Available-for-Sale Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Securities

4. Available-for-Sale Securities

The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s consolidated balance sheets as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury money market funds	$	60,375	$	—	$	—		$	60,375
U.S. Treasury securities		82,204		—		(98	)		82,106
Commercial paper		46,678		13		(4	)		46,687
Corporate debt securities		15,486		—		(5	)		15,481
U.S. agency bonds		1,200		—		(1	)		1,199
Total	$	205,943	$	13	$	(108	)	$	205,848

	December 31, 2020
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury money market funds	$	19,347	$	—	$	—		$	19,347
U.S. Treasury securities		107,703		10		(5	)		107,708
Commercial paper		998		2		—			1,000
Corporate debt securities		10,509		3		(1	)		10,511
Total	$	138,557	$	15	$	(6	)	$	138,566

The Company has not recognized an allowance for credit losses on any securities in an unrealized loss position as of December 31, 2021 and 2020.

The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021					December 31, 2020
	Less than 12 consecutive months					Less than 12 consecutive months
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities	$	82,106	$	(98	)	$	43,202	$	(5	)
Commercial paper		13,734		(4	)		—		—
Corporate debt securities		15,481		(5	)		9,006		(1	)
U.S. agency bonds		1,199		(1	)		—		—
Total	$	112,520	$	(108	)	$	52,208	$	(6	)

The Company believes that the individual unrealized losses represent temporary declines primarily resulting from interest rate changes, and intends to hold these marketable securities to their maturities.

As of December 31, 2021, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands):

	Amortized		Estimated
	Cost		Fair Value
Available-for-sale securities maturing:
In one year or less	$	205,943	$	205,848
Total available-for-sale securities	$	205,943	$	205,848

The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired at December 31, 2021. There were no sales of available-for-sale securities in any of the periods presented.