CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

6 Months Ended

Jun. 30, 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):

	June 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	89,044	$	—	$	—	$	89,044
Commercial paper		4,986		—		—		4,986
Total cash equivalents		94,030		—		—		94,030
Commercial paper		74,021		—		—		74,021
Corporate bonds		26,976		5		(31)		26,950
U.S. Treasury securities		34,809		—		(38)		34,771
Government bonds		9,708		4		(19)		9,693
Total short-term investments		145,514		9		(88)		145,435
Total cash equivalents and short-term investments	$	239,544	$	9	$	(88)	$	239,465

	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 $2.3 million as of June 30, 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 and six months ended June 30, 2022, the Company recorded an

unrealized loss due to the change in fair value of the equity securities of $4.2 million and $5.9 million, respectively, in interest and other (expense) income, net in the consolidated statements of operations.