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Available-for-Sale Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Securities

4. Available-for-Sale Securities

Estimated fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services. The following table is a summary of available-for-sale securities recorded in cash and cash equivalents, restricted cash, or marketable securities in our interim condensed consolidated balance sheets (in thousands):

 

 

 

June 30, 2022

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

224,325

 

 

$

—

 

 

$

—

 

 

$

224,325

 

Corporate debt securities

 

 

64,089

 

 

 

2

 

 

 

(729

)

 

 

63,362

 

U.S. government agency securities

 

 

49,891

 

 

 

4

 

 

 

(771

)

 

 

49,124

 

Certificates of deposits

 

 

1,959

 

 

 

—

 

 

 

(17

)

 

 

1,942

 

U.S. government securities

 

 

194,572

 

 

 

39

 

 

 

(2,126

)

 

 

192,485

 

U.S. treasury bills

 

 

101,202

 

 

 

—

 

 

 

(246

)

 

 

100,956

 

Total

 

$

636,038

 

 

$

45

 

 

$

(3,889

)

 

$

632,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated Fair

 

 

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

671,845

 

 

$

—

 

 

$

—

 

 

$

671,845

 

Corporate debt securities

 

 

10,037

 

 

 

—

 

 

 

(31

)

 

 

10,006

 

U.S. government agency securities

 

 

4,862

 

 

 

—

 

 

 

(19

)

 

 

4,843

 

Certificates of deposits

 

 

245

 

 

 

—

 

 

 

(1

)

 

 

244

 

U.S. government securities

 

 

35,133

 

 

 

—

 

 

 

(169

)

 

 

34,964

 

Total

 

$

722,122

 

 

$

—

 

 

$

(220

)

 

$

721,902

 

The following table summarizes the classification of the available-for-sale securities on our interim condensed consolidated balance sheets (in thousands):

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Cash and cash equivalents

 

$

229,325

 

 

$

671,845

 

Short-term marketable securities

 

 

256,006

 

 

 

—

 

Long-term marketable securities

 

 

146,863

 

 

 

50,057

 

Total

 

$

632,194

 

 

$

721,902

 

We do not intend to sell the investments that are in an unrealized loss position, and it is unlikely that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. We have determined that the gross unrealized losses on our marketable securities at June 30, 2022, were temporary in nature.