Marketable Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following is a summary of the Company's investment portfolio at March 31, 2022 (in thousands). The Company did not have any marketable securities as of December 31, 2021.


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities and treasuries	$	95,545	$	—	$	304	$	95,241
Corporate debt securities	22,882		—		239		22,643
Total securities with a maturity of one year or less	$	118,427	$	—	$	543	$	117,884

U.S. government agency securities and treasuries	34,684		—		508		34,177
Corporate debt securities	27,686		—		484		27,201
Total securities with a maturity of one to two years	$	62,370	$	—	$	992	$	61,378
Total available-for-sale securities	$	180,797	$	—	$	1,535	$	179,262

As of March 31, 2022, the Company had 38 securities with a total fair market value of $179.3 million in an unrealized loss position, of which none were in a continuous unrealized loss position for more than twelve months. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity.

Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three months ended March 31, 2022.