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Investments
3 Months Ended
Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]  
Investments

4. Investments

As of March 31, 2022 and 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 condensed 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 (in thousands):

 

 

 

March 31, 2022

 

 

 

Amortized Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Loss

 

 

Fair Value

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

22,745

 

 

$

 

 

$

 

 

$

22,745

 

Corporate debt securities

 

 

13,722

 

 

 

 

 

 

(51

)

 

$

13,671

 

Total

 

$

36,467

 

 

$

 

 

$

(51

)

 

$

36,416

 

 

 

 

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

 

 

As of March 31, 2022, the Company held six available-for-sale securities with an aggregate value of approximately $13.7 million in an unrealized loss position for less than twelve months. 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. 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 these investments. As a result, the Company determined it did not hold any investments with an other-than-temporary impairment as of March 31, 2022 and December 31, 2021.