CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2022

CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

5. CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The Company’s cash equivalents and short-term investments are invested in the following (in thousands):

	March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	87,581	$	—	$	—	$	87,581
Total cash equivalents		87,581		—		—		87,581
Commercial paper		56,282		—		—		56,282
Corporate bonds		16,140		—		(32)		16,108
Government bonds		17,274		—		(3)		17,271
Asset-backed securities		7,516		—		(2)		7,514
Total short-term investments		97,212		—		(37)		97,175
Total cash equivalents and short-term investments	$	184,793	$	—	$	(37)	$	184,756

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	46,521	$	—	$	—	$	46,521
Total cash equivalents		46,521		—		—		46,521
Commercial paper		70,401		—		—		70,401
Corporate bonds		65,645		—		(28)		65,617
Government bonds		36,487		—		(11)		36,476
Asset-backed securities		24,665		—		(10)		24,655
Total short-term investments		197,198		—		(49)		197,149
Total cash equivalents and short-term investments	$	243,719	$	—	$	(49)	$	243,670

During the year ended December 31, 2021, the Company made a $20.0 million investment in equity securities of a publicly-traded company. The Company records this investment at fair value, which was $5.7 million as of March 31, 2022. Prior to the investment, the Company entered into a subscription agreement to purchase the investment, resulting in a subscription agreement liability which was derecognized upon investment. During the three months ended March 31, 2022, the Company recorded an unrealized loss due to the change in fair value of the equity securities of $1.7 million in interest and other (expense) income, net in the consolidated statements of operations.