Available-for-Sale Securities

3 Months Ended

Mar. 31, 2022

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 condensed consolidated balance sheets (in thousands):

	March 31, 2022
Financial Assets	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury money market funds	$	22,334	$	—	$	—		$	22,334
U.S. Treasury securities		142,185		—		(454	)		141,731
Commercial paper		74,898		—		(154	)		74,744
U.S. agency bonds		1,200		—		(3	)		1,197
Total	$	240,617	$	—	$	(611	)	$	240,006

	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

As of March 31, 2022 and December 31, 2021, the Company has not recognized an allowance for credit losses on any securities in an unrealized loss position.

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 March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022					December 31, 2021
	Less than 12 consecutive months					Less than 12 consecutive months
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities	$	141,731	$	(454	)	$	82,106	$	(98	)
Commercial paper	$	74,744	$	(154	)		13,734		(4	)
Corporate debt securities		—		—			15,481		(5	)
U.S. agency bonds		1,197		(3	)		1,199		(1	)
Total	$	217,672	$	(611	)	$	112,520	$	(108	)

The Company believes that the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. 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 March 31, 2022. There were no sales of available-for-sale securities in any of the periods presented.

As of March 31, 2022, 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
Available-for-sale securities maturing:	Cost		Fair Value
In one year or less	$	240,617	$	240,006
Total available-for-sale securities	$	240,617	$	240,006