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Short-term Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of Major Security Type of 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