Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

5. Marketable Securities

The marketable securities are classified as available-for-sale. The fair value measurement data for marketable securities is obtained from independent pricing services. The Company validates the prices provided by the third-party pricing services by understanding the valuation methods and data sources used and analyzing the pricing data in certain instances.

The following table presents the Company's marketable securities by major security type (in thousands):


As of June 30, 2022	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasury securities	$	427,053	$	—	$	(1,869	)	$	425,184
Total	$	427,053	$	—	$	(1,869	)	$	425,184

The Company had no marketable securities at December 31, 2021.

The marketable securities held at June 30, 2022 had effective maturities of less than one year. There were no realized gains or losses recognized on the sale or maturity of available-for-sale debt securities during the six months ended June 30, 2022, and as a result, the Company did not reclassify any amounts out of accumulated comprehensive loss. There were no impairment charges or recoveries recorded during the six months ended June 30, 2022. As of June 30, 2022, the Company had no allowance for credit losses for available-for-sale debt securities.