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Cash Equivalents and Marketable Securities
 6 Months Ended
Jun. 30, 2022
Investments Debt And Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):

 

 

 

June 30, 2022

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

10,755

 

 

$

—

 

 

$

—

 

 

$

10,755

 

Commercial paper

 

 

17,724

 

 

 

—

 

 

 

(7

)

 

 

17,717

 

Total cash equivalents

 

 

28,479

 

 

 

—

 

 

 

(7

)

 

 

28,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

1,004

 

 

 

—

 

 

 

(5

)

 

 

999

 

Commercial paper

 

 

46,263

 

 

 

—

 

 

 

(163

)

 

 

46,100

 

Corporate bonds

 

 

3,996

 

 

 

—

 

 

 

(15

)

 

 

3,981

 

Total marketable securities

 

$

51,263

 

 

$

—

 

 

$

(183

)

 

$

51,080

 

 

 

 

 

December 31, 2021

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,888

 

 

$

—

 

 

$

—

 

 

$

8,888

 

Commercial paper

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total cash equivalents

 

 

8,888

 

 

 

—

 

 

 

—

 

 

 

8,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

65,443

 

 

 

3

 

 

 

(34

)

 

 

65,412

 

Corporate bonds

 

 

12,581

 

 

 

—

 

 

 

(7

)

 

 

12,574

 

Total marketable securities

 

$

78,024

 

 

$

3

 

 

$

(41

)

 

$

77,986

 

 

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of June 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

 

June 30, 2022

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

U.S. treasury securities

 

$

999

 

 

$

(5

)

 

$

—

 

 

$

—

 

 

$

999

 

 

$

(5

)

Commercial paper

 

 

61,317

 

 

 

(170

)

 

 

—

 

 

 

—

 

 

 

61,317

 

 

 

(170

)

Corporate bonds

 

 

3,981

 

 

 

(15

)

 

 

—

 

 

 

—

 

 

 

3,981

 

 

 

(15

)

Total marketable securities

 

$

66,297

 

 

$

(190

)

 

$

—

 

 

$

—

 

 

$

66,297

 

 

$

(190

)

 

 

 

December 31, 2021

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Commercial paper

 

$

47,425

 

 

$

(34

)

 

$

-

 

 

$

-

 

 

$

47,425

 

 

$

(34

)

Corporate bonds

 

 

12,573

 

 

 

(7

)

 

 

—

 

 

 

—

 

 

 

12,573

 

 

 

(7

)

Total marketable securities

 

$

59,998

 

 

$

(41

)

 

$

—

 

 

$

—

 

 

$

59,998

 

 

$

(41

)

 

As of June 30, 2022 and December 31, 2021, the Company held 38 and 29 debt securities, respectively, that were in an unrealized loss position. The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. As of June 30, 2022 and December 31, 2021, an allowance for credit losses had not been recognized. Given our intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, we do not consider these marketable securities to be impaired as of June 30, 2022 and December 31, 2021.

There were no realized gains or losses on marketable securities for the three and six months ended June 30, 2022 and 2021. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities was immaterial at June 30, 2022. Accrued interest totaled $0.1 million at December 31, 2021 and is excluded from the estimate of credit losses.

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Due in one year or less

 

$

51,080

 

 

$

77,986

 

Due thereafter

 

 

—

 

 

 

—

 

Total marketable securities

 

$

51,080

 

 

$

77,986

 

 

 

The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets.