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Marketable Securities (Tables)
9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Marketable Securities

The following table represents the Company’s available-for-sale marketable securities:

 

 

 

September 30, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

U.S. Treasury securities

 

$

362,504

 

 

$

 

 

$

(1,479

)

 

$

361,025

 

Total marketable securities

 

$

362,504

 

 

$

 

 

$

(1,479

)

 

$

361,025

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

U.S. Treasury securities

 

$

241,369

 

 

$

 

 

$

(252

)

 

$

241,117

 

Total marketable securities

 

$

241,369

 

 

$

 

 

$

(252

)

 

$

241,117

 

Schedule of the Cost Basis and Fair Value of Available-for-sale Securities by Contractual Maturity Date

The following table presents the amortized cost and fair value of available-for-sale marketable securities by contractual maturity date:

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

362,504

 

 

$

361,025

 

 

$

241,369

 

 

$

241,117

 

Schedule of Investments in an Unrealized Loss Position

Investments in an unrealized loss position consisted of the following:

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

U.S. Treasury securities

 

$

361,025

 

 

$

(1,479

)

 

$

241,117

 

 

$

(252

)

Total investments in an unrealized loss position

 

$

361,025

 

 

$

(1,479

)

 

$

241,117

 

 

$

(252

)

 

 

As of September 30, 2022 and December 31, 2021, no investments were in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell any of these investments and does not consider it more likely than not that the Company would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity.