Available-for-sale Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

4. Available-For-Sale Securities

The following table summarizes the Company’s available-for-sale securities (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Available-for-sale securities:
US Treasury securities	$	109,009	$	—	$	(430	)	$	108,579
Agency bonds		15,105		—		(26	)		15,079
Total available-for-sale securities	$	124,114	$	—	$	(456	)	$	123,658
Available-for-sale securities, long-term:
US Treasury securities	$	5,074	$	—	$	(71	)	$	5,003
Total available-for-sale securities, long-term	$	5,074	$	—	$	(71	)	$	5,003


	December 31, 2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value

Available-for-sale securities:
US Treasury securities	$	61,450	$	—	$	(77	)	$	61,373
Corporate debt securities		33,814		—		(8	)		33,806
Agency bonds		15,123		—		(9	)		15,114
Commercial paper		1,999		—		—			1,999
Total available-for-sale securities	$	112,386	$	—	$	(94	)	$	112,292
Available-for-sale securities, long-term:
US Treasury securities	$	13,585	$	—	$	(38	)	$	13,547
Total available-for-sale securities	$	13,585	$	—	$	(38	)	$	13,547

The Company had 47 investments in available-for-sale securities in an unrealized loss position as of March 31, 2022 with a fair value of $128.7 million. The Company had 43 investments in available-for-sale securities in an unrealized loss position as of December 31, 2021 with a fair value of $120.3 million. These investments were in a loss position for less than 12 months and the Company considered the loss to be temporary in nature. The Company considered the decline in market value for these securities to be primarily attributable to economic and market conditions. As of March 31, 2022 and December 31, 2021, the Company did not intend

to sell, and it was not more likely than not that the Company would be required to sell the investments that were in an unrealized loss position before recovery of their amortized cost basis. Accordingly, the Company did not recognize any other-than-temporary impairments related to its available-for-sale securities in an unrealized loss position. As of March 31, 2022, the Company did not hold any investments that matured beyond five years. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company did not sell any available-for-sale securities and therefore did not recognize any realized gains or losses.