Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2022

Investments Debt And Equity Securities [Abstract]

3. Cash Equivalents and Investments

The Company considers all highly liquid investments with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds and are stated at fair value.

Investments are comprised of U.S. treasury securities, commercial paper, and corporate bonds.

The following table is a summary of amortized cost, gross unrealized gains and losses, and fair value (in thousands):


		June 30, 2022
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Money market funds		$	44,320	$	—	$	—			$	44,320
	Total cash equivalents		44,320		—		—				44,320
Corporate bonds			14,662		—		(191	)			14,471
U.S. treasury securities			32,080		—		(466	)			31,614
	Total short-term investments		46,742		—		(657	)			46,085
U.S. treasury securities			5,994		—		(189	)			5,805
	Total long-term investments		5,994		—		(189	)			5,805
Total cash equivalents and investments		$	97,056	$	—	$	(845	)	*	$	96,210

*Total Gross Unrealized Losses in the table above does not recalculate due to rounding.

As of June 30, 2022, $135 thousand of accrued interest on investments was recorded to other assets on the condensed balance sheets.


		December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds		$	38,067	$	—	$	—		$	38,067
	Total cash equivalents		38,067		—		—			38,067
Commercial paper			33,973		—		—			33,973
Corporate bonds			6,285		—		(23	)		6,262
U.S. treasury securities			5,999		—		(13	)		5,986
	Total short-term investments		46,257		—		(36	)		46,221
Corporate bonds			8,470		—		(34	)		8,436
U.S. treasury securities			24,137		—		(114	)		24,023
	Total long-term investments		32,607		—		(148	)		32,459
Total cash equivalents and investments		$	116,931	$	—	$	(184	)	$	116,747

As of December 31, 2021, $135 thousand of accrued interest on investments was recorded to other assets on the condensed balance sheets.

As of June 30, 2022, the weighted-average remaining contractual maturities of investments was approximately eight months.

There have been no realized gains or losses on available for sale securities for the periods presented. No available for sale securities held as of June 30, 2022 have been in a continuous unrealized loss position for more than 12 months, and unrealized gains and losses are included in “accumulated other comprehensive loss” within stockholders' equity on the condensed balance sheets. As of June 30, 2022, unrealized losses on available for sale securities are not attributed to credit risk and are considered temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and does not believe it is more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on securities related

to other-than-temporary declines in fair value. The Company’s short-term investments are securities with contractual maturities of less than one year.