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Marketable Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
3.
Marketable Securities

 

The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the Consolidated Balance Sheet as of December 31, 2021. The Company did not have any marketable securities as of December 31, 2020.

 

 

December 31, 2021

 

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Losses

 

 

Fair Value

 

Commercial paper

$

5,580

 

 

$

-

 

 

$

-

 

 

$

5,580

 

Corporate bonds

 

2,129

 

 

$

-

 

 

$

(1

)

 

 

2,128

 

U.S. treasury securities

 

6,060

 

 

$

-

 

 

$

(3

)

 

 

6,057

 

Marketable securities

$

13,769

 

 

$

-

 

 

$

(4

)

 

$

13,765

 

 

As of December 31, 2021, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):

 

 Due within one year

 

 

 

 

 

$

12,569

 

 Due in one to two years

 

 

 

 

 

$

1,196

 

Total

 

 

 

 

 

$

13,765

 

 

The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.

 

The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gain and losses on marketable securities are presented net of tax.