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Cash Equivalents and Investments
 6 Months Ended
Jun. 30, 2022
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Investments

3. Cash Equivalents and Investments

The following tables summarize the amortized cost and fair value of the Company's cash equivalents and investments (in thousands):

 

 

 

JUNE 30, 2022

 

 

 

AMORTIZED COST BASIS

 

 

GROSS UNREALIZED GAINS

 

 

GROSS UNREALIZED LOSSES

 

 

ESTIMATED FAIR VALUE

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

80,069

 

 

$

—

 

 

$

—

 

 

$

80,069

 

Total Cash Equivalents

 

$

80,069

 

 

$

—

 

 

$

—

 

 

$

80,069

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

8,693

 

 

$

—

 

 

$

—

 

 

$

8,693

 

Asset-backed securities

 

 

2,005

 

 

 

—

 

 

 

(4

)

 

 

2,001

 

U.S. treasury securities

 

 

4,785

 

 

 

—

 

 

 

(37

)

 

 

4,748

 

Total Investments

 

$

15,483

 

 

$

—

 

 

$

(41

)

 

$

15,442

 

 

 

 

DECEMBER 31, 2021

 

 

 

AMORTIZED COST BASIS

 

 

GROSS UNREALIZED GAINS

 

 

GROSS UNREALIZED LOSSES

 

 

ESTIMATED FAIR VALUE

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

98,900

 

 

$

—

 

 

$

—

 

 

$

98,900

 

Total Cash Equivalents

 

$

98,900

 

 

$

—

 

 

$

—

 

 

$

98,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

11,084

 

 

$

—

 

 

$

—

 

 

$

11,084

 

Asset-backed securities

 

 

2,020

 

 

 

—

 

 

 

(2

)

 

 

2,018

 

U.S. treasury securities

 

 

4,812

 

 

 

—

 

 

 

(8

)

 

 

4,804

 

Corporate bonds

 

 

5,271

 

 

 

—

 

 

 

(4

)

 

 

5,267

 

Total Investments

 

$

23,187

 

 

$

—

 

 

$

(14

)

 

$

23,173

 

 

As of June 30, 2022, the Company held two investments with unrealized losses. All investments in an unrealized loss position were in this position for less than 12 months. The Company evaluated its securities for potential other-than-temporary impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. Given the Company's intent and ability to hold such securities until recovery, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired as of June 30, 2022.

There were no realized gains or losses recognized on investments in the six months ended June 30, 2022. Interest on investments is recognized as interest income in the consolidated statements of operations and comprehensive loss.

All investments held as of June 30, 2022 were classified as available-for-sale securities and had contractual maturities of less than one year.