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Available-for-sale Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities Available-For-Sale Securities

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

 

 

 

June 30, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gain

 

 

Gross
Unrealized
Loss

 

 

Fair Value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

59,874

 

 

$

—

 

 

$

(573

)

 

$

59,301

 

Agency bonds

 

 

9,912

 

 

 

—

 

 

 

(15

)

 

 

9,897

 

Total available-for-sale securities

 

$

69,786

 

 

$

—

 

 

$

(588

)

 

$

69,198

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gain

 

 

Gross
Unrealized
Loss

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. 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:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

13,585

 

 

$

—

 

 

$

(38

)

 

$

13,547

 

Total available-for-sale securities

 

$

13,585

 

 

$

—

 

 

$

(38

)

 

$

13,547

 

 

The Company had 31 investments in available-for-sale securities in an unrealized loss position as of June 30, 2022 with a fair value of $69.2 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 June 30, 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. During the three and six months ended June 30,

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.