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Investments
12 Months Ended
Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Investments

4. Investments

As of December 31, 2021, the Company had short-term investments consisting of corporate debt securities and commercial paper, which are considered to be available-for-sale investments. These are included in short-term investments on the consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current balance sheet date, as the Company views those securities as available for use in current operations, if needed. The following table summarizes the Company’s investments as of December 31, 2021 and 2020 (in thousands):

 

 

 

December 31, 2021

 

 

 

Amortized Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Loss

 

 

Fair Value

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

26,131

 

 

$

 

 

$

 

 

$

26,131

 

Corporate debt securities

 

 

15,854

 

 

 

 

 

 

(16

)

 

 

15,838

 

Total

 

$

41,985

 

 

$

 

 

$

(16

)

 

$

41,969

 

 

 

 

December 31, 2020

 

 

 

Amortized Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Loss

 

 

Fair Value

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

25,716

 

 

$

1

 

 

$

 

 

$

25,717

 

Corporate debt securities

 

 

14,804

 

 

 

3

 

 

 

 

 

 

14,807

 

Total

 

$

40,520

 

 

$

4

 

 

$

 

 

$

40,524

 

 

As of December 31, 2021, the Company held seven available-for-sale securities with an aggregate value of approximately $15.8 million in an unrealized loss position for less than twelve months. As of December 31, 2020, the Company had no available-for-sale securities in unrealized loss positions. The Company has the intent and ability to hold such securities until recovery. The Company determined that there was no material change in the credit risk of its investments. As a result, the Company determined it did not hold any investments with an other-than-temporary impairment as of December 31, 2021 and 2020.