Investment Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investment Securities

3. INVESTMENT SECURITIES

The Company reports its available-for-sale investment securities at their estimated fair values based on quoted market prices for identical or similar instruments. The following is a summary of the available-for-sale investment securities held by the Company as of June 30, 2022 and December 31, 2021 (in thousands):

	As of June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	185,330	$	9	$	(1,538	)	$	183,801
Certificates of deposit		6,219		—		(75	)		6,144
Corporate debt securities		151,887		2		(2,013	)		149,876
Commercial paper		3,992		—		—			3,992
Asset-backed securities		2,404		—		(4	)		2,400
Total	$	349,832	$	11	$	(3,630	)	$	346,213

	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	54,637	$	—	$	(180	)	$	54,457
Certificates of deposit		5,735		1		(4	)		5,732
Corporate debt securities		70,600		6		(204	)		70,402
Asset-backed securities		2,421		—		—			2,421
Total	$	133,393	$	7	$	(388	)	$	133,012

As of June 30, 2022 and December 31, 2021, available-for-sale investment securities by contractual maturity were as follows (in thousands):

	As of June 30, 2022				As of December 31, 2021
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	235,421	$	233,722	$	31,101	$	31,078
Due after one year through five years		114,411		112,491		102,292		101,934
Total	$	349,832	$	346,213	$	133,393	$	133,012

The Company reviewed its investment holdings as of June 30, 2022 and December 31, 2021 and determined that its unrealized losses were not considered to be other-than-temporary based upon (i) the financial strength of the issuing institution and (ii) the fact that no securities have been in an unrealized loss position for twelve months or more. As such, the Company has not recognized any impairment in its financial statements related to its available-for-sale investment securities.