Marketable Securities and Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the marketable securities held as of March 31, 2022 and December 31, 2021 (in thousands):


	Amortized cost		Unrealized gains		Unrealized losses		Fair value
March 31, 2022


Commercial paper	3,997		—		—		3,997

Total	$	3,997	$	—	$	—	$	3,997

December 31, 2021

Corporate bonds	$	2,007	$	—	$	(1)	$	2,006
Commercial paper	11,992		—		—		11,992

Total	$	13,999	$	—	$	(1)	$	13,998

All marketable securities held at March 31, 2022 and December 31, 2021 had maturities of less than 12 months when purchased and are classified as short-term marketable securities on the accompanying consolidated balance sheet. During the three months ended March 31, 2022, there were no marketable securities adjusted for other than temporary declines in fair value. The Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

Investments

As of March 31, 2022 and December 31, 2021, the Company has a $2.0 million investment in Cyrus Biotechnology, Inc., or Cyrus, pursuant to an investment agreement entered into in connection with the Collaboration and License Agreement with Cyrus. The Company’s maximum exposure to loss related to this variable interest entity is limited to the carrying value of the investment.