Short-term Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Short-term Investments

5. Short-term Investments

The Company’s investment policy seeks to preserve capital and maintain sufficient liquidity to meet operational and other needs of the business. The following table summarizes, by major security type, the Company’s investments (in thousands):

As of June 30, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments
U.S. government securities	$	16,105	$	—	$	(88	)	$	16,017
Corporate securities		10,613		—		(29	)		10,584
Commercial paper		20,685		—		—			20,685
Total short-term investments	$	47,403	$	—	$	(117	)	$	47,286
As of December 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments
U.S. government securities	$	12,205	$	—	$	(15	)	$	12,190
Asset backed securities		11,349		—		(3	)		11,346
Corporate securities		49,095		—		(29	)		49,066
Commercial paper		54,557		—		—			54,557
Total short-term investments	$	127,206	$	—	$	(47	)	$	127,159

The Company has classified its investments as available-for-sale securities. These securities are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments reflected as a part of Accumulated other comprehensive income in the condensed consolidated balance sheet. Classification as short-term or long-term is based upon whether the initial maturity of the debt securities is less than or greater than twelve months.

There were no significant realized gains or losses related to investments for the three and six months ended June 30, 2022 and 2021.