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Cash, Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2022
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments CASH, CASH EQUIVALENTS AND INVESTMENTS
Securities classified as cash, cash equivalents and investments as of March 31, 2022 and December 31, 2021 are summarized below (in thousands):
March 31, 2022
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Cash$7,555 $— $— $7,555 
Money market funds34,524 — — 34,524 
Commercial paper4,999 — (1)4,998 
Total cash and cash equivalents47,078 — (1)47,077 
Short-term investments:
Commercial paper$28,409 $— $(52)$28,357 
U.S. government-sponsored agency bonds10,777 — (22)10,755 
Corporate bonds2,521 — (10)2,511 
Asset-backed securities1,007 — (3)1,004 
Total short-term investments42,714 — (87)42,627 
Total cash equivalents and investments$89,792 $— $(88)$89,704 
December 31, 2021
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Cash$1,253 $— $— $1,253 
Money market funds71,175 — — 71,175 
Total cash and cash equivalents72,428 — — 72,428 
Short-term investments
Commercial paper$31,936 $1 $(2)$31,935 
Corporate bonds7,025 — (3)7,022 
Asset backed securities5,306 — (2)5,304 
Total short-term investments44,267 1 (7)44,261 
Total cash equivalents and investments$116,695 $1 $(7)$116,689 
Cash equivalents consist of money market funds and other debt securities with original maturities of three months or less at the time of purchase, and the carrying amount is a reasonable approximation of fair value. We invest our cash in high quality securities of financial and commercial institutions. These securities are carried at fair value, which is based on readily available market information, with unrealized gains and losses included in accumulated other comprehensive income (loss) within stockholders’ equity on our balance sheets. We use the specific identification method to determine the amount of realized gains or losses on sales of marketable securities. Realized gains or losses have been insignificant and are included in other income (expense), net, in the statement of operations and comprehensive loss.
All short-term available-for-sale securities held as of March 31, 2022 had contractual maturities of less than one year. Our available-for-sale securities are subject to a periodic impairment review. We consider a debt security to be impaired when its fair value is less than its carrying cost, in which case we would further review the investment to determine whether it is other-than-temporarily impaired. When we evaluate an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, intent to sell, and whether it is more likely than not we will be required to sell the investment before the recovery of its cost basis. If an investment is other-than-temporarily impaired, we write it down through the statement of operations and comprehensive loss to its fair value and establishes that value as a new cost basis for the investment. We did not identify any of our available-for-sale securities as other-than-temporarily impaired in any of the periods presented. As of March 31, 2022 no
investment was in a continuous unrealized loss position for more than one year and we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.