

The amortized cost, including interest receivable, unrealized gains and losses and fair value of investments available-for-sale as of December 31, 2021 are as follows:


(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Short-term investments:
Corporate debt securities and commercial paper	$	75,896	$	—	$	(26)	$	75,870
Long-term investments:
US government obligations	16,024		—		(60)		15,964
Corporate debt securities and commercial paper	8,023		—		(23)		8,000
Total investments	$	99,943	$	—	$	(109)	$	99,834

Short-term investments have maturities ranging from one to twelve months with a weighted-average maturity of 0.4 years at December 31, 2021. The weighted average maturity of long-term investments was 1.2 years at December 31, 2021.

No credit losses on available-for-sale securities were recognized during the three and nine months ended September 30, 2022 or September 30, 2021. In its evaluation to determine expected credit losses, management considered all available historical and current information, expectations of future economic conditions, the type of security, the credit rating of the security, and the size of the loss position, as well as other relevant information. The Company does not intend to sell, and is unlikely to be required to sell, any of these available-for-sale investments before their effective maturity or market price recovery.

The aggregate fair value of available-for-sale investments in a continuous unrealized loss position for 12 months or longer as of September 30, 2022 was $18.5 million. As of December 31, 2021, the Company held no investments that have been in a continuous unrealized loss position for 12 months or longer.