Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The following table summarizes the Company’s cash equivalents and investments:

	December 31, 2021
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(in thousands)
Cash equivalents:
Money market funds	$	188,734	$	—	$	—	$	188,734
Certificates of deposit	400		—		—		400
Short-term investments:
U.S. treasury notes	50,472		—		(31)		50,441
Total	$	239,606	$	—	$	(31)	$	239,575

	December 31, 2020
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(in thousands)
Cash equivalents:
Money market funds	$	281,783	$	—	$	—	$	281,783
Total	$	281,783	$	—	$	—	$	281,783

During the years ended December 31, 2021, 2020 and 2019, other income, net in the statements of operations includes interest income on available-for-sale investments of $0.1 million, $0.5 million and $3.7 million, respectively. Other income, net in the statements of operations includes amortization of premiums and discounts on investments of less than $0.1 million for the year ended December 31, 2021, and income for the accretion of premiums and discounts on investments of $0.1 million and $0.3 million during the years ended December 31, 2020 and 2019, respectively.

At December 31, 2021, remaining contractual maturities of available-for-sale investments classified as current on the balance sheet were less than 12 months. The Company does not intend to sell the investments before maturity.

There were no unrealized gains or losses on investments reclassified from accumulated other comprehensive loss to other income, net in the statements of operations during the years ended December 31, 2021, 2020 and 2019.