Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2022

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash, Cash Equivalents, and Short-term Investments

Cash Equivalents and Investments

The Company holds all investments on a held-to-maturity basis and evaluates each position quarterly for impairment. The Company recognizes an impairment on a security through the statement of operations if (i) the Company intends to sell the impaired security; or (ii) it is more likely than not the Company will be required to sell the impaired security prior to recovery of its amortized cost basis. If a sale is intended or likely to be required, the amortized cost basis of the security will be written down to fair value and recognize the full amount of the impairment through the statement of operations as a net realized investment loss.

Fair Values and Gross Unrealized Gains and Losses on Investments

The following table summarizes adjusted cost, gross unrealized gains (losses), and fair value by significant investment category reported as cash, cash equivalents and held-to-maturity investments as of March 31, 2022. The Company did not have investments reported as held-to-maturity investments as of December 31, 2021.

	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of March 31, 2022	(In Thousands)
Cash equivalents
Commercial paper	$	8,999	$	—	$	(1)	$	8,998	$	8,999
Total cash equivalents	$	8,999	$	—	$	(1)	$	8,998	$	8,999
Investments
Commercial paper	$	79,843	$	—	$	(351)	$	79,492	$	79,843
Total investments	$	79,843	$	—	$	(351)	$	79,492	$	79,843

Scheduled Maturities

The amortized cost and fair value of held-to-maturity securities as of March 31, 2022 and December 31, 2021 by contractual maturity are shown below. The Company did not have held-to-maturity investments as of December 31, 2021.

As of March 31, 2022	Amortized Cost		Fair Value
	(In Thousands)
Within one year	$	79,843	$	79,492
After one year through five years	—		—
After 5 years through 10 years	—		—
After 10 years	—		—
Total investments	$	79,843	$	79,492

Aging of Unrealized Losses

As of March 31, 2022, the investment portfolio had gross unrealized losses of $0.4 million, all of which had been in an unrealized loss position of less than twelve months. As of March 31, 2022, the investment portfolio did not have any securities that had been in an unrealized loss position for a period of twelve months or longer. The Company did not have held-to-maturity investments as of December 31, 2021.

For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:

	Less than 12 Months					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of March 31, 2022	(Dollars In Thousands)
Investments
Commercial Paper	10	$	79,492	$	(351)	10	$	79,492	$	(351)
Total	10	$	79,492	$	(351)	10	$	79,492	$	(351)

Net Investment Income

The following table presents the components of net investment income:

	For the Three Months Ended March 31,
	2022		2021
Investment income	$	75	$	—
Investment expenses	—		—
Net investment income	$	75	$	—

Investment income is included in interest income in the condensed statements of operations.