Short-Term Investments

9 Months Ended

Sep. 30, 2021

Investments Disclosure [Abstract]

SHORT-TERM INVESTMENTS

3. SHORT-TERM INVESTMENTS

The Company may invest its excess cash in fixed income instruments denominated and payable in U.S. dollars, including U.S. treasury securities, commercial paper, corporate debt securities and asset-backed securities in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

The following table summarizes the Company’s short-term investments as of September 30, 2021:

As of September 30, 2021	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Commercial paper	$	56,973	$	—	$	—		$	56,973
Corporate debt securities		34,754		—		(5	)		34,749
Total	$	91,727	$	—	$	(5	)	$	91,722

The Company had no short-term investments as of December 31, 2020.

The Company utilizes the specific identification method in computing realized gains and losses. The Company had no realized gains and losses on its available-for-sale securities for the three and nine months ended September 30, 2021 and 2020. The contractual maturity dates of all of the Company’s investments are less than one year.