Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

4. Investments

The following tables summarize the fair value and amortized cost of the Company’s available-for-sale debt securities by major security type:

	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
	(in thousands)
Assets:
Money market funds	$	20,281	$	—	$	—		$	20,281
Commercial paper		139,462		—		(646	)		138,816
U.S. treasury securities		28,604		—		(182	)		28,422
Total financial assets	$	188,347	$	—	$	(828	)	$	187,519

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair Value
	(in thousands)
Assets:
Money market funds	$	7,794	$	—	$	—		$	7,794
Corporate bonds		4,500		—		(1	)		4,499
Commercial paper		187,789		17		(57	)		187,749
U.S. treasury securities		16,026		—		(2	)		16,024
Total financial assets	$	216,109	$	17	$	(60	)	$	216,066

The following table summarizes the classification of the Company’s available-for-sale debt securities at fair value:

	June 30,		December 31,
	2022		2021
	(in thousands)
Cash equivalents	$	20,281	$	9,882
Short-term investments		167,238		206,184
Total cash equivalents and short-term investments	$	187,519	$	216,066

The following table summarizes the fair values of the Company’s available-for-sale debt securities by contractual maturity:

	June 30,		December 31,
	2022		2021
	(in thousands)
Within one year	$	187,519	$	216,066
Total cash equivalents and short-term investments	$	187,519	$	216,066

There were no impairments of available-for-sale debt securities considered “other-than-temporary” during the three and six months ended June 30, 2022 as it was more likely than not the Company would hold the securities until maturity or a recovery of the cost basis.