Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The following tables summarize the Company’s short-term investments (in thousands):


		As of June 30, 2022
	Maturity	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Corporate debt securities	2 years or less	$	164,422	$	—	$	(1,633)	$	162,789
Commercial paper	1 year or less	478,433		—		(1,482)		476,951
U.S. Agency bonds	2 years or less	9,997		—		(18)		9,979
U.S. Treasury bills	1 year or less	269,016		—		(3,009)		266,007

		$	921,868	$	—	$	(6,142)	$	915,726


		As of December 31, 2021
	Maturity	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Corporate debt securities	2 years or less	$	236,170	$	36	$	(248)	$	235,958
Commercial paper	1 year or less	621,947		127		(95)		621,979
U.S. Agency bonds	1 year or less	58,092		—		—		58,092
U.S. Treasury bills	2 years or less	162,500		—		(272)		162,228

		$	1,078,709	$	163	$	(615)	$	1,078,257

The Company has classified all of its short-term investments as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and accordingly, these investments are carried at fair value. As of June 30, 2022 and December 31, 2021, the unrealized losses for available-for-sale investments were non-credit related, and the Company does not intend to sell the investments before recovery of their amortized cost basis, which may be at the time of maturity. As of June 30, 2022 and December 31, 2021, no allowance for credit losses was recorded. During the three and six months ended June 30, 2022 and 2021, the Company did not recognize any impairment losses related to investments.

The long-term investment balance of $2.6 million and $8.2 million as of June 30, 2022 and December 31, 2021, respectively, is comprised of 588,235 shares of ORIC Pharmaceuticals, Inc. (“ORIC”) common stock. As of June 30, 2022 the investment is carried at fair value which is based on the closing price of ORIC’s common stock on the last trading day of the reporting period; unrealized gains and losses are recorded in other income (expense), net on the Company’s condensed consolidated statements of operations and comprehensive loss. As of December 31, 2021, the fair value was based on the last trading day of the reporting period and was adjusted for a discount for lack of marketability due to an eighteen-month lock-up period which expired in February 2022. The Company currently does not intend to sell ORIC shares within 12 months from June 30, 2022. See Note 4 - Fair Value Measurements.