Marketable Securities

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

Marketable Securities

NOTE 3. MARKETABLE SECURITIES

Marketable securities consisted of the following as of September 30, 2021 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities, short-term
Commercial paper	$	43,923	$	—	$	—		$	43,923
Corporate debt securities		8,043		—		(2	)		8,041
Asset-backed securities		12,200		—		(2	)		12,198
Total available-for-sale securities, short-term		64,166		—		(4	)		64,162
Available-for-sale securities, long-term
Corporate debt securities		16,866		—		(20	)		16,846
Asset-backed securities		7,080		—		(4	)		7,076
U.S. treasury securities		5,988		—		—			5,988
Total available-for-sale securities, long-term		29,934		—		(24	)		29,910
Total available-for-sale securities	$	94,100	$	—	$	(28	)	$	94,072

As of September 30, 2021, the Company’s available-for-sale securities classified as short-term mature in one year or less and the Company’s available-for-sale securities classified as long-term mature within two years. All of the Company’s available-for-sale marketable securities in an unrealized loss position as of September 30, 2021 were in a loss position for less than twelve months. Unrealized losses on available-for-sale securities as of September 30, 2021 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no other-than-temporary impairment was recorded for the three and nine months ended September 30, 2021. The Company does not intend to sell these securities 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.